Cardano ADA is one of the most popular cryptocurrencies and has a huge, enthusiastic following. This is due to the enormous long-term potential that the Cardano network offers. Blockchain has the potential to become the most sophisticated, fastest, and most secure blockchain.
The price of Cardano’s ADA token also still has enormous growth potential. Right now the ADA price is extremely low due to the last major correction. But how high can Cardano go and is it worth investing now?
What is Cardano ADA?
Cardano is a blockchain network created by former Ethereum co-founder Charles Hoskinson. The project started in 2015. Behind the project is the Cardano Foundation, which has set itself the goal of researching the difficulties of previous blockchains, finding solutions to these difficulties, and then integrating these advances into the Cardano blockchain.
Cardano is being further developed according to scientific standards. The Cardano Foundation works evidence-based and has thus created what is probably the most technically mature blockchain on the market in recent years. Above all, the security is hardly better on another blockchain. The blockchain uses the proof-of-stake consensus mechanism, which keeps transaction costs low.
Cardano Project Stages: Where are we Today?
In recent months, there has been repeated criticism that Cardano is said to be too academic and puts economic efficiency in the background. Smart contracts were only fully implemented half a year ago. But the developers basically want to think long-term and develop the blockchain sustainably.
Cardano is further developing its blockchain for the long term and sustainably. As a result, the network is often overshadowed by hyped projects such as Solana, Avalanche, and Terra in the short and medium-term. But patient development ensures a level of technical excellence that could pay off in the long run. There are 5 development stages, of which the network is now in stage 4:
- Bryon : Developing the basics of the blockchain
- Shelley : Creation of the decentralized structures
- Goguen : Introducing Smart Contracts
- Basho : Increased scalability
- Voltaire : Introduction of governance functions
What does ADA token do?
The ADA token is the internal currency of the Cardano network. It was already developed at Byron and is required to carry out transactions in the Cardano network. ADA holders are involved in the network and will have more and more say over the future of the blockchain over the next few years. There is a maximum supply of 45 billion ADA, making the number of tokens finite.
Why is Cardano Good to Buy in 2022?
The ADA price rose sharply in the last 12 months and then fell again. The price skyrocketed, especially in the fall, when Cardano smart contracts were launched there, sparking hype on the ADA. The ADA price even rose to over 3 dollars. It hit an all-time high of $3.10 on September 2nd.
In the last 6 months, the course fell again. This was initially because other cryptocurrencies such as Solana and Avalanche experienced hype and attracted attention with high transaction speeds. Since December, the downtrend has intensified as the overall market went into a sharp correction. At the moment the price is 0.85 US dollars (as of 03/17/2022). With this oversold price, and looking at their project development status, it sounds like a good buy price.
Can Cardano ADA reach $10?
The price of Cardano’s ADA token should be extremely low in the long-term right now. This is for the following reasons:
- The market is bearish at the moment. Over the past 3-4 months, cryptocurrency prices have been falling due to many negative factors.
- Cardano is at the beginning of its 4th development phase. Cardano is currently quiet , which means that the price remains low at the moment.
Many analysts see a price of $10 for an ADA token as realistic in the long term. This makes sense as a fourfold increase from the old all-time high ($3) in the next bull market seems very realistic. Cryptocurrency fans believe that at the end of its development, Cardano could become the dominant cryptocurrency in 5-10 years. They see a potential of $100 per ADA token. In any case, the current price is a good entry point.
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