- Cardano is showing strong bullish signs.
- The price of ADA will likely hit $4 by 2021 end.
- The project has much in store for its community.
Most analysts expect Cardano (ADA) to be one of the big 3 cryptos in the crypto world. The asset is already ranked at number 3 based on market capitalization. Bitcoin and Ethereum hold the top titles and are seen as revolutionary and functional.
Now, with Cardano’s latest Alonzo mainnet upgrade, the asset and blockchain are finally a worthy contender set to run with the big leagues. To highlight, Cardano’s Alonzo mainnet launch brought smart contract functionality to its network.
This makes the blockchain a massive competitor in the industry. Especially for Ethereum. Ethereum can run smart contracts and hosts many DeFi applications, blockchain games, and more. However, it is limited by its Proof-of-Work (PoW) consensus.
Not to mention, Ethereum is not scalable or interoperable in its current state. Due to this, it faces issues with sustainability, congestion, and high transfer fees. To combat this, Ethereum is launching Ethereum 2.0. Sadly, this launch has been delayed for over six years now and users are still waiting for the promised day.
Meanwhile, Cardano has always used a Proof-of-Stake (PoS) consensus. This makes the platform sustainable and scalable. It also allows staking and brings a greater community role. This is essential for Cardano as the system’s penultimate plan is to render decisions to its community after its final upgrade stage.
In detail, Cardano (ADA) has 5 stages for upgrades according to its road map. In order, these stages are known as eras — Byron, Shelley, Goguen, Basho, and Voltaire. Presently, Cardano is in its Goguen era.
Goguen’s goal was to bring smart contract functionality onto Cardano’s network. To do so, the Alonzo testnet was launched in phases. Starting with Alonzo Blue, then Alonzo White, and Alonzo Purple. The testnet steadily launched simple and later complex smart contract functionality. Alonzo Red and Alonzo Black went quickly to find and fix possible bugs.
During this time of testnet launches, the price of Cardano (ADA) steadily shot up. In fact, it even hit its current ATH of $3.09. At the time of writing, the price of Cardano (ADA) stands at $2.24. This is still significantly higher than its price at the start of 2021 which was $0.18.
Truly, Cardano has been breaking its own price records over and over again in just this year alone. First, it broke through the $1 mark and then $3. Now, many analysts predict that its price will go much higher. Some speculate $5 and others $10.
In particular, Nigel Green from deVere Group, says that by the end of this year ADA will certainly hit $4. He says that according to the charts, ADA is bullish. In fact, he says it is on a clear upward trajectory and it is very unlikely that it will come to a halt.
As we can see from the Alonzo hard fork, Cardano’s price has gone up during every substantial update. Given that the project has many other plans set in motion, there is no doubt that its price will continue to soar.
Cardano has many things they aim to improve before hitting its final Voltaire era. To name a few, there is the Plutus Core. This is the network’s programming language. The team needs to ensure that it is airtight and foolproof.
Once Voltaire comes around, stakers and the Cardano community will be the ones making big decisions on the blockchain. Therefore, Plutus needs to be ready. Another prominent step on the list in Cardano’s Layer 2 scalability solution — Hydra.
Besides these, Ouroboros Genesis also must be in tip-top shape. This is the dynamic distribution system that will work in harmony with the PoS token distribution. Hence, it is crucial to the entire blockchain. Without a steady staking mechanism in place, Cardano cannot reach success.
Finally, the project will also be working with many other partners and notable users on its blockchain. It will also ensure that released projects will gain the attention it needs as well, such as the Yoroi Wallet.
All in all, Cardano (ADA) continues to be a promising project with much to offer. Analysts are surely expecting big things to come from it. Specifically, one analyst even says that ADA mooning is inevitable as the asset will likely hit 500 billion in market cap. Oh well, it seems we will simply have to keep a close eye on Cardano.