Cardano (ADA) Can Reach More All-Time High But $100 Will Take Time
Find out what developments are going on in the Cardano ecosystem to drive ADA to new all-time highs.
Cryptocurrencies have disrupted the world of finance for good. And one of the most potential projects working hard to reshape the future of blockchain technology is Cardano. The third-generation cryptocurrency has surpassed other top altcoins to become the largest virtual currency by market capitalization, trailing behind Ethereum and Bitcoin. The ADA token is up roughly by 1420% year-to-date. Moreover, analysts believe that Cardana can peak higher as the network developers aim to capitalize on the surge of DeFi or decentralized finance.
ADA is showing strong momentum and has been making tremendous gains recently. But will Cardano reach $100, or do investors have to wait for it? Let us see.
Cardano - The Sustainable Green Coin
ADA has emerged as the best-performing sustainable cryptocurrency this year.
Before getting into how ADA could hit another all-time high, let us explore why Cardano is a promising cryptocurrency with high growth potential. According to Cardano developers, It is capable of “redistributing power from unaccountable structures to the margins."
The cryptocurrency is slowly emerging as the new face of a secure and sustainable blockchain with some groundbreaking use cases. Moreover, Cardano has gained international media attention as the first blockchain to include a peer-reviewed research strategy into its core principles. It has employed several innovative developments like layered architecture to enhance scalability, security, and sustainability. It helps the blockchain in creating more usefulness by addressing serious flaws and rectifying these inefficiencies.
Thanks to its relatively low price and brilliant marketing as one of the potential Ethereum killers, ADA is one of the most highly sought-after cryptocurrencies to buy now. The price of ADA has raised significantly over the years with its cutting-edge technology, consistent upgrades, and ability to handle smart contracts.
Moreover, Cardano is also one of the best sustainable green coins in the market today. It employs a much more eco-friendly Proof-of-Stake mechanism. Here validators hold their assets within the network to participate and get rewards. The sustainable nature of ADA has impressed several crypto newcomers looking for potential investments.
According to founder Hoskinson, the network is "1.6 million times more energy efficient" than Bitcoin.
The Launch Of Cardano's Alonzo Upgrade
The transition to the new Alonzo era would drive ADA to hit record highs by the end of this year.
With the launch of the much-anticipated Alonzo upgrade, Cardano mainnet has now successfully transitioned from the Mary era. With advanced smart contact capability, Cardano has become one of the top DeFi coins to buy now.
With over 100 smart contacts added to the blockchain in the first 24 hours following the launch of smart contact capabilities, Cardano has already started gaining massive attention from investors. This has also kickstarted the beginning of a significant wave of adoption, driving the price of ADA to new highs.
According to its creator, Charles Hoskinson, the Alonzo upgrade is a game-changing moment for the platform. It was released after six years of continuous research and development, which included the production of almost 100 peer-reviewed scientific papers.
The team wanted to create a blockchain that could live up to technology, address the crucial issues involving cost, environmental stability, security, and scalability, and create a fairer global financial system at a reduced monetary and environmental cost. Moreover, the emergence of dApp functionality on Cardano will drive the attention of more institutional investors to the platform.
The team has clearly outlined the Alonzo launch in detail through a color-coded roadmap. The Alonzo purple was the second last stage in the upgrade, focusing on smart contracts. The final component, the Alonzo Red and Alonzo Black, focused on network scalability and governance.
However, the successful release of the upgrade has significantly driven the price of the asset, and the following adoptions will skyrocket ADA to hit more all-time highs.
Practical Use Cases And Significant Coalitions
It is best to buy ADA now, thanks to the Cardano Foundation and its high-profile partnerships.
The value of ADA is going to keep rising in the coming years, thanks to the number of strategic partnerships Cardano foundation has embarked upon since the Alonzo update. This array of coalitions will further drive the adoption of the Cardano blockchain, making ADA a good buy now.
Cardano has successfully teamed up with Veritree, the global land restoration and tree planting verification company, to secure its records on the blockchain. To celebrate their coalition, both Cardano and Veritree have launched The First Global Cardano Impact Challenge. Through this venture, they are inviting the global community to make donations to Veritree by using ADA. This will significantly drive the adoption of the token, pushing ADA’s value to record highs. Moreover, these donations will be further used to plant the world's first CardanoForest.
