Sal Miah
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Drafted in 2015 and officially launched in 2017, Cardano is a public blockchain platform with ambitious goals. Unlike many, its development wasn’t rushed; instead, it prioritized a research-driven approach with a mission to create a more sustainable and balanced ecosystem within the cryptocurrency world.

Cardano is a layer 1 cryptocurrency with native on-chain wallets. Charles Hoskinson and Jeremy Wood, both veterans of the Ethereum project, co-founded Cardano.

Their vision? To build a blockchain that prioritizes user-friendliness and seamless integration with other systems rather than simply chasing the flashiest technology.

This focus on peer-reviewed, evidence-based methods sets Cardano apart while asking whether this blockchain can maintain its momentum or will the ever-churning sea of competition will swallow it.

Before we dive into that question, let’s take a closer look at the intricate gears and levers of the Cardano ecosystem.

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Cardano Price Prediction — Key Takeaways

  • ADA tends to mirror BTC, so monitor Bitcoin’s actions for insights into ADA’s course. If BTC is bullish, ADA will also be bullish; if BTC is bearish, be cautious.
  • June’s Vasil hardfork could potentially boost ADA’s price through improved functionality and increased user adoption.
  • Cardano’s roadmap and focus on scalability could attract big investors in the long run, leading to a gradual price rise.
  • Generate passive income through Cardano’s staking mechanism, which promotes long-term holding and enhances price stability by removing ADA from circulation.
  • The presence of a robust DeFi and NFT ecosystem on Cardano has the potential to attract more users and increase ADA demand, resulting in a positive price feedback loop.

Uncovering the Cardano Ecosystem

Instead of following the typical playbook with a grand roadmap and a definitive white paper, Cardano took a unique, open-source approach. While lacking a single, authoritative manifesto, Cardano embraces a dynamic set of design principles and best practices, leaving room for exploration and adaptation.

Development is etched in poetry and code, with each development era bearing the name of a visionary: Byron, Shelley, Goguen, Basho, and Voltaire. From establishing a secure base in the Byron era to unlocking smart contracts in Shelley and delving into scalability with Goguen, each phase paves the way for innovation.

Cardano roadmap

source: cardano forum

This unconventional philosophy meant no static white paper dictating development; instead, Cardano leaned on targeted design principles to overcome the scaling, interoperability, and regulatory hurdles that plagued earlier blockchain projects like Bitcoin and Ethereum.

This flexible, principle-driven approach allowed Cardano to evolve organically, responding to community feedback and real-world challenges without being shackled by rigid blueprints.

For instance, Cardano’s blockchain tackles diverse challenges, from medicine to governance. Think secure IDs for governments, smoother admin, and even continent-wide solutions, empowering sectors & lives, especially in Africa.

Another noteworthy aspect of Cardano is its use of Ouroboros, a specific proof-of-stake (PoS) consensus mechanism. When it launched in 2017, it was the largest cryptocurrency to do so, making it a greener alternative to traditional proof-of-work (PoW) protocols regarding energy consumption.

Cardano Current Landscape

Cardano has completed its ‘Shelley‘ and ‘Goguen‘ eras, paving the way for decentralized staking and smart contract capabilities with the Vasil hard fork. The ongoing Voltaire phase, true to Cardano’s deliberate approach, focuses on governance and long-term sustainability, ensuring a responsible path forward.

This careful development has yielded results. 2023 witnessed a 50% price surge, fueled by the launch of a thriving DeFi ecosystem and record-breaking staking rewards. A robust developer community and burgeoning NFT adoption further add to the promise.

While Cardano’s future looks bright, it’s not without potential roadblocks. Regulatory scrutiny and competition from other blockchains remain looming concerns. Though Cardano’s smart contract functionality is in its early stages, it’s encouraging progress.

However, the Vasil upgrade’s scalability improvements need further refinement to challenge Ethereum’s dominance.

