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Cardano (ADA) price gained almost 280% in February to become the world’s third largest cryptocurrency.
Fundamental analysis: Crypto fund to invest in ADA
Cryptocurrency investment fund FD7 Ventures said it will sell $750 million worth of Bitcoin in the next 30 days to invest in Cardano (ADA) and Polkadot (DOT). FD7 said the Bitcoin sell-off and move towards ADA and DOT represents a response to investors’ needs who want to diversify their portfolios.
“Aside from the fact that Bitcoin was first to market and society has given it meaning as a store of value, I think Bitcoin is actually pretty useless,” said Prakash Chand, Managing Director at FD7 Ventures.
“Projects such as Cardano, Polkadot and Ethereum are the foundation of the new internet and Web 3.0.”
Founders of Cardano and Polkadot, Charles Hoskinson, and Gavin Wood are among the most clever people working in the crypto industry. Hoskinson and Wood were also two of the seven co-founders of Ethereum.
Both are now the leaders of crypto projects which are considered to have a potential to make a massive impact on the future of crypto.
Cardano is developing a blockchain tool to suit the needs of millions of unbanked people in Africa while Polkadot is working on an ecosystem of projects that provide a completely decentralized platform for Web3.
“I’ve been lucky enough to spend lots time with the brightest minds in crypto and I’m willing to bet that each of Ethereum, Cardano and Polkadot will be more valuable than Bitcoin within the next few years,” added Chand.
Technical analysis: Where to buy ADA?
Cardano price closed about 280% higher in February after it had gained 90% in January. Yesterday, the price action hit a fresh record high of $1.485. Today’s pullback ended at the first level of support near $1.20.
It is likely that, despite a bounce that has taken place after the pullback, the price action may continue to contract. In this case, a major buying zone is located around the $1.00 handle to offer a new chance for Cardano buyers to get on the long side.
FD7 Ventures announced its plan to offload $750 million of its Bitcoin holdings in the next 30 days to buy Cardano (ADA) and Polkadot (DOT). Separately, ADA price hit a new all-time high near $1.50.
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.