Benjamin Cowen, one of the more closely followed and revered traders in the community, recently stated that Cardano (ADA) is easily one of if not the fastest racehorse within the latest boom cycle. As of the time of this writing, ADA’s price is $1.44, which is a 2.7% increase since yesterday.
In a new YouTube video, Cowen informed his 420,000+ subscribers that ADA is drastically outperforming nearly all of the large-cap cryptocurrency assets, inclusive of Bitcoin (BTC) as well as Ethereum (ETH). He added that this is indeed the normalised ROI of ADA as well as plenty of other key cryptocurrencies ever since March of last year when the pandemic first really broke out. Not only does this punish the tokens that did not crash, but it simultaneously emphasizes those which have exhibited a higher ROI ever since the crash did occur as far as the daily timeframe is concerned. So, it is easy to observe that ADA has managed to spend a lot of time in this lead, thereby taking a key position in the race.
ADA keeps doing well
ADA had been in 1st place in July of last year, and it was once again in 1st place of February this year, Cowen added. VeChain (VET) had been giving ADA a run for its money up until the point that it was dumped much more drastically.
Furthermore, Cowen has also been paying close attention to the recent performance of Cardano in the current correction phase. He emphasized that ADA has to stay above the key levels in order to maintain the uptrend for the long term. He added that the token would have to decrease by another approximate 30% in order to be back at the 20-week SMA.
Dependency on Bitcoin
As far as the ADA/BTC pair is concerned, Cowen believes ADA is doing well compared to most of the other altcoins.
However, Cowen also warned that ADA’s continued success is also largely dependent on Bitcoin improving in the near future and that the sooner the world’s flagship cryptocurrency and digital asset figures out what it is doing, the better it will be for ADA and the altcoins. ‘Without Bitcoin showing any significant signs of improving soon, it could be difficult for ADA to reach its all-time highs again that it had experienced not too long ago when it was trading well above $2’, Cowen stated.