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At the start of 2021, some experts were putting price tags near $2 on ADA. So what should investors make of Cardano? Many bullish price predictions stem from its opportunities in decentralized finance. This comes after similar purchases of altcoins, including Dogecoin (CCC: DOGE). For instance, KISS frontman Gene Simmons announced last week that he purchased $300,000 of ADA. While Kevin Reynolds wrote for CoinDesk that much of the altcoin rally stems from hopes of finding the next biggest token, there is also quite a good deal of social media hype. One of the biggest gainers over the weekend was Cardano (CCC: ADA), fueled by hopes that the token will be the next cryptocurrency to explode. If you want to get in on the ground floor, keep these five tokens in mind. Investors still want to find the next cryptocurrency to explode in 2021. While that speaks to the power still behind the name, it also opens the door. Where we stand now, Bitcoin has trimmed its losses and is down roughly 5% over the last 24 hours. Are BTC and Ethereum (CCC: ETH) really too high? Regardless of the answer, Bitcoin, Ethereum and many of their peers started to tumble. Musk, a fan of cryptocurrencies, tweeted some concerns about current valuations. Then, BTC hit the breaks as bearish Bitcoin price predictions poured in.
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They also created a rally in a series of lesser-known cryptocurrencies. In short, these headlines combined to push Bitcoin to a new all-time high. On Friday, the first Bitcoin exchange-traded fund in North America launched to roaring success, perhaps paving the way to a sister fund in the U.S. Financial institutions are integrating digital currencies, and you can now buy a house or even a private island with your crypto wallet. Legendary investors continue to buy in, and even Tesla (NASDAQ: TSLA) purchased a $1.5 billion stake. Essentially, everything has been working in favor of cryptocurrencies.