3 Reasons why this cryptocurrency will be next to climb the hill
Cryptocurrency's recent bullish rally brought Bitcoin, Ethereum, Shiba Inu and Dogcoin to the fore. While investors are busy discussing trending digital tokens, Cardano is taking a slow, exploratory step towards the top. According to experts, Cardano's virtual currency, ADA, is expected to experience the next big leap in cryptocurrency. With this in mind, we will discuss the factors that will trigger the price of Cardano in 2021.
After maintaining a modest value for over three months, Bitcoin finally has time to surprise crypto investors. The highest price of digital tokens soared to $67,000 at the end of October, and this week also reached a record high of $68,000. After the Bitcoin rally, Ethereum followed suit and recorded a new ATH. Meanwhile, meme coins such as Shiba Inu and Dogecoin also rose as the two cryptocurrencies battled fiercely for dominance. However, when the cryptocurrency situation is worrisome, another digital token is expected to start growing in the future. Yes, it's Cardano. With a market cap of $72 billion, ADA outperformed both Bitcoin and Ethereum in CAGR. Cardano’s price has risen by 1000% in 2021 alone. Considered a green coin, ADA is expected to experience its next major decline before the end of 2021.
The Cardano platform was first developed in 2015 and launched in 2017 by Ethereum co-founder Charles Hoskinson. Decentralized blockchain platforms work with the goal of providing cleaner solutions. A scalable blockchain network operates with minimal power consumption, unlike its competitors like Bitcoin and Ethereum. The Cardano platform is promoting a green coin called ADA. Based on the Cardano blockchain, ADA acts as a means of payment for premium services on the network. Cryptocurrencies are welcomed as being environmentally friendly, as the creation of ADA blocks is relatively easy and requires less energy.
ADA Price Prediction
Cardano is by far the 6th largest cryptocurrency by market cap. However, in September, the digital token briefly took third place after the price broke the $3 resistance. At the time of writing, ADA is trading at $2.07. When other major cryptocurrencies like Bitcoin and Ethereum rose last month, Cardano noticeably lost value after hitting all-time highs. Although prices continue to fall, experts predict that ADA could become the next major player in the market. According to DigitalCoin's forecast, ADA could reach $4.88 by the end of 2022 and $11.88 by the end of 2025. However, some outrageous predictions suggest that Greencoin's market cap could reach $300 billion by 2023 compared to growing adoption over the next few years.
What is behind the expected surge in ADA prices?
Sustainability at the heart of acceptance: When Elon Musk announced that he would not accept Bitcoin from Tesla due to environmental concerns, Cardano investors thought now was the perfect time for them. When Bitcoin and Ethereum prices actually fell on utterances about energy consumption, ADA grew at a noticeable rate. Unlike Bitcoin and Ethereum, ADA is an environmentally friendly coin. A unique proof-of-work algorithm turns the competitive game of proof-of-work technology into a co-op game where block transactions can be mined and evaluated based on the number of coins held by an individual.
Smart Contract Feature Launch: The recent price spike for ADA is due to Cardano's initiative to implement smart contract features on the platform. The green coin price hit an all-time high of $3 since the announcement of the smart contract. Smart contracts are the latest buzzword in the cryptocurrency space. Many crypto platforms are preparing to improve their services with this disruptive model.
Limited Coin Availability: Experts often assume that Bitcoin is very popular because of its maximum cap. They also point out the lack of Ethereum in this area. Fortunately, Cardano also has limitations in maintaining its value in the market. Of the 45 billion minable ADA coins, 33 billion are already in use.