The year 2022 was a boring year for Cardano. ADA prices sank from a high of $1.3 to a low of $0.3, losing more than 76%. However, the crypto market is starting to rebound. Since last week, the crypto market rebounded by an average of 8% while ADA prices lingered around 40 cents. The targets for ADA by December 2022 are clear. What is a conservative Cardano prediction for 2023? Let’s analyze, no hype 😉
Cardano Smart Contracts: Any Good?
Cardano (ADA) is a blockchain system that makes use of the cutting-edge proof-of-stake consensus algorithm to become incredibly quick and effective in the future. The blockchain trilemma, or the conflict between scalability, decentralization, and security, is what Cardano aims to resolve. Similar to Ethereum, Cardano deploys smart contracts on its blockchain. That’s why Cardano was coined with being the “Ethereum Killer”, at least for a while. However, there are big differences between both.
Cardano vs Ethereum
The battle over which blockchain is “better” can’t be put in context yet. Ethereum holds the bigger blockchain with more companies and projects running on it. However, Cardano aims to reduce transaction speed and reduce costs. When both blockchains host a decent amount of projects, we can only then check the pros and cons and assess whether it’s a better idea to choose Ethereum or Cardano. This is especially true as Ethereum turned from PoW to PoS recently. So the comparison should be closer to reality.
Cardano Africa: Why is Cardano famous in Africa?
The most recent information reinforces the idea that Cardano has major plans for Africa. Everything indicates Cardano’s ambitious plans to promote its technology in this region of the world that is underdeveloped in terms of crypto but massive in human potential, from the founding of ADAverse, whose activities are focused exclusively on supporting African crypto start-ups, to founder Charles Hoskinson’s personal trips to the continent and meetings on the tour with presidents of states.
Land fraud is one of Africa’s main problems. Through the use of its blockchain to store property deeds, Cardano seeks to solve this issue. This indicates that users may use the convenience of their mobile phones to obtain these papers whenever and wherever they choose. Blockchain technology will also enable African countries to realize their full potential. In reality, Cardano has already established itself in Africa, collaborating with Save the Children to create a blockchain-based contribution system, among other things. In order to assist blockchain projects with a purpose, stake pool operators have been working with Cardano. All of that is only one application of Cardano’s smart contract potential.
How to Stake Cardano ADA on Binance?
Staking is one of the easiest ways to profit from your idle tokens. Since Cardano employs the proof of stake consensus, it is possible to stake ADA tokens and earn a return. Binance is the largest exchange by volume and offers its users the ability to stake Cardano.
To do so, simply fund your account with ADA tokens or buy them on the exchange, then go to the “Earn” section and choose ADA as the staked token. Currently, the APR for staking ADA ranges between 2% (flexible) to 10.9% (120 days locked).
Cardano still around 40 cents – Opportunity to BUY ADA?
The crypto market started to get on its feet. Cardano specifically managed to increase by around 8% since last week. Positive macro events helped push crypto prices higher such as the UK approving cryptos and Elon purchasing Twitter. Its prices are currently hovering around 40 cents. This is the perfect opportunity to BUY ADA in anticipation of higher prices.
However, it is also important to place adequate stop-loss areas, as prices can simply go lower. Some analysts are not fully convinced by the current crypto market turning bullish and still talk about an upcoming Crypto winter.
Cardano Prediction: How high can Cardano go in 2023?
Let’s be realistic and drop the “to the moon” term. Cardano can’t simply go to $100 for reasons we mentioned in this article. However, 2023 can be hopeful for Cardano investors. Let’s look at some conservative predictions.
In a previous article, we explained why Cardano price can reach anywhere between $0.50 and $0.60 at the beginning of 2023. With this in mind, we can then see how high can Cardano go for the end of the year 2023. In figure 2 below, we estimate that 2023 is a bullish average year for cryptos. The target price for Q4 of 2023 would be around $1.2 and $1.5 per ADA.
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