Cardano (ADA) and many other cryptos have dropped significantly today. But this has nothing to do with this project’s fundamentals. Today’s drop was driven partly by the announcement by Reddit that it would no longer be accepting bitcoin payments. This announcement has hit the market as a shocker, coming at a time when Twitter has made some negative news regarding cryptos. The result has been a collapse in the price of bitcoin, and with it, most of the altcoins. The correlation between bitcoin and altcoins has reached a point where you can predict the direction of the altcoins market, by just observing the price of bitcoin.
Luckily, bitcoin dominance in the market has been dropping and with time, altcoins will be able to unlock their true valuations. Once this happens, Cardano (ADA) will be a great beneficiary, and could easily see valuations of $10 and above.
Another factor that will drive decoupling is the acceptance of USD deposits by major exchanges instead of bitcoin. More exchanges are doing this, with Coinbase and Bitfinex leading the way. Eventually, this will be the norm.
With this in mind, it makes sense to start investing in ADA now, when it is trading at under $0.20. Going by its roadmap, Cardano is a project with a massive upside potential. For instance, Shelley which intends to make Cardano fully decentralized and autonomous is a game changer in the smart contracts space, and will give Cardano (ADA) a major boost in the future.
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