- ADA is the native token of the Cardano blockchain platform, which has positioned itself to be a competitor to Ethereum (ETH)
- ADA is currently down 70% from its all-time-high in early-September last year, trading for $0.91 ($1.24 AUD) at the time of writing
- ADA’s downturn has been accelerated by the current crypto market decline, as well as concerns that the Cardano platform may not be able to deliver on its promises
- Experts remain completely divided about the future of Cardano, with some claiming that ADA will be worth $58 by 2030 and others predicting that the platform will fail in the long-term
This year has been a challenging one for crypto investors. The overall crypto market remains down 18% year-to-date and holders of ADA will be disappointed to know that the token has further underperformed the general market, currently down 33% from January 1 of this year. As of today, ADA is ranked as the 8th largest cryptocurrency by market cap.
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What is Cardano (ADA)?
Launched in 2017 by Ethereum co-founder Charles Hoskinson, Cardano (ADA) was initially marketed as a “third generation” cryptocurrency that would solve the problems faced by both Bitcoin and Ethereum. It was designed to offer users fast, secure transactions as well as being a platform for running decentralized applications and smart contracts.
What Caused Cardano’s Price to Drop?
In September of last year Cardano released an upgrade called the “Alonzo” hard fork, which would allow for users to run smart contracts and mint NFTs on the blockchain. Since the day of the upgrade, however, the price of ADA has been on a gradual decline, now down 65% from the day of the announcement on September 13.
According to Finder, expert analysis from a panel of crypto industry leaders attributed the price decline to a whole host of reasons, including the lack of something called “Total Value Locked” (TVL) on the Cardano platform as well as a failure to deliver on promised utility.
ADA Short-Term Price Prediction (1 month)
For the most part, expert technical analysis seems to conclude that buying ADA now might be a good move, with FXStreet analyst Ekta Mourya, predicting some short-term disruption for ADA however, expecting that it will continue to display strong upward price momentum in the long-term following recent updates and network developmont.
Despite the downward price action — if ADA can break the $1 ($1.35 AUD) mark in the coming weeks, then it is reasonable to expect that the token will continue to grow to $1.20 (USD), which would be a 33% increase from its current price. The positive price action comes as the Cardano platform continues to grow its DeFi capabilities and investors slowly regain confidence in the project.
Expert ADA 1-Year Price Prediction (2022)
In a report from Finder, the Chief product officer at Permission, Vanessa Harris, outlined that she was incredibly bullish on the future of Cardano and expects ADA to end this year with a valuation of approximately $3 ($4.06 AUD) mark.
Adding to the bullish thesis is Bilal Hammoud, CEO at NDAX, also believes strongly in the future of Cardano, adding:
“ADA is one of the most underrated assets – as the smart contract and DeFi stabilize, we should see many projects migrate to it.”
However, expert opinion on Cardano remains strongly divided, with Joseph Raczynski, a technologist and futurist at Thomson Reuters saying that he expects Cardano to fail in the final analysis, claiming that its slow growth and failed utility will render the project worthless:
“I believe Cardano will fade away in the coming years. They have failed on their promise of delivery for the last several years.”
ADA 3-year Price Prediction (2024)
On a more bearish note, according to automated technical analysis from DigitalCoinPrice the price of ADA is set to reach $1.65 ($2.23 AUD) by the end of 2024.
This is contrasted by more bullish automated analysis from WalletInvestor that expects the price of ADA to reach $3.89 ($5.27 AUD) in roughly 3 years time.
Expert ADA 9-year Price Prediction (2030)
Investor, Veronica Mihai offers a bearish view on the long-term price of Cardano, stating that in the next 9 to 10 years the token will fail to grow, saying that:
“Unless they achieve great tech advances and a significant user base, it may suffer the same fate as most PoS coins.”
However, according to a panel of experts interviewed by Finder, if Cardano can continually grow adoption it could be set to reach a price of $58 by 2030.
According to automated analysis from DigitalCoinPrice, ADA is on track to reach a price of $4.31 ($5.84 AUD) by the end of 2030.
ADA Price Prediction Conclusion
- Cardano is one of the largest projects in the crypto space and i’s long-term success depends on whether or not the project can deliver on its promise to become a legitimate competitor to the Ethereum network, by offering developers a cheap and cost-effective platform to build smart contracts and other decentralized applications.
- Investors should expect to see volatility in the price of ADA when Ethereum launches its ETH 2.0 upgrade later this year, as Ethereum’s transition to Proof of Stake (PoS) will challenge the benefits provided by Cardano.
- Ultimately, if you think that the Cardano platform has the ability to provide a competitive edge against Ethereum and other platforms such as Solana, then buying ADA may be a good long-term decision.