- Etoro Group expert Simon Peter says that Cardano is becoming an investors’ choice.
- He made mention of this due to the high cost of Bitcoin nowadays.
Specifically, Simon shared his enthusiasm for ADA in a report titled “The next Bitcoin? Investors flock to new cryptocurrency ADA”.
Simon reportedly said this based on how Bitcoin price seems to be increasing faster on its highs in the crypto market. Presently, BTC stands at over $50,000, this looks too costly, unlike in previous years.
The BTC price surge has made many crypto investors look into other digital assets as an alternative to Bitcoin.
Moreover, last month, ADA had a relative increase of about 157% in trading. Cardano’s 157% occurred soon after it recorded a new all-time high of $1.45.
Investors are looking for the next Bitcoin, meaning they’re investing in cheaper tokens like Cardano’s ADA, IOTA, and Tron, all of which are priced around the $1 mark.
According to CoinGecko, ADA stands at $1.12 with a 24-hour trading volume of $3.796, at the time of writing.