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- Insights
- Cryptocurrencies
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- White Papers
- Industry
- Geography
As of today, Cardano is being traded at US$1.68 with a market capitalization of US$56 billion. So will it be weird if I say ADA has the potential to even reach US$100 before the end of 2022? Although the digital token is traded for a few dollars now, it can become the next big thing in the cryptocurrency market. Think about Bitcoin! BTC also started from scratch at eight cents when it debuted in 2010 and is now traded for US$60,000.
The timeline of cryptocurrency clearly proves that any digital token could make the headlines. For example, Shiba Inu recently made it to the top without much noise and even managed to flip the native memecoin, Dogecoin, for a while. This means that it is entirely possible for new players like Cardano with low valuation to follow a similar path. According to experts, Cardano price could spring up to US$100 before the end of 2022 if it manages a breakthrough. Enthusiasts believe that ADA is the next cryptocurrency that will shake up the market in the future with its extraordinary performance. While many new cryptocurrencies and platforms will evolve the industry in new and exciting directions, Cardano is anticipated to be at the forefront of this change.
Launched in 2017, Cardano is the third generation blockchain technology that stands after Bitcoin and Ethereum. Its cryptocurrency is known as ADA coin. The digital token aims to directly compete with Ethereum and other decentralized application providers for a more scalable, secure, and effective alternative.
Cardano was created by Charles Hoskinson, one of the co-founders of Ethereum. With blockchain knowledge and Ethereum founding experience, Hoskinson brought valuable lessons while creating ADA coin and the Cardano platform. It also has smart contracts and the development of decentralized applications (DApps) in its portfolio. Besides, Cardano can securely store information for many users including the origin of data, creation of products from that, etc. Another biggest advantage of ADA is its transaction speed. While Bitcoin can only make 30 transactions per second, It can score big by doing 250.
Besides, ADA is considered an eco-friendly cryptocurrency as it uses the equivalent of two power plants worth of energy every year. Although this is a huge number, Bitcoin consumes more energy than the Netherlands to power its operations.
Since the beginning of 2021, Cardano price has gone up by 1,200%, which is comparatively better than that of Bitcoin and Ethereum. However, its biggest breakthrough came last month when the digital token has managed to hit a key milestone of 20 million transactions. After four years since its inception, It finally got the recognition and importance it deserves.
Recently, the Cardano platform has been under criticism for its slow upgrades. However, the digital token managed to gain traction in November by hitting a daily transaction of 200,000 per day. After this, Input Outing Hong Kong, the company behind Cardano, has considered resizing each block on the blockchain to accommodate more transactions. Currently, Cardano is working to optimize network growth and scalability, which will help the platform handle more transactions per second.
Over the past year, many cryptocurrency platforms are engaging in housing smart contracts. Similarly, Cardano also released its smart contract facility in September. This gave an edge to the platform as its stands as the direct competitor to Ethereum. In September, Cardano has also partnered with Dish Network to provide 8 million digital identities to customers. By holding the information on a blockchain network, it provides a safe haven for the data.
According to predictions, Cardano price could kick start 2022 at US$2 and climb up to US$4.1 by the end of the year. It will eventually manage to reach US$12.1 towards the end of 2026. Although this prediction is based on the ADA's growth so far, experts look for a breakthrough that could help the crypto gain more prominence and value in the coming years. If Cardano becomes the center of attraction in 2022, then gaining ten-fold in value will be a matter of months.
