BTC - Thinking About Buying Cardano? Buy Ethereum Instead
2023-06-22 05:59:00 ET
For the first four months of the year, Cardano (CRYPTO: ADA) was on a roll. It was not only keeping up with Ethereum (CRYPTO: ETH), it was also keeping up with Bitcoin (CRYPTO: BTC). By mid-April, Cardano was up nearly 80% for the year, and a true breakout seemed to be right around the corner. In late May, Cardano's founder even talked up the potential for a "Cardano summer."
But if you're expecting Cardano to take off this summer, it's time to recalibrate expectations. The paths of Cardano and Ethereum are now diverging. Year to date, Cardano is now up only 5%, while Ethereum is still up nearly 56%. If given a choice between Cardano and Ethereum, the clear winner now is Ethereum.
Quite simply, the Securities and Exchange Commission ruined Cardano's summer. In early June, the SEC filed lawsuits against two major cryptocurrency exchanges, Binance and Coinbase Global . In the lawsuits, the SEC specifically mentioned that it considered Cardano to be one of the unregistered securities that these exchanges were offering to customers. As might be expected, that set off shock waves in the crypto industry. In a span of just a week, Cardano plunged 30%.
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Thinking About Buying Cardano? Buy Ethereum Instead