The problem of scalability as the number of transactions and smart contracts increases is becoming more urgent. According to this indicator, Bitcoin is far behind VISA and MasterCard, and Ethereum hacks have added optimism to cryptocurrency developers who are focused on improving the blockchain's network security.
One of the most promising attempts to solve these two pressing problems is the cryptocurrency Cardano. What is Cardano (ADA)? What are the prospects for this cryptocurrency? Investors are keen to know the future price prediction for Cardano (ADA). Throughout this article, we'll review ADA cryptocurrency price predictions, starting with the project's fundamentals and ending with expert predictions.
Charles Hoskinson, a mathematician, entrepreneur, and scientist Jeremy Wood organised the IOHK platform in 2015. Both programmers worked with Ethereum, a platform for creating decentralised online services based on a blockchain, and decided to create their own digital financial service technology. (Note: you can read our blog article What is Ethereum?) The IOHK platform develops cryptocurrencies and blockchain technology for academic institutions, government agencies, and corporations.
At the same time, starting in 2015, Charles Hoskinson worked for two years on developing the Cardano cryptocurrency. The project's developers include many people from academia, which is reflected in the cryptocurrency's ticker symbol, ADA. This three-letter symbol was chosen in honour of Ada Lovelace, considered the first programmer in history, while the project itself is named after the medieval Italian scientist Gerolamo Cardano.
The creators promised an entirely new type of crypto coin developed in numerous scientific studies. The Ethereum blockchain was used as Cardano's basic framework. Developers promised to solve the problems of the most popular cryptocurrencies, such as scalability and security. In their opinion, the development of the Cardano blockchain in the Haskell language would make their cryptocurrency one of the most protected and valuable in the world. Haskell is a programming language on which the security systems of banks and military networks are developed.
Cardano's developers — who include not just university professors but also young geek students — announced a solution to the scalability problem. As they see it, Cardano would bypass Bitcoin, which can handle only seven transactions per second.
Cardano entered the market in mid-autumn 2017 and, in a matter of days, gained hundreds of millions of dollars in capitalisation. On 4 January 2018, the cryptocurrency reached its peak of almost $35 billion in market capitalisation and a price of $1.32 per ADA token. After that, the figures went down; at the time of writing, Cardano was changing hands for about 10 cents per coin, and its capitalisation was estimated at $3 billion. Given the extreme volatility of cryptocurrencies, these figures are still quite impressive.
What is Cardano (ADA)?
The Cardano project is a platform for smart contracts. The developers assure that it's an innovative product with unique functionality. Cardano is founded on scientific philosophy and numerous studies and is positioned as a third-generation blockchain (Blockchain 3.0).
The principle work of Cardano (ADA) is based on the algorithm of proof of stake (PoS), which is considered more advanced than the algorithm of Bitcoin, proof of work (PoW). The PoS algorithm is used to operate the network, protects the network from attacks and increase its stability. Work is currently underway on a voting system and the platform management model.
The PoS algorithm gives more capabilities to create and add a new block to the blockchain to users with more tokens in their accounts. This reduces the load on the network, decreases electricity costs for miners for electricity, and increases transaction processing speed by increasing the speed at which new blocks are found and added. You can learn more about mining in our cryptocurrency mining tutorial for beginners.
On the other hand, proof of stake isn't an ideal algorithm because if a particular user or group holds a large amount of funds in a wallet, they'll be able to control the network mining, which would compromise the payment system's decentralisation. However, modern cryptocurrency payment systems try to combat this by adding an element of randomness when choosing a channel and other methods to preserve decentralisation.
In addition to proof of stake, the network uses the Ouroboros algorithm, which provides high security comparable to Bitcoin's system security. The platform itself is written in the Haskell programming language, which allows the system's high functionality. The Ouroboros algorithm is used to operate the network, protect it from attacks, and increase its stability.
