Cardano (ADA-USD) is one of the top performing coins this week and it’s not slowing down. Today, the ADA crypto is posting a gain of 7% so far and more than 30% for the past seven days. Meanwhile, trading volume continues to rocket upward. Thanks to a rapid expansion of the project’s decentralized apps (dapps) and native tokens, Cardano is earning its spot on the map. And with news of a new layer-2 launching on the network, it’s primed to continue. Now, Cardano price predictions are white-hot.
Cardano prices were floundering at the beginning of 2022. The network saw much less of a boom in new dapps than developers had previously anticipated. Compounding atop that slower-than-projected growth were headaches with several Cardano dapp launches, such the network’s first native decentralized exchange (dex) launch in SundaeSwap.
Since finding a price floor in March, however, it appears ADA is back on the up-and-up. Charles Hoskinson admitted he was wrong about growth projections since the network launched its smart contract capabilities. Upon launching, the Cardano founder had said smart contracts that dapps and assets on-network would quickly number in the thousands. But there is still cause for celebration; dapps currently number in the hundreds and the network has celebrated its four millionth native non-fungible token (NFT).
This growth is helping ADA crawl out of its hole — and allowing for the coin’s steepest upward climb since January. Today, Cardano is adding further to its repertoire with a new layer-2 that has a lot of promise.
Cardano Price Predictions Surge as Network Approaches Layer-2 Launch
This week, Cardano is building on top of its previous momentum with a big announcement. The news? A new layer-2 will be launching this week. What’s more, with Ethereum (ETH-USD) Virtual Machine (EVM) capabilities, Cardano users will have a convenient point of access between two of the largest dapp platforms in the world. This news is helping to bolster Cardano price predictions.
Milkomeda is the layer-2 that’s promising to turn Cardano transactions on their heads. It’s a scaling network that will help Cardano deal with the quickly increasing volume of transactions that’s coming with its rapid growth. Milkomeda will use zero knowledge (zk) roll-ups to move data off of the Cardano chain, helping keep down gas fees and transaction times. Another point of interest is that it uses EVM, which opens up interoperability between other Ethereum ecosystems.
Several test networks have launched to help accommodate the network on Cardano. This all comes to a head today, as the main network officially launches. Now, many investors believe the Milkomeda launch can catalyze significant gains for ADA crypto. Let’s take a look at some Cardano price predictions and see what analysts are thinking:
- Coin Price Forecast thinks Cardano has room to grow beyond its current $1.22 price. The outlet predicts ADA will end the year at $1.65 per coin.
- Similarly, DigitalCoin is predicting an end-of-year price target of $1.58 for the coin.
- WalletInvestor is bullish on Cardano’s next 12 months as well. The site expects prices to surpass $2.23 by March of 2023.
- Gov Capital is even more sure of Cardano’s growth in the next year. The site forecasts a March 2023 price of $2.54.
On the date of publication, Brenden Rearick did not hold (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.