The year 2022 was a harsh one for the cryptocurrency market. Most cryptos are down by an average of more than 60% since the beginning of the year. Cardano specifically seems to have taken a heavy hit, losing more than 74% in 11 months. However, the market seems to have reached the bottom. Crypto investors are getting ready to enter the market again. Is it a good time to buy Cardano at the current price before 2023? Let’s analyze in this Cardano price prediction for December 31st 2022.
What is Cardano ADA?
Cardano (ADA) is a blockchain protocol that aims to be extremely fast and efficient in the future by utilizing the modern proof-of-stake consensus mechanism. Cardano’s goal is to solve the blockchain trilemma, which is the confluence of scalability, decentralization, and security.
Cardano’s network token is known as ADA. It is part of the network for charging and communication. The Cardano blockchain is constantly being upgraded in major development phases. Cardano strives to be the future’s most efficient and scalable blockchain.
Cardano has previously been referred to as the “Ethereum killer.” The blockchain employs scientific methods to develop the blockchain regularly in all critical areas. This is a significant reason for Cardano’s popularity.
How to Mine Cardano?
Since Cardano uses the proof-of-stake consensus mechanism, you can’t mine Cardano. Mining is an activity for cryptocurrencies that use the proof-of-work consensus mechanism. However, you can stake Cardano and still get a return on your investment.
Where to Stake Cardano?
Instead of relying on electricity and mining rigs, you’d need to buy Cardano and stake them for a return. You can easily stake Cardano on Binance. The rate of return for staking Cardano on Binance is currently between 2% (flexible) and 16% (locked) annually.
Why is Cardano Down?
2022 was a bad year for cryptos. However, it’s all part of the game: some years are bullish, while others are bearish. Nothing goes up without falling back down. Cardano fell in 2022 from a high of $1.3 and reached the current price of $0.32, losing more than 74%.
“Oh no! Cryptos are very volatile!”. Well, have a look at Facebook’s price share. FB stock fell by more than 65% in 2022, just like Credit Suisse lost more than 65%. For Cardano, many fundamental factors that affected cryptos in general contributed to the bearish prices of ADA:
- The war in Ukraine
- The needed adjustment in the crypto market as part of the cycle (2020 and 2021 were heavily bullish)
- FTX crash causing a massive FUD in the crypto market
Cardano Price Prediction: Will Cardano recover in 2023?
It is no secret that after the bear market comes the bull market. We’re not talking here about a single cryptocurrency, but the overall crypto market in general. Since their inception, cryptos have always fluctuated in price, having good years and bad ones. 2023 is set to be a consolidation year, followed towards the end by a rise in prices.
For Cardano specifically, the 30 cents price mark represents a good entry price. Back in 2018, this price area represented a strong resistance to ADA. This price should currently turn into a support, where prices are set to rebound.
However, any significant breach of the 30 cents price mark should lower ADA prices down to 20 cents. That’s why it is important to keep a lookout over the entire crypto market.
How High can Cardano price go before 2023?
We don’t expect Cardano prices to soar high before 2023. A reasonable Cardano prediction would be a consolidation between 25 cents and 40 cents.
Where to Buy Cardano?
There are many exchanges that offer Cardano tokens to trade. However, it is important to always deal with a trusted and solid broker. Centralized exchanges are still the gateway from legacy finance into blockchain tech. We at CryptoTicker recommend the following trusted exchanges:
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