The total crypto market broke $2 trillion again in August, and several tiny currencies saw significant increases.
Since temporarily rising over $50,000 per bitcoin, the bitcoin price has struggled, with the price hovering slightly below the widely monitored threshold. In the meanwhile, ethereum and its competitors cardano, Binance’s BNB, and solana have soared—and even meme-based dogecoin has beaten bitcoin in August.
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Now, as the price of solana rises in the crypto top ten by value chart, “dogecoin millionaire” Glauber Contessoto says he’s going “all in” on cardano, the ethereum rival with a market cap of over $90 billion.
Contessoto, who claimed in April to have become a “I’m going to start buying up as much cardano as humanely possible with every bit of money I start making from now on,” on paper, told CNBC, “dogecoin millionaire”
Contessoto, who put all of his money into dogecoin in February and claims he has no intentions to sell his doge, stated on Twitter that among the “top five cryptocurrencies” he expects dogecoin, ethereum, bitcoin, cardano, and XRP to be the “next 5 years.”
Dogecoin surged into the cryptocurrency top ten this year after a huge spike triggered by a January crackdown on meme stock trading. It is based on the Shiba Inu doge meme and is backed by Tesla TSLA +0.6 percent billionaire Elon Musk as well as tech investor Mark Cuban.
The price of dogecoin has dropped from highs of over 70 cents per doge reached in May, but it is still thousands of percent greater than it was this time last year, allowing many early adopters to make massive gains.
Cardano, which was founded by ethereum cofounder Charles Hoskinson, just surpassed Binance’s BNB to become the third-largest cryptocurrency by total value, after bitcoin and ethereum. Cardano is set to get a long-awaited update in September that will offer it smart contract capabilities comparable to ethereum, with some speculating that the upgrade could send the price of cardano’s ADA token skyrocketing.
According to Contessoto, who did not get in on ethereum’s ether tokens early, Cardano is the “next best bet” after it.
Nigel Green, the CEO of financial consulting firm deVere, stated last week that he expects ethereum to continue to outperform bitcoin this year, but that he is more optimistic on cardano, setting a price goal of $3 for its ADA token in September, up from $2.81 today.
Most other major cryptocurrencies have also seen significant gains this year, with many so-called “alt coins” outperforming bitcoin as speculators attempt to predict future winners. Solana, the eighth-largest cryptocurrency by total value, is presently rising on the back of sky-high anticipation around its creators’ September statements.
Thanks to Billy Bambrough at Forbes whose reporting provided the original basis for this story.
