Learn whether it is still worth investing in Cardano or not. Get an accurate Cardano forecast and know about expert opinions on Cardano’s market performance.
The crypto market is undergoing an unusual pattern where most assets are dipping but some are showing resilience.
Popular names, such as BTC and ETH are outperforming Gold and S&P 500, while most crypto are barely surviving at support levels. Cardano, the 7th most popular crypto in the market falls in the latter category.
The crypto boasts a value of $0.2571 with a market cap of $9,018,983,893. Despite being down 11.60% this month, Cardano is currently trading 91.71% below its peak. The crypto reached its all-time high of $3.10.
With that being said, all is not lost for Cardano, as it is still getting ready to launch several exciting updates. Moreover, its value proposition helps the network stand out from the crowd. Let’s dig deep into the workings of Cardano, its price history, upcoming predictions, and more.
Why Cardano Stands Out?
Cardano as a blockchain network offers a decentralized and open-source system developed in Haskell. The network addressed the prevalent issues faced by its predecessors, like Bitcoin and Ethereum.
It uses the Ouroboros consensus mechanism based on the PoS (proof-of-stake) protocol. Developed by the Ethereum co-founder, Charles Hoskinson, the network entered the blockchain market in 2017.
Ever since then, it has been a part of the top blockchains and cryptocurrencies. It lets users stake cryptocurrencies with zero lock-in period. It also features a dual-layer architecture, namely CCL (Cardano Computation Layer) and CSL (Cardano Settlement Layer). The architecture adds flexibility while enhancing its computational abilities.
This is not where Cardano’s value proposition stops as it has focused on the environmental angle as well. The network even supports Ethiopia for its coffee supply chain, showcasing real-world applications.
Cardano also offers a sustainable approach as opposed to the proof-of-bury and proof-of-work mechanisms. With the assistance of Mark Cuban, the network is also courting the African mobile market with Web3.
Cardano Price History
When it comes to price history, Cardano peaked in 2021 like most cryptocurrencies. The crypto started in 2017 and ended the year at $0.7196950.
The value crossed the $1 mark in 2018 but ended the year at $0.0405276. It took ADA another couple of years to reach back the $1 mark. It peaked at $0.1057705 and $0.1956930 in 2019 and 2020.
The best year for Cardano came in 2021 when it reached the all-time high of $3.10. However, ADA ended the year at $1.31 and has continued to dip since then. It ended 2022 at $0.2457376 and is currently trading near the price mark. The price of ADA has been on a wild ride lately, so investors should be prepared for more volatility in the future.
But the price does not mean ADA is not faring well in the market. Here’s why.
Cardano Posting Record High On-chain Transaction Volumes
A recent report by Santiment, a data analytics platform, shared keen insights on ADA’s on-chain transaction volumes.
Santiment stated that Cardano was not tested since April 2023, which boosted its on-chain activity to a 5-month high. Cardano’s weekly on-chain transaction witnessed a whopping 1726% increase between January and September 2023.
The rising interest in Cardano was also showcased in Discussion rates, a market sentiment indicator used for assessing the mood and attitude towards a crypto asset. The latest report shows that the Discussion Rates surrounding Cardano have gone from 1.19% to 1.65%.
This boost has enticed traders to reassess their crypto trading strategies. That is why many users are looking for a precise Cardano forecast to analyze the crypto’s movement. Such forecasts must consider the fact that Cardano DeFi has been gaining adoption amid next-gen platforms, such as MuesliSwap, Indigo, Liquid, and MinSwap.
Experts believe that Cardano can test its August high of $0.3027 by September end.
Will ADA Experience a Bullish Trend?
While 2023 as a whole has been a slow burner for Cardano, the crypto witnessed a resurgence in July and August 2023.
ADA has been constantly trading near the $0.25 mark for a while now. This trend can change given the sheer amount of updates Cardano has lined up for upcoming months.
Currently, Cardano is set to enjoy the benefit of its L2 scaling solution Hydra. The solution is expected to expand Cardano’s transaction throughput to 1 million TPS (transactions per second).
The network is also ready to launch a new stablecoin named Djed. Similarly, Cardano is addressing its inability to compete with major DeFi networks. Cardano will be relying on its privacy sidechain called Midnight.
Lark Davis, a prominent trader has also suggested that Cardano will blow everyone’s mind this summer. Davis sees that ADA will get potential bullish developments with many apps entering the market anticipating the introduction of Cardano smart contracts.
Davis also mentioned that Cardano has overtaken Ethereum and Bitcoin for the first time based on institutional capital flows. The sheer excitement surrounding Cardano will help the cryptocurrency make giant strides in the market.
Conclusion
Cardano, much like most cryptocurrencies, has been struggling to break through its downward spiral. However, the crypto asset showed life in July and August 2023.
Currently trading near $0.25, the crypto is set to break free from its dipping trend. Cardano has several massive updates lined up that can enhance the network’s capabilities severalfold.
Even Lark Davis, the prominent trader, believes so as he stated how Cardano is ready to break its 5-month high. Moreover, ADA has been producing high transaction volumes in the past few days, indicating its increasing demand among users.
All things considered, the upcoming months should lead to Cardano’s better placement in the market.