The key idea behind Cardano is to build a future global digital economy on blockchain and smart contracts. The Cardano ecosystem will be self-sufficient and capable of autonomous development and change depending on conditions. Decentralised applications (DApps) will be created on the Cardano platform.
The plans this year are to launch a beta version of the platform. Users will be offered the opportunity to evaluate the work of DApps. Next year, plans are in place to scale the network to create an autonomous system that operates without any third-party intervention. In addition to that, the project plans to release its plastic card, which will be tied to a wallet. All users will be able to easily pay wherever the cards are accepted; the amount will be instantly converted from the user's ADA cryptocurrency account.
Cardano (ADA) features
Here are the three main features of the Cardano (ADA) cryptocurrency:
- There is no mining for the Cardano cryptocurrency in the traditional sense; all 45 billion ADA tokens are created in advance.
About 35 billion were distributed among the creators and within the preliminary ICO. The rest are being gradually put into circulation after finding a new block, with an additional percentage charged for ownership. This uses the traditional scheme of inflation control and distribution of most of the cryptocurrency in favour of a limited number of people. So far, however, there has been no information about any speculation.
- The Ouroboros confirmation algorithm is used.
This algorithm is advertised as being fully secure and suitable even for bank transactions. However, because the work goes on a modified 'delegated confirmation of the share' (DPos), everything depends on the right choice of 'delegates' who will confirm the transaction. The rating is usually based on the size of the balance or activity of the nodes. Because only a narrow circle of people own most ADA coins, there is no guarantee that the cryptocurrency won't be artificially inflated as Ripple and NEO are constantly accused of being.
- ADA features accelerated confirmation.
The creators of Cardano have a policy that the slow work of Bitcoin and Ethereum is because chains in the blockchain are becoming longer and therefore require more time to confirm the invariance. It's sufficient to check only the last few transactions and perform the required action. Of course, this makes the process faster, but it's important to maintain a balance between speed and security. These algorithms may be sufficient for a library but won't be enough for financial and government authorities. It's important to check the entire history of transactions, not to try to work faster than competitors by any means necessary. Although the software allows users to set the required depth of verification, doing so decreases the speed of Cardano's cryptographic software.
Cardano (ADA) Price Analysis
As of 22 March 2022, Cardano (ADA) is ranked 8th by market cap at $32,268,715,274. The cost of one ADA token is approximately $0.9582. Here is a summary of Cardano:
Cardano's (ADA) Price History
In early 2018, analysts predicted that Cardano (ADA) cryptocurrency would exceed the one-dollar psychological mark and possibly continue to grow. The first part of that Cardano (ADA) price prediction materialised quickly, but the cryptocurrency failed to increase further and moved down instead. In support of Cardano, it is important to mention that 2018 marked the beginning of the bear market in which many projects suffered. Despite the downside price action, the Cardano team kept working on the project and achieved progress. They implemented the important Shelley update and a voting system for suggesting improvements and funding, which became available in October 2020.
In October 2017, the ADA token was placed on the cryptocurrency exchanges with an initial price of $0.02. High interest and demand for the cryptocurrency allowed ADA to set an all-time high at the $1.33 mark on 4 January 2018. Unfortunately, the pullback across all cryptocurrency markets dragged Cardano (ADA) down. After reaching an all-time high, ADA fell to $0.013 in April, where the rebound took the coin to $0.04 in early May. The rebound was temporary, and Cardano's price fell as low as $0.026 by December 2018. Cardano (ADA) closed the year at $0.044.
The first half of 2019 was very positive for Cardano (ADA). Reaching $0.05 by 9 January, the price declined before finding support at $0.035 on 6 February. The buyers showed increased interest and pushed ADA to $0.10 on 3 April. After a slight pullback to $0.057, Cardano tried five times to break through the resistance at $0.10. On 26 June 2019, ADA managed to reach $0.11, but sellers stepped in and dragged the price down. The rest of the year was bearish for Cardano; it was only in December that ADA found support at the $0.03 price mark.
