- A market analyst has highlighted similarities between Cardano (ADA) right now and Amazon (AMZN) in 2001.
- Cardano’s robustness and competitive nature draw parallel to Amazon in its initial stages which were followed by massive success.
Popular market analyst and Crypto Capital Venture founder Dan Gambardello has in a recent YouTube analysis likened Cardano (ADA) to Amazon (AMZN). The analyst predicts a meteoric rise in ADA similar to AMZN which has become a retail behemoth of a company focusing on e-commerce, cloud computing, online advertising, digital streaming, and artificial intelligence.
Gambardello compares the ADA market conditions to the early years of Amazon. During this time, Amazon focused on building the ultimate platform believing that market success would follow. The same approach can be seen in Cardano.
ADA has been struggling with a two-year bearish market after reaching its all-time high of $3.09 in September of 2021. Gambardello compares this period to the performance of AMZN between 1999 and 2001. During this time, its stock price plummeted from $5.25 all-time high price to 30 cents. This means that Amazon had lost 90 percent of its value in two years. Similarly, ADA has lost nearly 91 percent of its value in the last two years.
As shared by one commentator, buying ADA will be the same as buying Amazon in 2001 but with greater potential since Cardano has unlimited utility.
In 1999 Amazon Stock reached an all time high of $5.25! In 2001 Amazon dropped down to $0.30!📉
Sound familiar?😏
Purchasing $ADA in 2023 will be looked at as the equivalent to buying Amazon stock in 2001 but with more potential because $ADA has unlimited utility! Cardano!🌐👑
— Lucid (@LucidCiC) September 3, 2023
Looking at the success that AMZN has recorded since, reaching $137 at the time of press, from his point of view, acquiring ADA now is like buying AMZN back in 2001. The token offers little risk and great profit potential.
Although Cardano and Amazon are entirely different and working on completely different technologies or goals, as a Cardano holder it is interesting that Cardano plans to build a platform that will be the financial operating system for the whole. Potentially, Amazon could utilize it to build on top of the Cardano blockchain.
The analyst has highlighted the improvements witnessed in the Cardano blockchain. Like Amazon in 2001, the company was in a better position than it ever was in its history. In a letter to shareholders, Amazon CEO Jeff Bezos highlighted this, not only had it found support above previous lower points, but had increasingly built itself to be robust and competitive.
Similarly, Cardano is higher than its previous lower support and has also added to its functionality, bringing scalability, staking mechanisms, multi-asset ledgers, and smart contracts. This shows that it is better positioned than it ever was in its history.
As CNF has reported Cardano has received massive new updates and scaling features. In addition to technical upgrades, the network has celebrated a 1,700 percent surge in on-chain activity as well as increasing Total Value Locked (TVL) which has recently surpassed $160 million. This points to longterm success for the network and the ADA token.
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