With the massive crash in mid-June, the concerns of many investors that their cryptocurrencies could become worthless are increasing. But a bear market also always offers opportunities to accumulate cryptocurrencies cheaply. Cardano is a popular cryptocurrency that gives hope for the future. How high could the Cardano price rise in the future?
In this article, we discuss the future of Cardano and possible cryptocurrency price games in the next few years. Find out how valuable the ADA token from Cardano could become in the future!
What is Cardano?
Cardano is a blockchain network that was founded in 2017. The founder of the project was the Ethereum co-founder Charles Hoskinson. Cardano uses the modern proof-of-stake consensus mechanism to verify transactions. The network token of Cardano is the ADA.
Cardano has become one of the most successful blockchains in the last 5 years. Above all, the combination of scalability, decentralization and security is what makes the Cardano blockchain so special. Cardano impresses with its long-term development and its technical brilliance, which puts it ahead of many other blockchains.
How did the Cardano Price develop in 2022?
Already in the last months of 2021, the ADA token from Cardano lost significantly in value in price. In September, the Cardano (ADA) price was still over 3 US dollars. In the months after that, the cryptocurrency fell significantly in value. By the end of the year, Cardano had already lost about half of the value of its all-time high.
In 2022, we saw another downward trend. From $ 1.40 at the turn of the year, the ADA price recently fell to $ 0.50. This means a strong loss in 2022. However, the losses in 2022 were not as high as the losses of Bitcoin in percentage terms. Jhowever, the ADA of Cardano lost about 80% of its value since the all-time high.
Why did the Cardano price drop so early?
While the bull market of Bitcoin and other cryptocurrencies continued until November, the Cardano price lost a few months earlier. The main reason for this was the emergence of strong competition in the fall of 2021. Cardano experienced a massive bullrun due to the introduction of smart contract functions. The Basho development phase was completed in autumn 2021, which resulted in a massive Cardano price increase
In the weeks after that we saw the massive ascent of Solana (SOL). This blockchain was characterized by an extremely high transaction speed and also relies on smart contracts. Solana was regarded as the blockchain of the future and as “Ethereum Killer”. This title was long reserved for Cardano.
Even a blockchain like Avalanche gained massively in value in the direction of November / December. Due to this competition, the hype around Cardano weakened and fell sharply by the turn of the year.
Should you buy Cardano in a bear market?
Like the other cryptocurrencies, the ADA token fell more sharply in June due to the crash. However, the drop of Cardano was not as small as the drop of Bitcoin and other cryptocurrencies in this crash. This may be due to the fact that the Cardano price was already at a very low level before.
Since the Cardano price has now fallen to an even lower level, a purchase of new tokens could be worth much more at the moment. At this low price, you can buy a lot of ADA tokens and accumulate the token over the next few weeks. As a result, your returns could increase massively if you can acquire a lot of tokens over the next time.
Can the Cardano price rise again?
The price of Cardano at the moment is extremely low compared to the prices of recent months. Nevertheless, the value of the ADA token from Cardano should rise massively again in the future. This could be ensured by the further development of the Cardano project. Because the development of the blockchain is planned in the long term.
The development of the Cardano blockchain differs in 5 phases, in each of which a certain area is further developed by the blockchain. In the last phase, Goguen, the smart contracts were established at Cardano, which also triggered the massive bullrun to 3 dollars.
In the coming weeks and months, Cardano will be working on increasing scalability. This takes place in phase 4, Basho. Cardano is expected to achieve transaction speeds of up to 100,000 per second. If Cardano continues to develop so excellently, massive price increases are very likely in the future.
How high can the Cardano price rise in the future?
The Cardano price has already risen to $ 3 at the all-time high. Before the last bull market, this price was still around $ 0.10. This shows that the Cardano price can rise many times in a bull market. This is where the introduction of smart contracts and the completion of a development phase coincided with a bull market.
At the moment we are in a bear market and the price of Cardano is at a low point for the last few months. Nevertheless, the price is much higher than a few years ago. Thanks to its excellent, long-term development, Cardano has great chances to play an even more important role in the next bull market.
The Cardano price could thus rise to over 10 dollars in the next bullrun. This would correspond to an increase of a factor of 20, which is less than the increase in the last bull market.
Can Cardano replace Ethereum?
An important question for the future of Cardano will be whether the blockchain will become a competition for the market leader in smart contracts, Ethereum, or even replace Ethereum. The nickname “Ethereum killer” arose because Cardano processes transactions much more efficiently than Ethereum.
Cardano uses proof-of-stake, which Ethereum is just now switching to as part of Ethereum 2.0. This is why Cardano is essential faster, more cost-effective in transactions and also faster in processing. Ethereum has the advantage of being the basis for decentralized applications for years and being massively ahead of all other blockchains in the number of smart contracts.
In the future, Cardano Ethereum could become dangerous, especially if the scalability of Cardano is massively increased by Basho. If this happens, the Cardano price could still rise to $ 100 in the next few years. Extreme optimists even see a Cardano price of $ 1,000 in the future.
One thing is almost certain: The current prices for Cardano (ADA) are extremely low due to the bear market and invite you to buy.
You can also purchase Bitcoin and other cryptocurrencies on the crypto exchanges Coinbase and Kraken.
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