Cardano (ADA) Price Prediction 2020
Cardano's crypto price 2020 prediction is much better than it was in 2019. Cardano performed well at the beginning of the year, rising to $0.072 by 13 February. ADA may have continued to grow, but the entire crypto market has suffered, and Cardano fell as low as $0.02 by 13 March. After testing all-time lows, the crypto coin's price rebounded to as high as $0.155 on 27 July, showing a seven-fold increase in price since the March drop. A slight pullback followed that to $0.075. Currently, Cardano looks bullish, consolidating above the $0.075 support level and trading at $0.097 per coin.
Cardano (ADA) Price Prediction 2021
ADA opened the year around $0.100 and never looked like it would go any lower, at least not until late February, when a flash crash occurred that saw the price fall from $1.198 to $0.150 in less than a day. That was just a freak incident, and the price recovered just as quickly. Cardano kept rising, and in September, it set a high for the year above $3.00. It consequently turned bearish and closed the year at $1.307.
Cardano (ADA) Technical Analysis
Since Cardano peaked in September, it has consistently traded lower, creating a bearish market structure as it goes. The price recently bounced off the support at $0.783 and is currently headed towards the resistance level at $1.038. ADA may have a hard time breaking above that resistance as the 100 EMA is also acting as a dynamic resistance. Add the already bearish sentiment that has shrouded the crypto market lately, and you'd be hard-pressed to predict good fortunes for Cardano in the coming weeks.
Cardano (ADA) Price Prediction for 2022, 2023, 2025 and 2030
The Cardano cryptocurrency looks very promising, so the number of investors willing to invest in ADA is gradually rising. The October 2020 update of the voting and governance protocol was enough to see a significant price increase. Let's see what 2022 and the coming years have in store for ADA.
TradingBeasts Cardano (ADA) Price Prediction for 2022, 2023, 2023, 2025 and 2030
Per TradingBeasts' Cardano price prediction, ADA is expected to remain neutral to bullish for some time. They predict that the price will trade slightly higher and close the year around $1.20. In 2023, they continue to predict a slow but steady rise in price till towards the end of the year. The years after that will see a slightly bullish ADA price prediction as it is expected that Cardano's price will become stable above $2.00 in 2025.
WalletInvestor Cardano (ADA) Price Prediction for 2022, 2023, 2025 and 2030
WalletInvestor's ADA price prediction for the coming years is quite bullish. They have predicted that Cardano will rise over 104% in the next year. They are so bullish, they've stated that they do not expect Cardano's price to reach down towards any significant support level. In 2027, they predict that Cardano's future price will reach $6.277.
CoinSwitch Cardano (ADA) Price Prediction for 2022, 2023, 2025 and 2030
CoinSwitch is usually quite conservative about its cryptocurrency price prediction, and we can see that in its ADA price prediction. It believes Cardano is a fast-growing technology and will see wider adoption in the coming years. This should naturally translate into higher ADA coin prices, but CoinSwitch has also mentioned some cons that may hinder upward price movements.
Cardano (ADA) Future Value Predictions in General
Does Cardano have a future? There is every reason to believe that Cardano will change the industry's rules of the game, just like Ethereum did in its time. Investing in this project now could potentially bring solid returns. If general market sentiment becomes positive once again, the asset's price will definitely prosper along with other cryptocurrencies.
Will Cardano (ADA) Go Up?
Currently, Сardano is under the influence of a strong bearish trend, which does not necessarily mean that it is in any kind of irreversible trouble. We believe ADA's position is strong enough to see it outlast the current bear market and recover to higher prices soon.
Cardano (ADA) Price Prediction Today
Cardano boasts an impressive development team and a long-term vision for its blockchain and cryptocurrency. While the platform's primary goal is to use ADA crypto, the blockchain can reach a new level, and its capabilities will extend its applicability to participants of the cryptocurrency ecosystem. Cardano's solutions for scalability, transaction speed, and increased network security will bring benefits to investors in the foreseeable future.