Cardano (CCC:ADA-USD) is among the top-performing altcoins as its ADA token is up around 2,700% in the past 12-months.
It is the sixth most valuable cryptocurrency globally, with a market capitalization of over $41 billion. Cardano has proven to be crypto with high functionality and sustainability for its users.
Cardano has proven itself amongst other cryptos as a viable long-term investment with a real value despite the recent pull-back.
ADA’s price performance has been nothing short of incredible in the past year or so. It has taken off along with its peers in what has been a breakout year for the sector.
Its price is chump change to industry leaders such as Bitcoin (CCC:BTC-USD), but a quadruple-digit growth in value is nothing to be trifled with. Investors are honing in on altcoins more than ever before, which is why the outlook remains bright for Cardano’s ADA token.
Let’s look at Cardano in a little more depth and analyze its potential
Cardano is an open-source blockchain platform that is essentially free from a financial middle-man. The decentralized project has a layered architecture that facilitates scalable and adaptable smart contracts.
The platform’s primary goal was to facilitate positive global change through the redistribution of power from unaccountable entities to individuals. This, in essence, creates a society that is more financially transparent and secure.
The platform was created back in 2017, and its token was created to ensure that its owners take part in the operation of the network. Those who hold the ADA token can vote for any proposed changes in the software. It stands out from its peers as it uses a more data-driven approach.
Cardano’s model has been covered in scholarly articles helping developers weigh in on its future pathways. No other blockchain has been covered by an academic journal before Cardano.
Its development team involves several researchers and expert engineers from around the world. One of its founders, Charles Hoskinson, is also the former CEO of Ethereum (CCC:ETH-USD), whose inclusion adds more weight to the platform’s reputation.
With Cardano’s meteoric rise, investors may be of two minds. Though it’s tough to forecast cryptocurrency prices, it helps to follow some eminent publications and personalities in this regard.
For instance, Smartereum believes that Cardano has a bright future ahead and should climb to $2.5 at the end of the year. Moreover, it could potentially reach $10 in five years. Wallet Investor predicts that Cardano could trade from $1.26 to $2.175 this year and hit $5.70 by 2026.
TradingBeasts predicts that Cardano is close out the year at just $1.29. This is one of the few bearish calls on the crypto, but the publication feels it could trade at $1.60 by 2024. Additionally, PrimeXBT believes that Cardano could potentially reach $2 by the end of the year.
The majority of forecasts are bullish on the potential of Cardano to keep pushing through this year despite its stellar performance.
Bottom Line on Cardano
Cardano has been one of the biggest winners in the cryptocurrency market in the past year. It has proven to have real utility by offering a robust and secure platform.
Moreover, it offers an incredible alternate to Bitcoin and other high-priced cryptos at this time. Consensus estimates are bullish on its potential, and it’s the ideal time to invest in it now after its correction.
On the date of publication, Muslim Farooque did not have (either directly or indirectly) any positions in the securities mentioned in this article.