Cardano (ADA) is a cryptocurrency currently worth about $0.55 per coin, down from an all-time high of $3.10 last summer. The coin has a market cap of roughly $18.8 billion as of August 2022. Despite the steep decline in value, similar to most cryptocurrencies of late, innovations on the platform could result in growth.
What is the experts’ Cardano price prediction for 2022 and beyond? And what changes to the platform could help create a bull run for the cryptocurrency this year? Will Cardano reach $10 this year? Read on to determine whether you should buy this altcoin right now.
What Is Cardano?
In February, GOBankingRates called Cardano “one of the notable firms to watch” for the year. The unique process and cutting-edge technology of the platform, where ADA is the native coin, has caught the eye of tech experts and investors alike. Created by a nonprofit organization under the guidance of Charles Hoskinson, a co-founder of Ethereum, Cardano was peer-reviewed by a team of scientists and academics before its launch.
The platform uses proof-of-stake technology rather than the energy-hungry, inefficient proof-of-work algorithm to grant miners more mining power based on the amount of coin already in their possession. Cardano could eventually process up to 1 million transactions per second but currently processes about 250, which still makes it much faster than Ethereum, which processes about 30. Cardano is considered one of the more energy efficient cryptocurrencies on the market.
A Short History of Cardano
Cardano rolled out its platform in five distinct phases. The ultimate goal is to have a multi-asset ledger with verifiable smart-contracts for decentralized apps. The smart contract functionality arrived in the third phase, with the Cardano Alonzo upgrade.
Smart contract functionality gives businesses and developers the opportunity to use the blockchain to support non-fungible tokens, crowdfunding and DeFi Dapps as well. It could also introduce capabilities such as IoT monitoring and cost-efficient supply chain management.
Investors seem to like the way Cardano is progressing through its phases. The next phases, in order, are Basho — Scaling, which is in progress, and finally, Voltaire — Governance.
You might have noticed that the phases are cleverly named after famous personalities in history. ADA is likewise named after 19th century mathematician Ada Lovelace, while the blockchain is named after Gerolamo Cardano.
What Will Cardano Be Worth in 2022?
Like many cryptocurrencies, Cardano experienced a significant dip in 2022, dropping from its high of $3.10 in September 2021 down to just over $0.42 cents in July 2022, according to CoinMarketCap. However, only 75% of its maximum supply of coins is in circulation, which means there is still potential for investors to accrue coins.
Wallet Investor predicts Cardano will drop further, to just over $0.08 cents, by the end of the year, and drop another $0.03 by the end of 2023. DigitalCoinPrice, on the other hand, gives an average forecast of $0.69 for this year. Gov Capital says Cardano could fall to $0.53 at the end of 2022.
These numbers are a far cry from the coin’s high and even further from the $10 value many investors are hoping for. If Cardano does hit $10, it most likely won’t be this year, next year or any time soon.
What Is Cardano’s Price Prediction for 2025?
Will Cardano continue its climb in coming years? DigitalCoinPrice believes Cardano could reach $0.97 in 2025. Price Prediction’s forecast says $1.95. Gov Capital has the most optimistic prediction at $5.72.
What Will the Price of Cardano Be In 2030?
It is difficult to project crypto prices a month out, never mind a decade, so take long-range forecasts with a mountain of salt. But modeling from InvestingCube shows that Cardano could reach $9.69 to $49.98 in 2030.
What’s a Good Price To Buy Cardano?
If you had bought Cardano when it launched in 2017, you’d have paid roughly 10 cents per ADA. If you invested $1,000 then, you’d have roughly $5,500 now. Some experts say that, with the expected changes coming on the platform and the culmination of the final development stage, the cryptocurrency is a deal right now at a sub-$1 price.
As the blockchain gets faster and more efficient, its real value to users will rise, and ADA’s value should rise with it. The experts at Motley Fool suggest that Cardano could reach $1 again, making it a good buy right now.
Of course, cryptocurrency is highly volatile and a risky investment at any price. However, Cardano could be a “set-it-and-forget-it” investment where you park your money and let it grow at least through 2030.
After a sharp drop in 2022, experts suggest that Cardano could offer value and a solid return-on-investment over the long term.
However, cryptocurrency is volatile and anything could happen. Never invest more than you can afford to lose.
If you want to invest in Cardano, you can purchase it on popular crypto exchanges like Binance.US, Coinbase, Nexo, Crypto.com and Kraken. You can also invest on a platform like eToro, where you can buy into a basket of cryptocurrencies, much like ETFs are used to purchase collections of stocks.
Daria Uhlig contributed to the reporting for this article.
Information is accurate as of Aug. 16, 2022.