Cardano’s recent price action reflects a mixed outlook of optimistic growth and remaining uncertainties. The launch of the Hydra protocol, which promises exponential transaction scaling, and the introduction of the privacy-focused Midnight chain have increased investor confidence.

However, it is in navigating these uncertainties that Cardano’s true test lies. Can it mature its smart contract functionalities and outpace its competitors? 2024 will be a year of reckoning for Cardano. The ability to turn potential into progress will decide if optimism leads to sustained growth or fades away.

What Is in Store for Cardano in 2024?

Every blockchain project has an annual roadmap that lays out what releases and developments will take place in the upcoming year. The roadmap is often released near the end of the year or at the beginning of the new year.

The roadmap often receives great attention as it provides insights into what the project will be working to achieve in the new year, Cardano 2024 roadmap was released by Emurgo, which is the organization behind the Cardano blockchain.

The Chang Hard Fork

Cardano holders are looking forward to the Chang hard fork upgrade, due by mid-2024. The hard fork will transition Cardano into a community-led government.

ADA holders will have an active role in shaping the future of the ecosystem thanks to a decentralized governance model. The Chang hard fork will kickstart the decentralized era for Cardano, which will be followed by the Bootstrapping phase.

Global workshops series will commence to increase ADA’s exposure and attract new developers to the blockchain.

What Could Fuel the Cardano Rally?

Like any cryptocurrency, Cardano’s price is shaped by a complex interplay of external factors—such as the SEC allegations—and internal, including the public allegations against founder Charles Hoskinson.

Technology advancements and upgrades

  • Launch of Djed

Djed is a stablecoin that uses an over-collateralization approach and a strict verification process. Each Djed is worth $1 by maintaining its peg to USD via its reserve currency, Shen. The Djed reserve ratio is currently over $10 million following launch, and Djed’s announcement in January 2023 caused a 120% surge in Total Value Locked (TVL), indicating its significant impact on Cardano’s ecosystem.

  • Surge in smart contracts

In parallel, Cardano experienced explosive growth in smart contract deployment throughout 2023, exceeding initial expectations by an impressive 200%. Plutus V1 script deployment increased by 33.38%, reaching 6,293 by December 23rd.

Simultaneously, Plutus V2’s modular design, allowing developers to import pre-written code for contract creation easily, contributed to a 230% increase, totaling 8,009 smart contracts. This surge led to a remarkable 9,584 increase in smart contracts since the year began, aligning with Cardano’s commitment to network development.

  • Positive DeFi adoption

Cardano’s DeFi ecosystem had a great year, with more than a sixfold increase in Total Value Locked compared to the start of the year. The network gained momentum and surpassed doubts about DeFi capabilities, with TVL reaching $400 million from an initial $50 million in January

The success of Cardano’s DeFi ecosystem can be attributed to protocols like Indigo and Minswap, contributing a combined $200 million to the TVL and achieving over a 50% increase in the past month.

This surge in TVL signals the growing strength of Cardano’s DeFi landscape and positively impacts the native ADA coin, resulting in notable gains.

Overall, Cardano’s recent success can be attributed to its strategic initiatives in stablecoin development, smart contract deployment, and DeFi ecosystem expansion.

Cardano’s Big Moves

  • Building blockchains for the future

Cardano’s potential extends far beyond cryptocurrency. Its NFT scene is bustling, attracting big names like Snoop Dogg, who launched his “Baked Nation” project on the platform, and talented artists like the UK digital creator who raked in almost £500,000 for unique humanoid deer NFTs.

But Cardano’s true impact lies in its real-world applications. In 2019, sportswear giant New Balance used Cardano to track the authenticity of their limited-edition “OMN1S Kawhi Leonard” shoes, ensuring transparency and customer trust.

Cardano also partnered with the Ethiopian government to explore blockchain integration in their coffee supply chain. This collaboration aimed to increase traceability and combat unfair practices in the coffee industry.

Education also received a boost. In 2021, the Cardano ecosystem helped create a secure identity and record-keeping system for Ethiopia’s five million school students, offering greater efficiency and transparency in education management.

