Bitcoin and cryptocurrency prices have surged back through August with the combined crypto market again breaking $2 trillion and some small coins making huge gains.
The bitcoin price has struggled since briefly climbing over $50,000 per bitcoin, however, with its price treading water just under the closely-watched level. Meanwhile, ethereum and its rivals cardano, Binance’s BNB, solana have rocketed—and even the meme-based dogecoin outperformed bitcoin through August.
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Now, as a huge solana price rally pushes it up the crypto top ten by value chart, “dogecoin millionaire” Glauber Contessoto has said he’s going “all in” on cardano—the ethereum challenger that now boasts a market capitalization of almost $90 billion.
Sign up now for the free CryptoCodex—A free, daily newsletter for the crypto-curious. Helping you understand the world of bitcoin and crypto, every weekdayMORE FROM FORBESBankers Issue ‘Seismic’ Warning: Bitcoin, Ethereum, BNB, Cardano And XRP Could Replace The Dollar In Just Five Years As Crypto Market Price Adds $1 TrillionBy Billy Bambrough
The bitcoin price, up 300% on this time last year, has been outpaced by rallies seen by rival … [+] cryptocurrencies ethereum, cardano, Binance’s BNB, Ripple’s XRP, dogecoin, and solana, over the last 12 months.SOPA Images/LightRocket via Getty Images
“I’m going to start buying up as much cardano as humanely possible with every bit of money I start making from now on,” Contessoto, who in April claimed he had become a “dogecoin millionaire” on paper, told CNBC.
Contessoto, who poured all of his cash into dogecoin in February this year and says he has no plans to offload his doge, said via Twitter that he expects dogecoin, ethereum, bitcoin, cardano and XRP to be the “top five cryptocurrencies” in the “next 5 years.”
Dogecoin, based on the Shiba Inu doge meme and supported by Tesla TSLA billionaire Elon Musk as well as tech investor Mark Cuban, exploded into the cryptocurrency top ten this year during a massive rally sparked by a January crackdown on meme stock trading. The dogecoin price has crashed back from its highs of over 70 cents per doge set in May but remains thousands of percent higher than this time last year—helping many early adopters see huge returns.
Most other major cryptocurrencies have also surged this year, with many so-called alt coins vastly outpacing bitcoin as investors try to pick future winners. Solana, now the eighth-biggest coin by total value, is currently soaring thanks to sky-high expectations swirling around September announcements teased by its developers.
CryptoCodex—A free, daily newsletter for the crypto-curiousMORE FROM FORBESCrypto Price Prediction: Ethereum To ‘Exceed’ Bitcoin But Both Could Be Left In The Dust By CardanoBy Billy Bambrough
The cardano price has added over 2,000% during the last year, making it one of the best performing … [+] major cryptocurrencies this year and putting it behind just bitcoin and ethereum by value.Coinbase
Cardano, created by ethereum cofounder Charles Hoskinson, recently became the third-largest cryptocurrency by total value, behind bitcoin and ethereum, and knocked Binance’s BNB from the top three. In September, cardano is due to undergo a long-awaited upgrade that’s designed to give it smart contract functionality similar to ethereum, with some predicting the upgrade will send the price of cardano’s ADA token soaring.
Cardano is the “next best bet” after ethereum, according to Contessoto, who said he didn’t get in on ethereum’s ether tokens early.
Last week, the chief executive of financial advisory group deVere, Nigel Green, said he expects ethereum to continue to outpace bitcoin this year but is more bullish on cardano, giving its ADA token a September price target of $3—up from $2.81 today.