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The cryptocurrency market has been making unpredictable moves for the past couple of months. Since the industry crashed in early 2022, a constant wave of bearish sentiments has clouded the market for a while now. However, since we entered 2023, things are starting to look somewhat better, especially for one of the most popular projects in the space- Cardano
As a project that has often made headlines for its innovative and high-quality product, Cardano is a name that any crypto enthusiast must have heard of at least once. Its native token ADA had been a successful investment for many during the 2021 bull market, where the crypto had shot up from being merely worth $0.17 to more than $2.9 within a matter of months.
Naturally, the crash caused ADA to start a downtrend too, which had previously bought the asset to the $0.24 level. Surprisingly, developments, upgrades, announcements and some other bullish catalysts have now been steering its price up again, which the community seems to be excited about, as is evident on several social media platforms.
Why will Cardano Be a Top Gainer in 2023
Cardano has been often slammed for slow development and minimal partnerships. There was also criticism from several major crypto entities since the project had not been able to invite many developers to build their dapps on the platform. This all is eventually starting to change, as the activity on Cardano is being recorded to skyrocket lately.
Multiple factors have affected the price of ADA positively, but one of the first and probably the most influential would be its upcoming stablecoin launch. After the FTX collapse, there has been a general mistrust when it comes to stablecoins. However, with a community as massive as ADA’s it is possible that adoption will be strong as soon as the token is launched.
A new hospital was also announced recently called the Hoskinson Health and Clinic (named after the founder of Cardano), which is supposedly going to accept payments in ADA. The organization has not yet revealed if the institution will accept other major cryptos like BTC or ETH yet.
There are some other updates that have fed to the recent price jump in ADA too. NFT marketplaces on Cardano like Epic Art and SpaceBudz saw more than a 200% increase in weekly transactional volume alone, while Defi protocols like Lending Pawn and Sunday Swap also saw a 60% increase in transaction volume within the same time.
All these factors caused a whopping $1.5 billion inflow into the Cardano ecosystem in a day, which caused the token to skyrocket in terms of price. All these recent developments are undoubtedly proof that the token will indeed be looking for a leg up in 2023, as expected by a majority of its community.
Cardano’s Current Price Status
As mentioned above, the stream of positive news and announcements has affected ADA’s price positively and has steered a spike of around 30% already. ADA was trading at around $0.26 on 5th January and is now looming over the $0.32 range. There is a chance that ADA might find support near the $0.3 area before finding a higher range again if the ecosystem manages to show such positive developments consistently.
While the price has been increasing without a doubt, it would, however, be futile to expect major pumps or to expect ADA to touch the $1 mark instantly, since the market conditions haven’t yet shown any major signs of bullishness.
Why is FightOut a More Profitable Alternative?
FightOut is an M2E initiative, which is gaining major traction due to its excellent utility features and innovative concept. It aims to bridge the gap between Web2 and Web3 components and propagate the effective use of crypto and NFTs. Essentially, the fitness-oriented project features workout routine instructions, a real-life gym for the community, an app for complete mobility, and most importantly; a metaverse-integrated NFT.
The players can help this NFT grow by simply working out and earning money. After a point, they will also be able to use these NFTs to battle against other players in the FightOut metaverse for exciting rewards.
Cardano is surely an excellent investment option in 2023, but FightOut has the edge of being a more trending project, with a much lower market cap in its early days. This means that while ADA would require a massive inflow of funds to even have a slight price increase, FightOut’s FGHT token could easily attain higher price targets with lesser amounts of investments at the moment. This combined with the fact that the project is still in its presale phase makes FightOut an excellent addition to anybody’s portfolio.
Conclusion
While ADA could potentially record decent profits, a small market cap project like FightOut has the potential to shoot up in terms of price, since it is still in its early days. Thus, with an innovative concept, an excellent team and a discounted price(since it is in the presale phase), FGHT manages to top ADA when it comes to potential gains for 2023.
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