Analyzing Cardano (ADA) Historical Performance

Starting at just $0.0024, Cardano (ADA) skyrocketed to an all-time high of $1.31 during the 2017 crypto boom, only to plummet to $0.02 in the subsequent bear market. It took two years to climb back above $1 in the crypto market, fueled by a 2021 bull run that saw new ATHs of $2.46 and $3.10.

Since then, ADA has consolidated between a minimum price of $0.50 and $1.50, but late 2023 brought renewed optimism with surging DeFi activity, a price jump of over 17%, and a market cap exceeding 21 billion dollars.

With over 470 million ADA tokens traded, the blockchain’s future appears promising, though market volatility and external factors remain important considerations.

ADA performance highlights:

  • Overall return: Since its pre-launch price of $0.0024, ADA’s price has seen a massive return of over 25,000%, currently trading at around $0.61.

Is Cardano a Good Investment? Cardano's Market sentiment Indicator.

source: cfgi

  • Volatility: ADA, like many other cryptocurrencies, is highly volatile and experiences significant price swings in shorter timeframes.
  • Correlation with Bitcoin: Cardano’s price is often influenced by the movement of Bitcoin and the overall sentiment of the cryptocurrency market.

What Factors Could Hinder Cardano’s Price Growth?

  • Complexity

Cardano is a unique cryptocurrency because it uses Haskell, a function-based language with advanced design features. This gives it the potential for groundbreaking research but makes it more difficult to learn due to its limited usage.

Although complexity can be beneficial, it can also slow down development compared to other blockchains with a faster pace of advancement. The good news? Due to recent advancements, Cardano is no longer restricted to using Haskell.

Enter Aiken, an open-source platform resembling Kotlin that lets anyone write smart contracts using familiar languages like JavaScript. Plus, transpiling existing Haskell code from Plutus is possible with tools for Python, Rust, and potentially Go.

This opens Cardano’s potential to a wider developer pool, bridging the complexity gap without sacrificing innovation.

  • Competition

One of the main risks facing Cardano is the intense competition within the proof-of-stake consensus space. Many other blockchains are using this same consensus mechanism and rapidly catching up; Cardano needs to constantly innovate and attract users to stand out.

The data provided further highlights this risk. Cardano’s ranking of 29th in TVL and its significantly lower daily fees compared to Ethereum demonstrate that it is currently lagging in adoption and usage.

Is Cardano a Good Investment? TVL Overview

source: DeFiLlama

Lack of development and usage could hinder Cardano’s ability to generate sufficient fees, which are crucial for its long-term sustainability as inflationary rewards decrease over time.

  • Centralized core

Cardano’s growth and stability hinge on a unique three-pronged approach. At the core, IOHK serves as the visionary architects, meticulously designing, building, and maintaining the Cardano network. The Cardano Foundation then dons the mantle of ambassador, educating, promoting, and representing the ecosystem to foster wider adoption.

Finally, EMURGO plays the connector role, bridging the gap between Cardano and the existing business world. They actively invite established companies to embrace the technology, invest in its potential, and nurture startups building applications within the ecosystem.

The survival and growth of Cardano depend on these three entities. If any of them fail, it will harm Cardano’s position and Cardano’s (ADA) price prediction.

  • Bad publicity

Bitcoin’s anonymous creator, Satoshi Nakamoto, became a mythical figure in part due to their disappearance. This absence shielded the project from being tied to any one individual, protecting it from potential damage caused by personal flaws or controversies.

Cardano, unfortunately, faces a common challenge in the crypto world: the burden of a public leader.

While brilliant and passionate, Charles Hoskinson, Cardano’s founder, is still human. Like all of us, he’s not immune to imperfections, negative claims, or potential future scandals. This vulnerability exposed Cardano to criticism when Hoskinson’s reputation was tarnished.

