The cryptocurrency market finally managed to make a move higher. After an extended consolidation phase, most cryptos shot higher by an average of 8% in the past week. Cardano price specifically managed to jump by 15% , but is still below 40 cents. Should you buy Cardano before prices rise higher? Here’s a rational Cardano prediction.
What is Cardano?
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?
Cardano’s network uses the proof-of-stake consensus mechanism. This means that you cannot mine Cardano’s tokens ADA. However, what you can do is stake ADA tokens.
How to Stake Cardano
Staking is the activity of locking ADA tokens in order to validate other transactions. In return, the staker receives interest for his locked tokens.
There are many ways to stake Cardano, the easiest way is to stake at Binance. 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 Price up by 15%
Cardano has been on a downward trend since early April 2022. ADA token reached its low price of $0.33 recently. However, this was the perfect price for crypto investors and Cardano supporters to enter the market. Thanks to additional fundamental news (UK approval of cryptos and Elon Musk officially acquiring Twitter), crypto prices soared.
Cardano prices are currently sitting right below 40 cents. Opportunity to BUY?
Cardano Prediction – How High can Cardano go?
Many crypto enthusiasts expect Cardano to reach 1$ by the end of 2022. However, this means that ADA needs to do a 3x within 2 months. This is a very hard task, especially since the Bullrun did not fully establish yet. Crypto prices can still sink lower.
Cardano should be able to reach between $0.55 and $0.65 in case the market went bullish again. The predictions for the years to come are covered in this article.
