Morningstar Analyst Says ADA Will Become “Big Three”

Morningstar Analyst Says ADA Will Become “Big Three”

Whenever the topic of cryptocurrency arises, Bitcoin is the foremost coin that comes to our mind. Bitcoin is also called as the king of all coins and that’s the picture BTC has created across the world. Following BTC, the second-largest cryptocurrency in the world is Ethereum.

Moreover, it’s been evident that BTC and ETH have never let their positions to any coin over the years. With this fact, Cardano (ADA) will join the list to form the “Big Three” of mainstream cryptocurrencies, says Amy Arnott, an analyst at Morningstar.

The world notices that cryptocurrencies are evolving around the globe and many institutional investors treat digital-assets as investment assets. Arnott conveys that if this trend continues then the crypto market will witness other cryptocurrencies become mainstream.

Adding to that she referred to Cardano (ADA) as one of the cryptocurrencies which have high potential. Besides, she believes ADA would be among the top three cryptocurrencies by market capitalization and enter the mainstream, alongside Bitcoin and Ethereum. She added:

“Cardano is similar to Ethereum in that it is a protocol with numerous technical applications. Cardano, as well as other stablecoins, are gaining popularity.”

Arnott stated to the publication that the SEC has not approved any cryptocurrency ETFs still in the United States. This makes it difficult for mainstream investors to gain exposure to cryptos. Besides, if the officials approve then investors can see a varied cryptocurrency index fund in the form of an exchange-traded fund (ETF).

Upgrades on ADA

According to the reports, the new updates on ADA is that the network is ready to become web and portable in near future. The upgrade will enable the Plutus application backend to run in Javascript, the most widely used programming-language on the internet.

The developer behind the Cardano blockchain is Input Output Hong Kong (IOHK). The firm announced the launch of the Alonzo Blue 2.0 testnet last month which allows the smart contracts in the development of dApps and other DeFi solutions on the platform.

Following that, IOHK announced the partnership of Cardano with Orion protocol at the end of the previous month. This allows Orion to take advantage of Cardano’s scalability and achieve Orion’s goal of combining NFT marketplaces and traditional-financial markets. 

However, the updates on the Cardano network seem promising, thus ADA has all possibilities to become “Big Three” of mainstream cryptocurrencies. As Arnott stated, ADA has the potential to become one among the top three cryptocurrencies in the near future.

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