In a recent video, the popular analyst Ben Armstrong from BitBoy Crypto discusses Cardano (ADA) updates and the price catalyst for its recent resurgence.
According to the analyst, Cardano is starting to gain more amount of public interest and institutional interest. Its pumps are widely known and are starting to get the recognition they deserve.
The trader also says that compared to some other altcoins which dumped spectacularly, Cardano has held up well and stayed on par with average market prices.
“Cardano reached its all-time high of $2.25 on May 15 and has seen a steady decline since then, almost reaching a low back down at $1 last Thursday, likely in anticipation of the futures close last Friday. However, now that money is coming back into the market and crypto prices are stabilizing for the moment, confidence and its potential upside is at an all-time high”.
Armstrong shows a strong belief that Cardano is clearly a top pick for retail investors who are ready to leave this mini bear market and get back to the moon.
Another big Cardano (ADA) deal is in the works in Africa
As the strategist says, one of the strong price catalysts for ADA’s recent pump-up is its partnership with another government in Africa. Apart from significant partnership deals with the governments of Ethiopia and Tanzania that were announced by Cardano developers Input-Output Global (IOG) at the end of April, another significant deal is in the works.
“The reveal is made by IOG’s Director of African Operations, John O’Connor. Like the Tanzania tie-up, this will likely feature cooperation between a local government and the private sector, with IOG technology bridging the partnership”.
Although O’Connor is keeping quiet on the specifics of the new deal, he did let slip that it relates to payments and open finance.
However, the trader says that speculation is mounting over which country this relates to, as well as the finer points on how smart contracts will be utilized. For now, the wider community awaits further information.