Cardano price has risen massively in the last few days. In the past week, prices rose by more than 15%. Cardano’s ADA token has long been considered extremely undervalued. Are we finally seeing the breakthrough in Cardano price to match Cardano’s massive popularity? In this article, we discuss the latest breakout in Cardano price up and tell you what potential Cardano still has for the mid-and long-term future.
What is Cardano?
Cardano is a blockchain network that prides itself on being superior in terms of technology, security, and scalability. Cardano was founded in 2017 by Charles Hoskinson, a co-founder of Ethereum. The blockchain employs the Proof-of-Stake consensus mechanism. Cardano’s network token is the ADA. Cardano is distinguished by its evidence-based methodology for continuously developing the blockchain. Scientists are working on the blockchain and examining existing blockchain issues in order to fix them with the Cardano blockchain. Cardano remains a blockchain that avoids the blockchain trilemma. The advantages of scalability, security, and decentralization are all significant.
How did Cardano price behave during the crash?
The last few months have been particularly tough for Cardano’s ADA token. In September 2021, the ADA price was still over 3 dollars and thus reached an all-time high. In November 2021, the crypto market started its bearish trend, and Cardano prices fell significantly. This crash was harsher due to the rise of other highly scalable blockchains such as Solana and Avalanche.
With the big change in mood on the market at the turn of the year, the Cardano price fell even more. From over $3 in September, it went down to under $0.50 in May 2022. Cardano recorded one of the biggest losses of the top cryptocurrencies on the market. While Bitcoin has lost almost 60% since its all-time high, Cardano has lost over 75%.
Why did Cardano increase in lately?
The Cardano (ADA) price saw massive gains in a short-term surge in the crypto market in late May 2022, with Bitcoin surging from $29,000 to over $32,000. However, Bitcoin’s roughly 10% increase was much smaller compared to the gains in the Cardano price.
The ADA token in Cardano increased in price by about 35%. The Cardano price rose from $0.46 to a value of up to $0.69 within a few days. The price increases result from extremely positive expectations of the upcoming Vasil hard fork. This upgrade is intended to significantly increase the throughput and speed of the blockchain. From a technical perspective, if prices continue to increase and break the $0.70 price mark, we can assume that prices are going to continue higher for the medium term.
Can Cardano continue to rise in the medium term?
Cardano’s losses over the past few months have been extreme. These losses contrast with the positive news from the Cardano environment and the steady positive development. Already at the turn of the year we saw a massive increase in the available Cardano addresses. Most recently, Cardano broke the 5 million asset mark, including many NFTs created on the Cardano blockchain.
Due to the constant further development, the long-term future of Cardano looks bright. But even in the medium term, the Cardano course should possibly rise again. The Vasil Hadfork was intended to be an important step towards increasing the scalability of the network. Cardano could soon become the fastest blockchain on the market.
Is Cardano now a good investment?
An investment in Cardano’s ADA token could be worthwhile at the moment and bring high returns in the coming weeks and months. Because the Cardano course still has extreme growth potential after the massive losses. It is not for nothing that we included Cardano (ADA) in the list of cryptocurrencies for the bear market.
Due to the Vasil hard fork and the increase in scalability as part of the basho development phase of Cardano, there should be a good possibility that the Cardano price will rise in the next few months.
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