Expert Opinions and Predictions regarding ADA’s price

Current predictions for ADA’s average price in 2024 vary, with some suggesting a steady range around the current mark while others hint at potential highs closer to $1. Opinions on Cardano’s future also paint a contrasting picture.

Founder of Crypto Capital Venture Dan Gambardello is optimistic about Cardano and believes it will experience a bull run due to its strong development progress and institutional adoption.

He considers Cardano’s strengths to be its scalable design, robust security, and active community. However, some skeptics express caution and point out that Cardano’s transaction speed is slower than its rivals, such as Solana. Additionally, Cardano’s full potential depends on upcoming upgrades, which is a concern for some.

They warn of potential market corrections and highlight cryptocurrency’s volatility, which could affect Cardano ADA price forecasts and market trends.

To navigate this uncertainty, following market trends and considering the minimum and maximum prices offered by various sources can be helpful. This range provides a potential framework for understanding ADA’s possible trajectory, allowing you to assess your risk tolerance and investment goals.

The chart below shows ADA active addresses, which remain elevated at current market conditions.

ada active addresses

source: messari

Conclusion: Is Cardano a good investment?

Cardano is a continuously upgraded project with a thriving community that attracts numerous developers due to its focus on secure development and community-driven governance. Although the pace might be slow, it is deliberate, which explains why over 3200 validator pools still back strong decentralization. But despite weathering the recent bear market, ADA, its native token, hasn’t quite recaptured its all-time high of $3.

Our verdict: Cardano price predictions

Technological advancements, market sentiment, and broader economic forces will impact Cardano’s future direction towards 2024. Although predicting its price remains a significant challenge, its possibilities are undoubtedly captivating.

Ultimately, while no crystal ball exists for ADA’s price, staying informed about market trends, analyzing progress within Cardano blockchain’s development, and evaluating diverse predictions can empower you to make confident decisions in the ever-evolving world of digital coin prices.

What are Some Promising Alternatives to the Cardano Blockchain?

Cardano is a blockchain leader, but other projects with unique features and functionalities could surpass it in certain aspects and influence Cardano’s price prediction. Here are three promising alternatives, each with distinct value propositions:

1. Solana (SOL):

  • Value points:
    • High transaction speed: Processes thousands of transactions per second (TPS) compared to Cardano’s few dozen.
    • Lower fees: Transaction costs are significantly cheaper than Cardano.
    • Scalability: Employs a unique hybrid consensus mechanism combining Proof of Stake (PoS) with Proof of History (PoH) for fast transaction finality.
    • Large developer community: Solana boasts a thriving ecosystem with numerous decentralized applications (dApps) and projects.

2. Polkadot (DOT):

  • Value points:
    • Interoperability: Enables seamless communication and value transfer between blockchains, unlike Cardano’s isolated chain.
    • Scalability: Utilizes a sharded architecture with parallel blockchains (parachains) to handle high transaction volumes beyond what Cardano can manage.
    • Flexibility: Adapts to diverse needs with customizable parachains tailored to specific applications.
    • Strong governance: Polkadot employs a democratic on-chain governance system for protocol upgrades and decision-making.

3. Tezos (XTZ):

  • Value points:
    • Formal verification: Smart contracts undergo formal verification for increased security and reliability, exceeding Cardano’s current capabilities.
    • Self-amending protocol: Can evolve and adapt without hard forks, unlike Cardano’s planned upgrade schedule.
    • Low energy consumption: Employs a low-energy Proof of Stake (DPoS) mechanism that’s environmentally friendly compared to Cardano’s energy usage.

The above cryptocurrencies including ADAUSD can be traded in Binance and Coinbase and eToro.

Frequently Asked Questions

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Sal Miah

Sal Miah

Sal Miah is a veteran crypto and fintech writer, having been involved in the blockchain and web3 spaces since 2017. He has worked for flagship crypto exchanges, including Kraken and Huobi, regularly breaking down complex topics with friendly clarity. In Sal's writing, the intricate world of cryptocurrency and financial technology unfolds, which is not only informative but also accessible to all levels of enthusiasts.