Cardano's price has grown significantly in recent weeks, though it hasn't skyrocketed like some other altcoins. Could Cardano's value increase tenfold in 2024 and beyond? Let's explore its potential.
How has the Cardano Price Moved Recently?
Cardano is currently priced at $0.457953, with a 24-hour trading volume of $351.01 million, a market cap of $16.34 billion, and a market dominance of 0.62%. In the past 24 hours, ADA's price has dropped by 0.88%.
Cardano's highest price was $3.10 on September 2, 2021, and its lowest was $0.017354 on October 1, 2017. Since its peak, the lowest price was $0.234392, while the highest price since that low was $0.806108. The current sentiment for Cardano's price prediction is bearish, and the Fear & Greed Index indicates a level of 78, suggesting extreme greed.
There are 35.69 billion ADA in circulation out of a maximum supply of 45 billion ADA. The annual supply inflation rate is 5.53%, with 1.87 billion ADA added in the last year.
Why didn't the ADA price rise so explosively?
The Cardano (ADA) price has experienced notable growth, but it has been overshadowed by the significant surges of other altcoins like Solana, Avalanche, Dogecoin, and Shiba Inu. While explosive price jumps in meme coins are common during bull markets, Solana and Avalanche are gaining traction due to a rapid increase in decentralized applications, positioning them as strong Ethereum competitors.
In contrast, Cardano has somewhat lost its hype. Once seen as Ethereum's strongest rival, with claims of potentially surpassing it due to superior technical features, Cardano's growth has slowed. Nevertheless, its trajectory remains impressive, and ADA may still be significantly undervalued.
What is the future of Cardano?
Cardano (ADA) stands out as a prominent cryptocurrency, recognized for its robust ecosystem and continuous innovations aimed at enhancing decentralization. Nevertheless, ADA's sluggish price movement has sparked considerable debate within the crypto community, as it has yet to embark on a sustained bullish trend.
Despite its slow pace, numerous crypto analysts remain optimistic about ADA's future. They assert that the token possesses the potential to reach new heights in the near future.
Now, In a heated post on X, Cardano founder Charles Hoskinson slammed crypto influencers and media outlets for their negative portrayal of the network. He criticized the widespread skepticism about Cardano's future and hinted at some upcoming "good news" to boost optimism about the ecosystem.
The founder of Cardano, Charles Hoskinson, stated that there is a significant "disconnect between reality and opinion" concerning the project's fundamentals and public perception. Hoskinson wrote, "In my entire career, I've never witnessed such a vast disparity between the actual fundamentals of Cardano and the perception held by cryptocurrency influencers and the media."
Furthermore, he voiced his exasperation regarding headlines that question the ecosystem’s sustainability, like “Is Cardano on Its Last Legs?” He criticized such reporting as "deeply disappointing," accusing it of lacking effort in understanding the true nature of the Cardano ecosystem.
Additionally, Hoskinson highlighted several significant developments and forthcoming events that underscore Cardano's robust progress. He noted that the ecosystem is approaching "one of the most pivotal hard forks in its history," signaling a crucial upgrade for the network.
He emphasized the swift expansion of community-driven decentralized applications (DApps) and Cardano's leadership in scaling research and development (R&D). Notable technological advancements like Hydra, a layer-2 scaling solution, are advancing, bolstering the network's ability to manage increased transaction volumes effectively.
Moreover, Hoskinson pointed out the ecosystem's active involvement in various community events and partnerships, such as Rare Evo and the Foundation Summit, along with substantial participation in the Token 2049 conference.
Despite the negative media portrayal, Hoskinson maintains optimism about Cardano's future. He hinted at "a slew of positive developments over the next six months," reaffirming his belief in Cardano's resilience and influence. "Cardano isn't going anywhere," he asserted, "and it will continue to lead the charge, even if it faces resistance."
Wii Cardano Price Rise in June?
Hoskinson also stressed Cardano's dedication to tackling real-world challenges through initiatives like Catalyst, which supports community projects. He also pointed out the constitutional convention in Argentina. These endeavors highlight Cardano's broader mission to address "real-world economic, political, and social issues."
The Cardano Foundation recently announced a new partnership in Argentina, stating, "We are thrilled to announce a new collaboration in Argentina!" They continued, "Following a public signing between Rogelio Frigerio and Rafael Fraga, the #CardanoFoundation is partnering with Entre Ríos state to advance #blockchain adoption."
Furthermore, Hoskinson referenced this announcement to express optimism about the progress. He commented, "Argentina is ramping up!" Therefore, this declaration marks the beginning of several community-friendly announcements expected in the next six months.
Reaching new all-time highs for Cardano might be feasible within the current year. There's potential for the ADA token to surge well beyond the $3 threshold. However, predicting a surpassing of $5 or nearing $10 is more challenging. Such milestones may not materialize until at least 2025.
Cardano's past performance showcases significant price fluctuations throughout the years. In 2017, Cardano experienced its most remarkable year, with the ADA price soaring by 2,779.80% from $0.024970 to $0.719072.
Conversely, 2018 marked the worst period for Cardano, witnessing a steep decline of -94.29% from $0.719072 to $0.041067. On average, Cardano has demonstrated an annual growth rate of 542.83% over the past eight years. Notably, Cardano tends to excel in the fourth quarter, with an average gain of 406.42%, while its weakest performance typically occurs in the third quarter, with an average loss of -5.62%. These trends offer valuable insights into Cardano's historical price trends and seasonal variations.
