Cardano price prediction: What will cardano be worth?
Cardano’s ADA coin has made big gains, but what is the cardano price prediction?
Cardano and the ADA coin have grabbed a lot of attention since the coin became the world’s fourth-largest cryptocurrency by market cap. What will happen to this cryptocurrency in the future? Here we’ll look at making a cardano price prediction.
ADA and Cardano explained
What are the Cardano blockchain and the ADA coin? Probably the most important thing to remember is that Cardano is the network and ADA is the crypto. While people talk about the “cardano cryptocurrency” and the “cardano coin”, that isn’t accurate. Nevertheless, an ADA coin price prediction is a de facto Cardano price prediction, so there is no need to get too confused.
Cardano is a blockchain, and the organisation behind the technology likes to emphasise how much it bases what it does on research. It wants people to notice the academic nature of its work, issuing its reports in peer-reviewed papers, which will, it hopes, encourage them to make use of the blockchain themselves.
Cardano was launched in 2017 by Charles Hoskinson, one of the founders of Ethereum. It was founded to help in the world of decentralised finance, also known as DeFi.
The idea behind DeFi is, at its heart, the idea behind cryptocurrency itself. There are many people across the world who have access to a mobile phone but do not have a bank account, and DeFi is designed to let them access financial services without having to go to a bank. DeFi also helps people send money internationally without having to pay commission, which makes transferring money across boundaries easier and cheaper.
Cardano uses smart contracts to carry out transactions. Smart contracts are computer programs that carry out agreements once particular conditions are met. Most importantly, though, Cardano has its own native coin called ADA, after the 19th-century British mathematician Ada Lovelace – daughter of the poet Lord Byron – who worked on Charles Babbage’s proposed mechanical computer, the Analytical Engine. She is often regarded as the world’s first computer programmer.
ADA lets holders vote on proposals concerning the governance of the blockchain. They can also delegate their voting rights in return for rewards. As far as obtaining ADA goes, it can be bought and traded on a range of exchanges and it is also issued to people who manage the blockchain, called mCore nodes.
The coin is mined using an algorithm called Ouroboros, named after the mythical serpent that eats its own tail, and uses the Proof-of-Stake method. Basically, that means that how much you can mine is tied to how many coins you hold, rather than the miner having to solve increasingly complex equations. Proof-of-Stake is also more ecologically sound than the Proof-of-Work method, which uses much more electricity.
But what of the future? Before we can make an ADA coin price prediction, it makes sense to take a look at the ADA coin price history. While past performance is no indicator of future results, it helps us get some kind of context on how people are reacting to Cardano and ADA.
When ADA launched in 2017, it traded around the $0.02 mark for most of the year. Its low price changed dramatically in early 2018. This was a time of some massive price rises for cryptocurrency, and ADA was no exception. It went from an intraday low of $0.3679 on 28 December 2017 to an intraday high of $1.33 on 4 January, a rise of more than 260% in less than a week.
While those highs were, ultimately, unsustainable and the coin ended up settling somewhere around the $0.08 mark for the next couple of years, the ADA coin and the Cardano blockchain had, albeit briefly, made their mark on people who followed the crypto market.
ADA in 2021
The ADA coin price changed significantly in early 2021. This was a time of substantial growth in the crypto market and people would have to change, and even create, their ADA predictions. On 1 January, the coin opened up at $0.1814. By 16 January, it had more than doubled to $0.3654.
This was followed by some steady progression and ADA’s intraday low of $0.4396 on 5 February was followed by an intraday high of $0.5567 the same day, a rise of more than a quarter in just hours. ADA and Cardano did not stop there, though: on 10 February the coin reached an intraday high of $0.9439, up almost 70% in the space of five days.
By now, it seemed inevitable that the ADA coin price would break through the dollar barrier, which it did on 20 February, closing at $1.12.
Although there was some retreat from that particular level, with an intraday low of $0.9931 on 13 March, it spent most of the next month above the dollar mark, and there was growth in April, with it reaching $1.56 on 14 April. Again, though, the peak was followed by a trough and it fell to an intraday low of $0.9352 on 23 April before recovering to close at $1.16.
It was after this blip that things started to get encouraging for the crypto’s followers. ADA closed at $1.55 on 12 May, but that was actually down from the day’s intraday high of $1.82. Two days later, it broke $2 for the first time and reached an all-time high of $2.46 on 16 May.
However, storm clouds were on the horizon and the great crypto day crash of 19 May saw ADA nearly halve from its intraday high of $2.03 to an intraday low of $1.03. While there was some recovery and it closed the day at $1.48, it looked as if the damage had been done and the ADA coin price stayed below the $2 mark.
That was until the start of September when it reached an all-time high of $3.10 on 2 September. However, on 12 September, the ADA price crashed following its Alonzo hard fork upgrade. Cardano also suffered a 3% drop following China’s announcement on cryptocurrencies. On 5 October, the ADA price stood at roughly $2.20. The price stabilised around this point for the next week or so, but then started to deflate. It hit an intraday low of a little over $2.07 on 12 October, before rallying slightly to be worth a little over $2.19 on the morning of 15 October and going up to $2.22 that evening.
So what now of the future? What sort of cardano price predictions are there? What is the cardano price prediction for 2021 and beyond? Let’s take a look.
ADA coin price prediction
Long-term coin price predictions are made using computer algorithms and should never be taken as an accurate forecast of the cardano future price. WalletInvestor is bullish about its cardano coin price prediction. It forecasts the crypto will hit $4.587 in a year’s time and $14.056 in five years.
CoinPriceForecast’s ADA coin price prediction for 2021 sees the coin hit $3.58 by the end of the year. The same site suggests that ADA will hit $6.63 in 2023. It has a cardano ADA price prediction of $9.91 for the end of 2025. There will be slow but steady growth and it should reach $13.47 by the end of 2030.
DigitalCoinPrice says that the ADA coin price could be $2.98 by the end of 2021 and reach $4.41 in October 2022. October 2023 could see it go up to $5.41, and a year from then it could drop to $5.02. In October 2025, the forecast price is $6.18 and 12 months from then the ADA coin price could be $8.33. There could be a slight rise to $8.70 in October 2027 and the site’s ADA coin price prediction for October 2028 is $10.13.
Depending on who you ask, it could be between $6.18 and $9.91. These figures could well be wrong, though, so you will need to do your own research before commiting to ADA.
CoinPriceForecast says it should reach $13.47 by the end of 2030. It is worth bearing in mind, though, that cryptocurrencies are highly volatile and price forecasts are very often wrong, so you should always exercise caution.
The ADA coin might be, but equally it might not be. Always remember that cryptocurrencies are extremely volatile and that prices can go down as well as up. You should always do your own research and never invest more money than you can afford to lose.