This year has been a tough sail for Cardano since May 2022, when the Terra/Luna implosion caused a cascade of bankruptcies, layoffs, and liquidations. Subsequently, the chain of unfortunate market and geopolitical events like the Russian invasion of Ukraine, U.S. inflation, and 3AC and Celsius insolvency, has also contributed to the downward pressure on the price of ADA.
With the recent massive downfall of the crypto market caused by FTX contagion, is it possible for Cardano to reclaim its all-time high in 2023? Continue with the article to learn about Cardano price analysis and prediction by Coinpaper.
Read also: What are Ethereum killers? Five protocols that can potentially dethrone Ethereum
What is Cardano?
Cardano, considered by many to be one of the possible "Ethereum killers," was developed with an emphasis on peer-reviewed research and evidence-based methods and was named after Italian polymath Gerolamo Cardano, while its native coin ADA was named after mathematician Ada Lovelace, who is also recognized as the first computer programmer. Cardano’s PoS algorithm is called Ouroboros and is believed to be the most energy-efficient protocol available. The project has already established a few fruitful partnerships, including the development of blockchain-based IDs for Ethiopian students, record storage of trees planted by global reforestation company Veritree, and minting NFTs for the e-sports company Rival.
Cardano (ADA) price
Currently, Cardano Price is USD. ADA has a circulating supply of coins and a total supply of . If you are looking to buy or sell Cardano, Binance is currently the most active exchange.
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Cardano price prediction 2023
The current market sentiment is full of fear, uncertainty, and doubt (commonly known by the acronym FUD), as fears of FTX contagion mount. At the moment, it’s difficult to assess exactly how much damage has FTX collapse has done to the crypto industry, since some affected crypto companies may be already secretly insolvent due to highly leveraged positions, as we have seen in the aftermath of Terra's implosion.
According to our estimates, it will take months for the full scale of FTX bankruptcy to become clear, so the turning point for the crypto market won’t come before late Q1 to early Q2 2023, although for now, it seems that the industry has absorbed most of the damage.
Another market factor that should be taken into consideration is how successful will be the U.S. Federal Reserve’s efforts to curb inflation. For now, there is reason to believe that Fed is making some progress in its attempts to cool the overheating economy — on November 30, Federal Reserve Chair Jerome Powell announced it’s time to slow the pace of coming rate hikes, which immediately triggered a positive reaction from both crypto and equity markets.
Given the above information, one can easily guess that there will be a considerable divergence between bullish and bearish Cardano 2023 price predictions due to multiple unknown factors. For this reason, we estimate that the bullish scenario will see Cardano price at $0.55 to $0.79. On the flip side, a fading interest in the new meme coin may push the price of Cardano to $0.32-$0.24 lows.
Cardano price prediction 2024
In 2024, the global macroeconomic backdrop is likely to be more favorable to the crypto market, adding value to Cardano (ADA) and other cryptos. However, the possibility of black swan events similar to the collapse of FTX cannot be completely ignored.
Keeping this in mind, we foresee the price of Cardano to climb as high as $0.85, with the more distant prospect of reaching $1.19 in 2024. The bearish scenario is likely to see Cardano (ADA) trading between $0.72 and $0.61 in 2024.
Cardano price prediction 2025
Since it’s practically impossible to foresee what market factors will influence cryptocurrency prices in 2025, this part of our Cardano (ADA) price analysis and prediction is based on pure speculation and observation of Cardano historical price movements.
Our Cardano 2025 price forecast expects ADA to rally towards $1.45 and reach $1.89 by the end of the year. The bearish scenario would see Cardano at $1.12 to $0.98.
Cardano (ADA) price prediction 2026
Looking ahead four years, to 2026, Coinpaper's price prediction for Cardano is neutral. In 2026, we expect Cardano to reach at least $2.25 before climbing higher to $2.64. In case of a bearish scenario, Cardano may fall to $2.09.
Is Cardano (ADA) a good investment?
With continued developments taking place within the Cardano ecosystem, its solid user base, strong community of developers, and established market position, ADA can be an investment option worth considering. However, keep in mind that investing in any cryptocurrency carries a high degree of risk, so make sure to do your own research before investing in ADA.
Bottom line
Are you ready to invest in Cardano? Very few if any analysts forecast its value going down to zero, although you can’t be sure these days, so make sure you always do your own research before making investment decisions. And keep in mind that cryptocurrency prices can be extremely volatile, so trading crypto always involves a high degree of risk.
You can buy ADA from many crypto exchanges, including Binance
Disclaimer: Coinpaper does not recommend that any cryptocurrency should be bought, sold, or held by you. Always conduct your own research and consult your financial advisor before investing in any digital asset.
FAQs
Who created Cardano?
Cardano was created by Charles Hoskinson, who was also one of the co-founders of the Ethereum blockchain. Currently, Hoskinson is a CEO of IOHK, the technology firm behind Cardano.
What was the all-time high for Cardano (ADA) ?
The all-time high price of Cardano is $ on 2021-09-02
