Today was the perfect storm of events that led to a flash-crash in crypto prices. But through it all, Cardano (CCC:ADA-USD) managed to not only avoid the crash, but reach new all-time highs this morning. What happened, and how is it shaping Cardano (ADA) price predictions?
Today seems to be the hangover resulting from a white-hot last few weeks for digital currency. Elon Musk dropped Bitcoin (CCC:BTC-USD) like a hot potato after apparently realizing just how much energy the currency consumes. The pair of tweets sent major crypto plays into a drilling phase, with many big-name cryptos down 8% or more today.
On top of that, Vitalik Buterin sent altcoins into a frenzied panic with his huge movement of Shiba Inu (CCC:SHIB-USD) tokens. Buterin owns 50% of the total supply, as well as half the total supply of many other altcoins. The SHIB movement is scaring investors by proving these tokens’ wild volatilities.
Cardano is the only crypto in CoinMarketCap’s top 25 cryptos in terms of market capitalization to be up today rather than down. In fact, the ADA coin is reaching an all-time high today, making its way to $1.87.
One big reason for this is that many investors consider Cardano to be one of the most sustainable cryptocurrencies. It uses a proof-of-stake consensus mechanism, and its founder says the network consumes just 6 GWh of power.
Cardano (ADA) Price Predictions Get Hot
With ADA looking like a diamond in the rough right now, investors are chattering about whether or not it’s a solid play. Let’s take a look at what some analysts are saying about it:
- PrimeXBT thinks ADA is likely to pass $2 in 2021.
- The Economy Forecast Agency predicts Cardano’s ADA coin will reach as high as $4.57 in December 2021.
- DigitalCoinPrice is pricing ADA at $2.73 this year.
On the date of publication, Brenden Rearick did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.