If you have been following the events in the crypto market, you must know that the previous year was a disaster for many individuals who invested in digital currencies. On average, the crypto lost more than 60% in value. Closer to the end of the year, when the impact of low-price drivers wasn’t so significant, many projects started recovering. That’s why many considered investing in them to gain returns in 2023 or in the long run.
We can assume that some cryptos proved to be resilient during the market crash, meaning you can invest in them today without fear of further serious breakdown. Is Cardano one of them? What should you expect from this cryptocurrency in 2023 and in the long run? Let’s find this out from our today’s review.
Contents
Getting Started
Why may some experts be skeptical about the future performance of the Cardano coin? The thing is that during the global fall of the crypto market, it lost around 82% in price.
Despite that, we believe that Cardano has a good future. Foremost, we need to consider how this project was started. It was intended to become a potential Ethereum killer. It runs on the same consensus model and facilitates the utilization of the proof-of-stake system popular with developers.
The Cardano network operates on the capabilities of the layer-2 scaling solution known as Hydra. It’s planned that in the future, the network will have enough capabilities to process 1 million transactions per second, which will be a genuine breakthrough in the entire crypto industry.
What Innovations are Expected to Facilitate Success?
Constant innovations and upgrades to the blockchain network are the major reasons why many are so optimistic about Cardano. These developments prove the scalability of the platform and show that it has good prospects for the future. As for the latest developments, we can consider the introduction of the Vasil hard fork in September 2022.
One more cool innovation of the blockchain is the launch of the DJED stablecoin on the network. Its price is pegged to the US dollar. The launch took place at the beginning of February. This innovation can facilitate the growth of interest in the blockchain and increase the number of transactions within the blockchain.
What is the Price?
The scalability of the project isn’t the only reason why you should invest in Cardano. You can also take a look at the performance of the cryptocurrency and examine its fundamentals.
Currently, Cardano’s market capitalization exceeds $13 billion, which allows it to hold the 7th position in the list of the biggest cryptos. What's interesting, over its history, the ADA coin has brought quite good returns. Since 2017, it has generated around 1,000% in return, which exceeded even such market leaders as BTC and ETH.
As for the date of writing, the ADA coin is valued at $0.3846. This is quite a low mark even compared to the previous performances of this digital currency. And that’s a good sign for today’s crypto investors because this means they don’t need a lot of resources to make a good investment. Besides, the ecosystem is projected to scale over the following years, meaning the returns might be quite significant.
Take into account that technical algorithms predict that in 2025 ADA will be at the point of around $3, whilst by the end of 2030 it can exceed $10 if all the announced innovations and upgrades will be launched.
The Final Thought
Will Cardano ever be worth anything? It’s difficult to make exact predictions on such a volatile crypto market, but still, the project has all the necessary preconditions to be worthy again. If our forecasts are correct, ADA will break its all-time maximum by the end of 2025. The growth of the platform will be facilitated by the future launch of smart contracts on the blockchain, which will accelerate the development of NFTs, marketplaces, trading platforms, and other decentralized solutions.
Last Updated on 4 weeks by Hari
