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Joel Frank
Author
Joel Frank
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Cardano creator Charles Hoskinson is working to build ties in Argentina, which he expects could become a major play in the global economy and in crypto.
Charles Hoskinson stayed in Argentina’s capital, Buenos Aires, this week to attend the much-hyped Cardano Summit event.
During his stay, Hoskinson met with Argentina’s new libertarian President, Javier Milei, to discuss the future of blockchain technology in the country.
But the ADA price seems a little enthused by Hoskinson’s inroads in Argentina.
ADA was last changing hands just under $0.35, leaving it barely 50% higher versus its 2023 bear market lows and still around 90% down from its 2021 highs above $3.0.
In an interview with Argentina’s La Nacion, he explained how he sees Argentina moving in a pro-free market and pro-business direction, in contrast to many other South American countries.
“It could become like South Africa to the rest of Africa, becoming the stable gateway for doing business across the continent,” he remarked.
Argentina already has one of the highest cryptocurrency adoption rates in the world, following decades of exorbitant inflation and intermittent capital controls.
ADA Price at Critical Turning Point
As the ADA price struggles only slightly above its 2024 and 2023 bear market lows, the price is at a critical turning point.
Major cryptos like Bitcoin and Solana have roared back to health in 2024, with the former setting new record highs.
ADA’s price underperformance is, thus, dealing a major psychological blow to the bulls, and capitulation risks are growing.
Many expect a renewed Bitcoin-led crypto market rally into the end of 2024, as the Fed and global central banks cut interest rates, as US economic growth holds up, and in the wake of the US election, that should bring more crypto-friendly policy.
This is an important moment for ADA – can it keep up with the broader market?
If not, that is a very bad sign. Hoskinson can try to bolster the global ADA community however he wants.
However, on-chain metrics like TVL and active wallets, as shown on DeFi Llama, show that the blockchain struggles to adapt.
Cardano’s TVL is only around $220 million, or around 0.0044% of Ethereum’s TVL.
Better Alternatives to Consider?
The outlook for the ADA price isn’t looking great right now, so it’s no surprise that ADA investors might be looking for alternatives that might offer them stronger near-term gains.
The aforementioned major cryptos like Bitcoin and Solana could offer better upside prospects and continue their outperformance into 2025.
However, some investors will be hunting for riskier projects with much greater upside potential.
One of the best ways to get into a high-potential project early is via crypto presales.
One of Cryptonews.com’s current analysts’ favorite projects is an exciting new meme coin-trading-focused Ethereum layer-2 protocol called Pepe Unchained (PEPU).
The presale has already raised a staggering more than $22 million, a sign of very strong demand.
Cryptonews.com’s in-house presale analyst, Crypto Chester, explains in the video below why he thinks PEPU has huge potential. PEPU could far outperform the ADA price this year.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
