Cardano (ADA) is a cryptocurrency that is currently worth around $0.55 per coin, down from an all-time high of $3.10 last summer. The coin has a market capitalization of approximately $18.8 billion as of August 2022. Despite the steep drop in value, similar to most cryptocurrencies in recent times, innovations on the platform could lead to growth.
What is the experts’ Cardano price prediction for 2022 and beyond? And what changes to the platform could help create a bull run for cryptocurrency this year? Will Cardano reach $10 this year? Read on to determine if you should buy this altcoin right now.
What is Cardan?
In February, GOBankingRates called Cardano “one of the most notable companies to watch” for the year. The unique process and advanced technology of the platform, where ADA is the native coin, has caught the attention of tech experts and investors. Created by a non-profit organization under the leadership of Charles Hoskinson, co-founder of Ethereum, Cardano was evaluated by a team of scientists and academics before its launch.
The platform uses proof-of-stake technology rather than the inefficient and power-hungry proof-of-work algorithm to grant miners more mining power based on the amount of coins they already have. Cardano could possibly process up to 1 million transactions per second, but currently processes around 250, which still makes it much faster than Ethereum, which processes around 30. Cardano is considered one of the cryptocurrencies the most energy efficient on the market.
A brief history of Cardano
Cardano rolled out its platform in five distinct phases. The ultimate goal is to have a multi-asset ledger with verifiable smart contracts for decentralized applications. The smart contract functionality has arrived in the third phase, with the Cardano Alonzo upgrade.
The smart contract feature gives businesses and developers the ability to use blockchain to support non-fungible tokens, crowdfunding, and DeFi Dapps. It could also introduce features like IoT monitoring and cost-effective supply chain management.
Investors seem to like how Cardano is progressing through its phases. The next phases, in order, are Basho—Scaling, which is ongoing, and finally, Voltaire—Governance.
You may have noticed that the phases are cleverly named after famous personalities in history. ADA also bears the name of 19e mathematician of the century Ada Lovelace, while the blockchain is named after Gerolamo Cardano.
What will Cardano be worth in 2022?
Like many cryptocurrencies, Cardano has experienced a significant decline in 2022, falling from its high of $3.10 in September 2021 to just over 0.42 cents in July 2022, according to CoinMarketCap. However, only 75% of its maximum coin supply is in circulation, which means there is still room for investors to hoard coins.
Wallet Investor predicts that Cardano will drop further, to just over $0.08, by the end of the year, and drop another $0.03 by the end of 2023. DigitalCoinPrice, on the other hand, gives an average forecast of $0.69 for this year. Gov Capital says Cardano could fall to $0.53 at the end of 2022.
These numbers are far from the top of the coin and even farther from the $10 value that many investors are hoping for. If Cardano hits $10, it probably won’t be this year, next year, or any time soon.
What is Cardano’s price prediction for 2025?
Will Cardano continue its rise in the coming years? DigitalCoinPrice thinks Cardano could reach $0.97 in 2025. Price Prediction forecast shows $1.95. Gov Capital has the most optimistic forecast at $5.72.
What will be the price of Cardano in 2030?
It’s hard to project crypto prices a month ahead, let alone a decade, so take long-term predictions with a mountain of salt. But modeling from InvestingCube shows that Cardano could reach $9.69 to $49.98 in 2030.
What is the right price to buy Cardano?
If you had bought Cardano when it launched in 2017, you would have paid around 10 cents per ADA. If you had invested $1,000 then, you would have about $5,500 now. Some experts say that with the expected changes to the platform and the completion of the final stage of development, the cryptocurrency is currently a bargain priced below $1.
As the blockchain becomes faster and more efficient, its real value to users will increase, and the value of ADA should increase with it. Experts at Motley Fool suggest that Cardano could hit $1 again, making it a good buy right now.
Of course, cryptocurrency is highly volatile and a risky investment at all costs. However, Cardano could be a “set it and forget it” investment where you park your money and let it grow until at least 2030.
After a steep decline in 2022, experts suggest that Cardano could offer value and a solid return on investment over the long term.
However, cryptocurrency is volatile and anything can happen. Never invest more than you can afford to lose.
If you want to invest in Cardano, you can buy it on popular crypto exchanges such as Binance.US, Coinbase, Nexo, Crypto.com, and Kraken. You can also invest on a platform like eToro, where you can buy into a basket of cryptocurrencies, much like ETFs are used to buy collections of stocks.
Daria Uhlig contributed reporting for this article.
Information is accurate as of August 16, 2022.
This article originally appeared on GOBankingRates.com: Cardano (ADA) Price Prediction 2022
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.