Valerie MedlevaOnly a decade ago, no one knew what a cryptocurrency was. Today, this rapidly growing industry has already spanned the globe. There are now hundreds of both well-established and emerging projects using blockchain technology, aiming to replace traditional fiat money and change the way we live.
With the market being very bullish for the future of crypto, there are a few projects that are doing exceptionally well, constantly evolving their technology and drawing the attention of savvy investors and traders. Cardano is one of them.
Launched in September 2017, Cardano has quickly established itself in the list of the top cryptocurrencies. It made headlines in January 2018, when it reached a whopping $33bn in market cap. Presently, this number has dropped to a bit over $1bn, however, the project is still going strong, ranking 13th among all cryptocurrencies available.
Are you also wondering what the future of Cardano looks like? Then, you have come to the right place. In this article, we take a closer look at what this project really is, review its recent performance and check out the latest Cardano price predictions.
What is Cardano and why does it matter to the industry?
Cardano is an ambitious blockchain project introduced on September 29, 2017, by Charles Hoskinson, the former co-founder of Ethereum and BitShares. In the project’s own words, it was designed to “provide a more balanced and sustainable ecosystem” for cryptocurrencies.
Cardano aims to employ breakthroughs and innovations of the blockchain to “build accessible financial services for all.” The project is intended to combine the transactional ease of Bitcoin with Ethereum’s smart contract system and support for decentralised applications, also known as dApps.
The protocol is stated to feature a layered blockchain software stack that is scalable, flexible, and is being developed using the most thorough academic and commercial software standards in the industry. It employs a meticulous peer-review system, reaching out to programmers and scientists to help improve its open-source blockchain.
Cardano states that its native cryptocurrency ADA is the only coin that uses a “scientific philosophy and research-driven approach.” In fact, ADA is the first third-generation cryptocurrency, created to solve problems related to sustainability, scalability and interoperability in the crypto ecosystem.
Cardano price trend: another story of a shooting star?
Cardano made an incredibly successful entry into the market. To help get funds for the development of the project, Cardano’s team raised more than $63m during its ICO. Over the first week from launch, ADA experienced significant growth, soaring in value and hitting a market cap of over $600m by October 1, 2017. It quickly got listed on a multitude of the top cryptocurrency exchanges.
On November 29, 2017, the coin skyrocketed over 142.4 per cent, boosting its market cap to $3.5bn. In early January 2018, the value of the cryptocurrency hit an all-time high of $1.162, peaking at a market cap of over $33bn.
In regard to the historical Cardano price trend, the cryptocurrency has drawn a rather chaotic trajectory on its chart. ADA started trading in October 2017, at a price of $0.025. During the same day, it dropped to its all-time low of $0.017354. However, in only 3 months, the coin had received a lot of interest from international crypto enthusiasts. Their support led the coin to reach its record high of $1.162 on January 4, 2018, representing a return of over 6,000 per cent.
Things turned sour in the first quarter of 2018, with ADA experiencing a dramatic crash and dropping as low as $0.13 in March.
Following a prolonged bear market of 2018, the crypto industry was finally ready for slow, yet steady growth in 2019. At the end of January, ADA was worth $0.038. In early March, the coin started to rise, climbing from $0.043 to $0.098 by the beginning of April. Such a significant gain of over 100 per cent happened due to the v1.5 Mainnet release, which completed the Byron stage of the project’s roadmap.
After hitting a $0.37 mark in May, ADA has entered a bullish trend once again, trading in the range of $0.0308-$0.1 throughout the rest of the year.
The coin started 2020 at $0.03 and now trades at around $0.042.
Cardano price prediction 2020 and beyond: shining through the darkness
The crypto market moves at a rapid pace, making it rather difficult to predict its future. To bring some clarity, we have decided to gather a number of the latest ADA price predictions 2020 and beyond from various sources.
According to a popular online service Longforecast.com, which makes forecasts using technical analysis, the ADA coin price prediction for December 2020 is $0.054. They prognose a long-term uptrend, estimating the cryptocurrency to trade at $0.092 by January 2024.
Based on the Cardano outlook provided by CoinSwitch, the price of ADA is expected to gradually increase, eventually reaching a $1 mark at some point this year. By 2023, they predict the project to gain more trust and traction from the users, with its value hitting $2.
Adam Web, an author at Smartereum, believes that ADA’s future is rather bright, claiming that the one-year Cardano forecast is around $2.50, with the potential to jump over $10 in five years’ time.
Coronavirus affects markets
A popular crypto forecast website TradingBeasts.com suggested that ADA price will stand around $0.067 by the end of this year; and slightly higher in 2021 – $0.084. By December 2022, Cardano future price is predicted to average at $0.086.
The most optimistic Cardano predictions are offered by Cryptoground.com. They forecasted ADA to reach $0.0649 in one year, gaining almost 55.35 per cent. The growth is expected to continue, with the coin trading at $0.8792 by the end of 2024.
In five years, CoinSwitch believes Cardano to reach $2.88, with a possibility to grow as high as $3 per coin, representing a rise of almost 6,500 per cent.
Based on the information provided by CoinFan.com, ADA predictions also look rather promising, with its price estimated to end 2020 in the range of $0.1926-$0.2461. Their long-term forecast suggests the cryptocurrency might reach $0.452 by May 2025.
Meanwhile, experts at Mrvyasidea.com point out that if the project reaches all the goals for developing its network layers from Byron to Voltaire phases, the cryptocurrency will be able to rise up to $5 by 2024.
Looking ahead, DigitalCoinPrice.com states that Cardano will have moderate price growth. The positive trend is expected to prevail, with ADA trading at $0.195-$0.227 throughout 2026.
If you consider an even longer-term forecast from CoinPriceForecast.com, the coin is expected to end this decade at $0.2949.
However, not everyone offers a bullish Cardano ADA price prediction. Known for their pragmatic forecasts, Walletinvestor.com refers to ADA as a “bad, high-risk one-year investment option.” Based on their technical analysis, the coin is expected to lose in value substantially, with its price dropping as low as $0.0032 by the end of 2020.
In six years perspective, their estimates for the coin are at $0.0131.
The bottom line: is Cardano a good investment?
Like with any other asset, there is no definite answer to this question. It is very difficult to predict what the price of what Cardano could be in a few hours; and even harder to give long-term estimates.
Today, Cardano can boast of an active community of holders and supporters that believe that its value might increase significantly in the foreseeable future.
However, remember that the crypto market has experienced several ups and downs over the past few years. For that, always make sure to consider the latest technical analysis, expert opinion and market trends when choosing what cryptocurrency to invest in. We recommend you to arm yourself with as much knowledge as possible.
If you think you are not ready to make long-term investment commitments, but still want to try to profit from the market volatility, you can do so through contracts for difference (CFD).
You can learn more about CFD trading with free online courses and find out how to trade Cardano CFDs by reading our comprehensive guide. Always stay on top of the latest Cardano coin news with Capital.com.
So, what do you think about the future of this digital coin? Are you bullish or bearish? Do you have a Cardano price forecast of your own?
Follow our live ADA/BTC chart and make your own bets!
