Cardano (ADA) coin has had one of the most impressive growth rate in the recent bull run. The cryptocurrency has been ranked at the 5thposition by CoinMarketCap and some investors are debating about the potential of Cardano in comparison with Bitcoin and Ethereum.
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Cardano established it all-time high at $1.2 in the 2017 bull run; however, the cryptocurrency suffered greatly in the subsequent market corrections and has been operating at a price level of around $0.15. The stagnant price level of the cryptocurrency had been a source of disappointment for Cardano holders but the market sentiment has shifted drastically. As the cryptocurrencies picked up in December 2020, Cardano was on the forefronts. The coin broke its all-time high while establishing a new record at $1.32 and has stabilized at a price level of $1.12.
Although the daily trading volume has declined by 28% and so has the price level by around 3%, traders are bullish on the cryptocurrency. Of the technical indicators, the Moving Averages stand at a buy position while the oscillators are giving out a neutral indication.
According to investors, Cardano (ADA) is a viable option for long-term investment as the market indicates an explosion of price. Per an experienced trader, the cryptocurrency is expected to climb up in value. A price target of $15 by the end of the year has been set for Cardano
The future outlook for the cryptocurrency appears to be bullish. According to Long Forecast, the price of the cryptocurrency is projected to gradually climb up into the next year and stablise at a price level of $2. Trading Beasts, on the other hand, is not particularly optimistic for the cryptocurrency and predicts an almost stagnant price level of around $1.
Out of all the cryptocurrencies and major stocks, Cardano’s performance has been at the top since April 2020. According to a report, the cryptocurrency has surged more than 3,500% since April 2020 when Cardano was trading at just $0.032. It has had the highest return on investment as of yet.
Increased interest in Cardano
The cryptocurrency has definitely been capturing interest as cryptocurrencies move towards mainstream adoption. A survey conducted by Voyager Digital found that retail investors are more bullish on Cardano when compares with Bitcoin. Per the findings, 31.8% of the participants described themselves as “most bullish” on ADA while for Bitcoin the number was 22.2%. Billionaire investor Mike Novogratz’s interest in the cryptocurrency is also worth noticing. The investor asked his Twitter family about the bullish potential of Cardano as he ponders investing in it.
One of the biggest sell points of cryptocurrencies is their decentralization. In a world that is becoming increasingly connected, institutions are getting powerful and powerful. Hence, why cryptocurrencies are gaining so much popularity because they offer an alternative. Cryptocurrencies are decentralized and major decisions according to the governance are taken by the community.
However, in practice, the model is faulty and cryptocurrencies do have rely on a central authority – the organization behind the cryptocurrency – for major decisions. Polkadot, Tezos, Cosmos are some of the cryptocurrencies that have been successful in achieving significant decentralization but Cardano wants to stay ahead of the game. The network is set to fully decentralize by the end of March. This move will set precedent in the cryptocurrency market and would mean favorable things for the future price of Cardano.