Cardano is a decentralized and open-source blockchain platform launched in 2017 as an alternative to Ethereum. Cardano's founder, Charles Hoskinson, is also a co-founder of Ethereum who left to pursue his own project after a disagreement over platform development.
Cardano has its own cryptocurrency called ADA. It works differently from proof-of-work blockchains like Bitcoin because it uses Ouroboros, a proof-of-stake algorithm. Ouroboros is the first blockchain protocol based on peer-reviewed research. It ensures the security and sustainability of the blockchains by combining unique technology and mathematically verified mechanisms. Cardano positions itself as the first blockchain platform to evolve out of scientific philosophy.
Cardano got its name after the Italian mathematician Gerolamo Cardano, with ADA named after Lord Byron's only child, a British mathematician and a Countess of Lovelace, Ada King. The smallest unit of 1 ADA is also called Lovelace, much like Bitcoin's Satoshi, after its founder, Satoshi Nakamoto.
Institutions responsible for Cardano's development are Cardano Foundation, IOHK (Input-Output Hong Kong), and Emurgo (the sister company of IOHK).
At the time of writing an article, Cardano's price, according to Coinmarketcap, is $1.22.
During May 2021, Cardano's peak value was $2.46 (on May 16), with the lowest being $1.06 (on May 23). In 2021, Cardano started to grow significantly. In the past several years, its price was quite stable, fluctuating around $0.18. From June to mid-July, ADA hit the new low ($1.02) and then one more high ($1.492). As of July 15, ADA is $1.22 with a market dominance that is 2.99%
During its four years of existence, ADA price experienced rise and fall, and on May 24, Cardano became the fourth-largest cryptocurrency by market capitalization, reaching a $45.6B cap. Cardano's development started in 2015, and in 2017 it came to the market, going from $0.02 to $1.07 in January 2018. However, later in 2018, Cardano's price was slowly falling, and in December 2018, ADA's price reached $0.047, losing 93% of its value.
Cardano price in 2018. Source: Coinmarketcap
At the beginning of 2019, Cardano's price was only $0.04 and stayed at this level right until March 9, when it slowly started to rise, reaching $0.05. In December 2019, ADA's value was even lower than at the beginning of the year, $0.03, according to Coinmarketcap.
Cardano price in 2019. Source: Coinmarketcap
In 2020, ADA experienced fluctuations in the $0.02 and $0.07 range until June, when it really started to take off, reaching $0.18 on December 31.
Cardano price in 2020. Source: Coinmarketcap
In May 2021, Cardano reached its all-time high — $2.46 — which was a quite impressive run. However, after the peak, the price started to drop and by the end of May reached $1.69.
Cardano price from January to May 2021. Source: Coinmarketcap
From the beginning of June till mid-July, the ADA price continued to go down, reaching its minimum of $1.02 on June 22 and a maximum of $1.492 on July 5. As of July 15, Cardano is $1.22, its market dominance is at the level of 2.99%, and its 24 hours change is -4%.
Cardano price from June to mid-July 2021. Source: Coinmarketcap
Cardano recently hit its all-time high and then started to follow the downward trend. The crypto market remains unpredictable.
According to CoinCodex, the current outlook on Cardano price is bearish (70%) rather than bullish (30%) based on technical indicators: 9 signaling bullish vs. 21 signaling bearish.
Akash Girimath at FxStreet assumes that ADA could reverse the trend and go up into the support area, ranging between $1.156 and $1.196. Girimath notes that as of mid-July, ADA dropped by 19% from its high on July 5, and now the upward trend seems likely. The FxStreet's analyst is optimistic about Cardano's price, claiming that all it takes is a trigger.
Crispus Nyaga from InvestingCube points out that the cryptocurrency has formed what looks like a head and shoulders pattern, usually a bearish sign. Nyaga assumes that Cardano will stay bearish in the near future and can go two ways: either it moves below $1.02, confirming the bearish trend, or rises to $1.496.
Elina Rozy from CoinPedia believes that at the moment, ADA is getting traction due to its POS mining process that limits the carbon footprint. This move can help attract some environment-conscious investors and effectively reach $3.294 at the end of 2021. If by the end of 2021, ADA will reach the level predicted above, then prediction for 2022 is bullish. The estimated price at the beginning of 2022, according to Rozy, will fall in the range of $3.24 and $3.34. Otherwise, the prediction is bearish, $2.29 to $2.52. If more people express environmental concerns about major currencies like BTC, Cardano may even hit a new high — $5.17. Rozy also notes that the network struggles with synchronization issues which may lead to missed transactions.
Analysts from CoinPriceForecast made a bullish Cardano price prediction for 2023. In their opinion, ADA will start 2023 with a $4.32 level, then will go up to $5.29 in the first half of the year.
Rayne Harris from RippleCoinNews is very optimistic about ADA's future, believing that the currency would change the laws of the market, just as Ethereum once did. RippleCoinNews analysts predict that by 2025, Cardano can be worth somewhere between $8 and $10.
Alex Walsh from Cryptona predicts that by the end of 2021, ADA will reach $2.60.
John Isige from ForexCrunch notes that ADA's recovery from its June low was sharp but consistent, which may lead the currency closer to the key barrier that is $1.4.
Analysts' are divided in their opinions on what could happen with Cardano next. The key factor is the level ADA will reach in the near future: it will be decisive for the currency price.
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