What is Cardano?
Cardano is a blockchain cryptocurrency platform that was launched in 2017 following a couple of years of thorough development. The platform is significantly different compared to other blockchain platforms because its development is based on peer-reviewed documentation by some of the industries most recognized experts, who review first and then approve empirical ideas and concepts before they get implemented by the development team.
It belongs to the 3rd generation of cryptocurrencies aiming to improve on the works of Bitcoin, Ethereum, and others. The native currency of the Cardano platform is the ADA coin. The Cardano ADA blockchain is highly scalable. It is interoperable and allows the transfer of assets and information across different blockchains. Cardano has created a treasury fund making the network self-financed. A small percentage from every transaction is sent to this treasury. When it is time to make important upgrades to the network developers can access the funds if their ideas get approved by the community.
What does the Cardano Price Depend On?
At the time of writing this article, the price of ADA was $0.0305. Following the Coronavirus pandemic, all financial markets have suffered big declines. The ADA crypto was not immune to the virus either but the price we see now is only temporary.
The ADA coin price depends on several factors.
- Supply & Demand
- Public Opinion
Supply & Demand
This is the most important element that determines the price of Cardano. If the demand for Cardano is high but the supply of the coin is limited, the value of ADA will go up and vice versa.
The crypto market is still in its infancy. Compared to bigger markets, Cardano has limited liquidity and the daily trading volumes are lower than on traditional markets. The difference between the buy and sell orders can be huge due to a lack of buying pressure, and this negatively impairs the ADA and Cardano price.
Negative media coverage can result in a price drop for Cardano. Hype, favorable ADA coin news, and good support can create the opposite effect.
Cardano Price Prediction for 2020
Cardano began 2020 priced at $0.032. Until mid-February the ADA to USD value was gradually increasing, eventually almost hitting the $0.07 mark. ADA is currently trading at $0.030.
Technical analysts from Longforecast.com predict that the market will recover and that by December 2020 we can see Cardano trading around the $0.054 area. Forecasts suggest that Cardano will be profitable during April and May, with the value bouncing back and forth between $0.051–0.062. ADA is then expected to lose some ground in the months that follow when it is being predicted that we will see Cardano at $0.033 — $0.036.
Market predictors from TradingBeasts are equally bullish on Cardano for the end of 2020. They see Cardano reaching an all-time high of $0.056 during December. Due to current unfavorable conditions on the financial markets, the months of April and May are expected to be rather bearish.
Cryptoground.com offers the most optimistic estimate on Cardano. They expect a constant growth of ADA in the following years with the price reaching $0.064 during 2020. However, there are also opposing opinions. Forecasters from Wallet Investor believe that ADA is not a good short-term investment. They think that the price will further drop to $0.0025 in 2020 before reaching better days in the years to come.
Long-Term Price Prediction for Cardano
Many market analysts agree that Cardano is an excellent long-term investment asset with the project having a very bright future.
CoinSwitch experts predict bullish years to come with the price reaching the $2 mark by 2023. Cryptocurrency writer Adam Web goes as far as saying that a $10 value can be touched in the next 5 years. Other insider information suggests that if Cardano can reach all their roadmap goals a price of $5 by 2024 is likely.
TradingBeasts analysts are somewhat cautious but still very bullish on Cardano in the long run. They predict a 150% increase in value by 2023, with the prices approaching $0.095.
Cryptoground.com offers a different insight. They see ADA trading between $0.87 — $0.88 by 2024.
Where You Can Buy Cardano
Cardano has been listed on some of the most popular cryptocurrency exchanges in the world such as BKEX, Bittrex, Binance, and Kraken.
ADA can also be purchased via the fast and limitless ChangeNOW exchange service. Here is a short guide that new users can follow who want to buy ADA on ChangeNOW.
Select the currencies
Go to ChangeNOW and select the currencies you want to swap. Fill out the ‘You Send’ and ‘You Get’ fields appropriately. The site will display the amount of Cardano you will receive. Click on the ‘Exchange’ button.
Enter your wallet address
Enter your Cardano wallet address in the ‘Recipient Wallet’ field.
If your entries are correct, click on ‘Confirm’.
Deposit the exact sum at the generated address for the coin you have chosen to exchange for Cardano.
Receive your ADA
Once completed, ChangeNOW will send the ADA to your address.
Cardano has experienced many ups and downs and this is a typical occurrence on the crypto market. Positive ADA news and increased adoption are crucial for the viability of Cardano. Cryptocurrency experts trust technical analysis and they agree on the fact that Cardano is a good investment, and its value will drastically increase in the next 4–5 years.
To learn more about Cardano, check out the project review in our blog.
Disclaimer: This article reflects its author’s opinion only and is not financial advice. We take no responsibility for the results of any trader’s decision or action.