Peter Brandt suggests that Cardano, Ethereum and Bitcoin could go Microsoft’s way
In his recent tweet, longtime trader Peter Brandt suggested that the volatile movement they are experiencing now could end up being a mere speck on the radar.
Brandt has published two charts about Microsoft (NASDAQ:) (SA:), the second largest company by market capitalization, to show his point.
One illustrates the turbulent stock price action in the $12 to $27 range, which lasted over a period from 2007 to 2013. The other, however, clearly shows that a magnifying glass is needed to detect this volatility after the MSFT soared to $286.
Wildly volatile price behavior at one stage in a market’s history can appear as insignificant ripples when viewed through the lens of a longer history. $MSFTWill the same phenomenon be true for many cryptos? $ADA $ETH $BTC pic.twitter.com/3PlpOzfU85
— Peter Brandt (@PeterLBrandt) August 11, 2021
The tech giant’s shares hit their current record of $289.67 on July 23.
The growth of cryptocurrencies has been compared to that of technology companies forever, and some of these comparisons may seem trite and irreplaceable. Still, Microsoft’s example can serve as a valuable lesson for market watchers who are hyperfocused on day-to-day price fluctuations.
The seemingly insurmountable peak of $20,000, reached at the height of the 2017 bull run, now pales in comparison to the current peak of nearly $65,000 that was recorded in March.
Of course, you also need to take into account the fundamentals behind growth. Microsoft was able to successfully transform itself into a cloud computing giant in the 2010s, which explains its stellar growth.
Cryptocurrency, on the other hand, remains largely new and untested, despite having seen much wider popular adoption.
Cardano keeps growing
While Bitcoin’s rally has apparently hit the pause button, Cardano has been in tatters for the past few days.
Earlier today, it hit $1.89, its highest level since May 20 on the Binance exchange.
As previously reported, IOHK CEO Charles Hoskinson has revealed that the release date for the Alonzo hard fork, which will release the long-awaited smart contracts functionality, will be announced on Friday.
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