Aaron Arnold, a popular crypto trader, has told his teeming subscribers that he’s a Cardano (ADA) bull, believing that the cryptocurrency is capable of leading altcoins’ breakout in the current bull cycle.
In a new video, Arnold showcased his optimism in the crypto project dubbed as Ethereum killer. He said he believes that the price trend of Cardano (ADA) will remain bullish as long as Ethereum (ETH) maintains its current positive trend.
Aaron Arnold noted:
“I am a Cardano bull this cycle. I think there are plenty of reasons to be bullish on Cardano. Now the biggest reason I am bullish on Cardano this cycle is because I’m bullish on Ethereum this cycle…
In a world where Ethereum is this valued and this speculated on, I think Cardano is going to do well… Many different metrics now are trending up on Cardano.”
According to Arnold, another reason for his bullishness on Cardano (ADA) is due to upcoming developments.
Back in April, Input Output Global (IOG), the software firm behind Cardano (ADA), announced that the Alonzo Hard Fork that will bring about the implementation of smart contracts on the Cardano network will play out in August. So, the trader thinks this major development will be a big deal for the crypto project.
The trader also referenced the vast increase in the social engagement around the blockchain project as a bullish indicator. It’s worth noting that Cardano subreddit has surpassed 400,000 subscribers, a peak attained in the space of 3 to 4 months.
Cardano (ADA) in the Market
Cardano (ADA) has seemingly regained its surging momentum after reacting negatively to Elon Musk’s tweet about Tesla removing Bitcoin (BTC) as a payment option.
At the time of press, ADA is trading at $1.83, with a relatively 4% price upsurge in the last 24 hours, according to CoinMarketCap.
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