On the other hand, Cardano has also planned to support AID:tech, which provides identity-based solutions for finance, payments, and insurance through blockchain. Through the collaboration, Cardano will provide technical guidance to the AID:tech team as they create verifiable credentials for trusted identity management and ownership. It will also allow customers and consumers to process payments instantly and securely.
Furthermore, as another practical use case, the platform already backs the world’s most influential organization, the World Health Organization (WHO). Cardano offers a successful solution to one of WHO’s most challenging problems: the online sale of fake or substandard pharma products. Cardano solves this by easily validating and authenticating the source of all pharmaceutical products, ensuring complete safety to people worldwide.
Cardano has also partnered up with leading esports and gaming platform Rival to develop agnostic NFT marketplaces, fan rewards, and more. Cardano will also promote its ability to create and distribute NFTs, the redemption of NFTs for physical goods, and marketplace-based royalties within the Rival platform.
The platform has several high-profile clients like the National Football League's (NFL) Seattle Seahawks, National Basketball Association's (NBA) Detroit Pistons, and Aston Villa and Watford of the English Premier League (EPL). This would significantly widen the popularity and reach of Cardano.
Cardano Price Prediction
Analysts predict that Cardano has a bright future ahead, making this the right time to buy ADA.
Predicting the price for Cardano involves a huge amount of speculation since cryptocurrencies, in general, are volatile. But according to analysts, there are some potential catalysts for Cardano that would significantly drive ADA to record highs.
According to Wallet Investors:
“ADA will reach $4.736 in one year and $12.505 in five years, which is a potential return of 62 percent and 328 percent, respectively.”
While DigitalCoin estimates that:
“ ADA will average $2.05 this year and rise to an average of $2.53 in 2022. Over the long term, the price will reach an average of $4.08 in 2025 and $6.13 in 2028.”
Coin Price Forecast says that,
“Cardano would see a sizable upside, and ADA would touch $5.47 by the end of 2021, which suggests an upside of 87 percent.”
How High Can Cardano Go By The End Of 2021?
Cardano is one of the fastest-growing cryptocurrencies in the crypto industry today, making ADA a good buy for future returns.
With the price of ADA soaring higher over the past week, there is growing confidence in the bright future of Cardano. Adding to this, Cardano will also soon debut on Japanese cryptocurrency exchanges, further boosting its bullish rally. Furthermore, the IOHK team is also working extensively with the Ethiopian government to integrate blockchain technologies into national administrative infrastructure. This helps Cardano in broadening its reach and promoting its use cases for practical applications.
Frederik Gregaard, CEO of the Cardano Foundation, said, "Our new ecosystem partners cover a range of challenges and opportunities at the forefront of global society today, including climate change, NFTs, decentralized finance (DeFi), and digital identity, and they will play a pivotal role in helping us realize our vision."
In addition to all these partnerships, the strategic collaboration with UBX has allowed Cardano to increase its on-chain DeFi capabilities. This fintech venture studio and fund spun out of UnionBank, has launched its own public stake pool starring Cardano.
Therefore, with its latest upgrade, additional listings, advanced technology, and sustainable nature, Cardano has strong growth potential. The token would likely double by the end of the year from its current value and will hit new all-time highs.
Will Cardano Reach $100?
Although hitting $100 is unsure, the continuous DeFi enthusiasm would drive ADA to hit new all-time highs.
There are indeed several potential catalysts and improvements that would keep Cardano buoyant in the coming days. But reaching $100 is highly dubious and lightly over-ambitious anytime soon. The token should rise around 3,300% from its current levels to reach $100.
These types of massive gains aren't unheard of in the crypto space and could happen with consistent developments. But for Cardano, one of the major near-term catalysts has already been launched and priced in. If the team has any strong catalyst in the coming months, then it could drive the price of ADA to this meteoric high.
A Final Word
Frederik Gregaard, CEO of the Cardano Foundation, said, "At Cardano, our goal is to provide those at the cusp of societal and technological change with the tools they need to create new possibilities and drive positive impact.”
With a dedicated team working tirelessly on enhancing the network, Cardano has successfully positioned itself as one of the top cryptocurrencies in the market today. Plus, the launch of the much-anticipated Alonzo upgrade and the array of partnerships in the pipeline would push Cardano to reach more all-time highs in the coming years.
That said, similar to other digital assets, the price of ADA is also volatile and prone to sudden changes. Therefore, hitting $100 would be dubious any time soon and would take time. Potential investors should be aware of this and then include Cardano in their crypto portfolio.
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