The crypto market continues to show strength in the face of legacy markets. While the latter faces uncertainty and an upcoming potential crash, cryptos are showing a strong momentum upwards. Bitcoin managed to breach the psychological price of $30,000 higher while Ethereum broke its $2,000 price mark. Cardano outperformed both in the past week, increasing by more than 15% and breaching its 40 cents price mark. Where will ADA price go? Will Cardano reach 1$? Let’s analyze in this Cardano price prediction article.
What is Cardano?
Cardano is a decentralized blockchain platform that aims to provide a secure and sustainable infrastructure for decentralized applications, smart contracts, and digital assets. It was created by IOHK (Input Output Hong Kong), a technology company founded by Charles Hoskinson, one of the co-founders of Ethereum.
Cardano uses a proof-of-stake consensus algorithm called Ouroboros, which aims to be more energy-efficient and secure than traditional proof-of-work algorithms used by other blockchain platforms. The platform also utilizes a layered architecture, which separates the ledger, computation, and settlement layers to increase scalability and flexibility.
Cardano has gained significant attention in the blockchain and cryptocurrency space due to its unique approach to blockchain technology, as well as its partnerships with various governments and organizations around the world.
What is ADA Coin?
Cardano’s native cryptocurrency is called ADA, which can be used for peer-to-peer transactions, staking, and participating in the platform’s governance through a voting system. The platform also features a built-in treasury system, which allows users to propose and vote on development proposals for the platform.
How to Buy ADA Coin?
There are currently many good exchanges that offer to trade and hold ADA. Here’s a list of known exchanges that are currently in good standing:
ADA Price Analysis: Why is ADA price up?
The entire crypto market started to increase in prices with Bitcoin leading the pack. Cardano started off shy, but later managed to climb from a low price of $0.30 and breached the $0.40 price mark. This caused an increase in ADA by more than 46% in less than 2 months.
There are many reasons why ADA price is up:
- The collapse of big US banks
- The deteriorating US dollar
- Increased uncertainty in legacy markets
- Economical uncertainty in the EU in light of the Russian invasion of Ukraine
Cardano Price Prediction: Will Cardano reach 1$ soon?
As Cardano price continues to increase alongside the crypto market, we expect a continuation of this uptrend. This is true as legacy markets continue to struggle, which means that capital is flowing into cryptocurrencies. Altcoins are starting to show a sign of strength in the face of Bitcoin, that’s why capital within the crypto market should disperse away from Bitcoin and stablecoins, and go into altcoins such as Cardano. If this happens, Cardano should see a big price increase towards the psychological price of 1$.