How High Can Cardano (ADA) Go?

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Contributor, Benzinga
Updated: November 29, 2022

Decided you want in on the action? You can buy Cardano (ADA) on eToro and Webull.

Leading the market with tremendous gains, Cardano (ADA) has blown up the altcoin universe with news of the blockchain company’s intention to finally deploy smart contracts on the platform. Baked into their roadmap from the beginning, the realization of smart contracts on Cardano’s game changing proof-of-stake crypto platform represents an important step in the company's meticulously researched development. And may be finally happening.

The Alonzo hard fork of Cardano’s mainnet was completed in September 2021. And with all probability, Cardano (ADA) will unleash, on schedule, a state of the art Ethereum (ETH) alternative. With smart contracts enabled, Cardano's blockchain platform will include incredible tools for developers to not only compete with, but dominate their ERC-20 rivals. Now that it’s happened, the price of Cardano’s ADA could explode!

At least, that’s what Cardano's supporters like to say.

But what is Cardano’s true value? How does Cardano (ADA) justify its position in the cryptocurrency market? And most importantly, how high can Cardano go? One thing is certain, when Cardano truly allows for dApps, decentralized finance (DeFi), DEX and traditional trading platforms to develop on top of its blockchain, the potential for fantastic gains will follow!

What is Cardano (ADA)?

Cardano aims to be a smart contract blockchain platform that allows users to interact with decentralized applications in a similar way to Ethereum and Solana. Like Solana, Cardano focuses on scalability and governance. Its governance protocol is arguably one of the most advanced and innovative of all the top blockchains. Ethereum currently suffers from scalability problems; transactions can be slow and cost upwards of $100 for certain applications. Cadano transactions are certainly cheaper but you can't do a whole lot on the network This being said, Cardano has had a rocky roll out of its smart contract functionality. There are currently no tokens or applications built on Cardano, whereas Ethereum and Solana have hundreds of apps with billions of dollars locked into their smart contracts. With ADA so far behind, the platform may have trouble catching up to its competitors.

Combining pioneering technology with decentralized applications, Cardano was created to redistribute power to individuals. With a fantastic array of engineers collaborating on the blockchain project, Cardano (ADA) bills itself as the first platform in the space to be founded on peer-reviewed research and evidence-based methods. Likely its greatest accomplishment is its brilliant consensus mechanism, called Ouroboros.

Cardano Market Capitalization

Cardano's native token ADA used to be a top 3 cryptocurrency, but after the failure of the Alonzo hard fork, ADA is now out of the top 10 cryptocurrencies by market capitalization. In short, the hard fork didn’t move the meter—much like a blockbuster movie that has no social impact (think Avatar.)

Cardano’s market cap has been lingering in the 8-figure range. There are around 33 billion coins circulating with a maximum supply of 45,000,000,000. Unless cryptocurrency adoption grows tremendously from here, Cardano (ADA) will need to start taking market share from competitors, namely ETH, if it plans to continue growing at this pace.

Bull Case for Cardano

Cardano’s promise to allow smart contracts on the platform created a frenzy of attention for the currency. However, it's difficult to guess how high Cardano can go with lots of Cardano supporters pushing it heavily on Twitter and Discord. With the Alonzo hard fork deployed, this environmentally friendly altcoin will finally be able compete directly with Ethereum for new market share. And as a top 10 cryptocurrency project, Cardano (ADA) is well positioned for the next tranche of support. 

Bear Case for Cardano

If Cardano can't solve its problems and isn't able to support smart contracts, the cryptocurrency will continue to have little to no utility. Cardano must act fast, as the growing industry is seeing more and more competition each day. Other scalable smart contract blockchains have taken significant market share from ADA, including Solana (SOL) and Avalanche (AVAX). This is likely to continue until Cardano solves the problems it currently faces.

Where to Buy Cardano

Cardano (ADA) continues to push for adoption of its currency throughout North America and the world. You can buy ADA on a number of reputable exchanges including Uphold, eToro and Webull.  

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Cardano Trading Signals

IntoTheBlock provides a fantastic suite of trading signals to help you make your own decision on how high Cardano can go.

How Long Will it Take for Cardano (ADA) to Reach $10?

Cardano’s greatest challenge going forward is proving to its investors that it can strip market share from ETH. While some may be predicting ADA will overtake ETH as the No. 2 cryptocurrency by market cap, more reasonable expectations may help guide you through the near term implications of Cardano’s announcement. 

With or without smart contracts, Cardano is positioned as a top 10 cryptocurrency project at the perfect time. As investors flood exchanges in the coming months, Cardano will stand out prominently to those researching altcoins for the first time. Because the Alonzo hard fork coincides with this upswing in participation, the conditions for terrific gains lay front and center. Ethereum still has high gas fees and Cardano has great tech but ADA's time window to take more of Ethereum's market share is slowly closing. The Merge is live now and another update focusing on lowering fees and speeding up Ethereum called sharding is coming.

For any discerning investor unsure how to justify Cardano’s current market price, consider this: ADA can reach $10 without displacing ETH as the No. 2 cryptocurrency by market cap. This is especially the case if we see Ethereum gain market capitalization alongside the rest of the crypto markets –– a likely scenario at some point in the future.

Where to Store Cardano (ADA) Safely

It is imperative to have a secure wallet for all of your cryptocurrencies. Cardano (ADA) is no exception. Whether you need offline storage or solid connectivity for trading, the following recommendations will store your ADA securely, giving you full control of your digital assets. 

Best Hardware Wallet: Ledger

Ledger represents quintessential offline storage for all of the cryptocurrencies in your portfolio. This device stores your private keys and provides perfect isolation between your assets and less secure devices. 

Best Software Wallet: Daedalus 

Daedulus offers a solid experience for Cardano (ADA) holders. An official Cardanao (ADA) wallet, Daedalus offers its desktop wallet for WIndows, MacOS and Linux. 

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Bonus Tip:

Cardano (ADA) is also developing an Ethereum bridge, allowing ERC-20 tokens to operate on the Cardano platform. Allowing Ethereum’s proof-of-work infrastructure to operate on Cardano’s proof-of-stake infrastructure is potentially game changing.

Current Crypto Prices

The cryptocurrency market had been maintaining around a $2 trillion market cap as investors decide whether or not to trust the recent rise in altcoin prices. However, the depegging of UST in May of 2022 has changed the trajectory of the entire market, dropping the market cap of almost everything, and those currencies must recover in their own time.

So, Is Cardano (ADA) a Good Investment?

Ultimately, Cardano (ADA) represents a top-tier currency in the burgeoning altcoin market. With years of experience behind the project, ADA has become a mainstay currency in the space. Without a doubt, the potential for fantastic gains still exists for ADA. And if the platform can deliver on the promise of smart contracts, those gains may come sooner than expected.

Frequently Asked Questions

Q

Who founded Cardano?

A

The founder of Cardano is Charles Hoskinson, who is also a co-founder of Ethereum.

Q

Is Cardano a wise investment?

A

Cardano can be a wise investment if it recovers, but you must do your research and determine if this is the right buy for your portfolio.

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