The value of Cardano ADA has skyrocketed since the beginning of 2021 where it crossed its all-time high price, eventually reaching $2 per coin. And with the crash of the crypto market after that man again Elon Musk announced that Tesla would no longer accept Bitcoin as a form of payment, the price of Bitcoin halved but among the smoke and rubble, one crypto stood firm and resisted a fall in value. That coin was ADA, the child of Charles Hoskinson who was a former developer and co-creator of Ethereum (which is valued at over $1000 per coin). Can ADA do the same? I think it has a lot of potential.
The price of all cryptocurrencies are very volatile and as the market is trading 24 hours a day for 7 days a week, it must be said that at the time of writing, the price of Cardano ADA is over $1.30 (£0.94p) and many enthusiasts, as well as crypto analysts, predict that it could go even further with some insane predictions such as $100. Since 2020, Cardano has grown in popularity as well as value but it has really skyrocketed since January of 2021. Here are the statistics.
In this post, we’ll take a look at why Cardano ADA is a coin that every cryptocurrency enthusiast should hold. And it’s not just about the money. Read on to find out more.
What is Cardano?
Coinbase places Cardano as the 4th most popular Cryptocurrency with a circulating supply of over 30 million and a market cap of over £30 billion. Cardano is often compared to Ethereum and also said to be the Ethereum killer however that’s not the case. yes, one of the creators of Etheruem is the same creator of Cardano so the technologies have similarities and goals but they’re both different.
Ethereum has smart contracts but it has issues – the main one being that it is very expensive for example, there are fees every time you use it to deliver smart contracts. Cardano doesn’t have this problem because whereas Etherum has a proof of work model, Cardano has a proof of stake model. This means that those who verify transactions made are the same as those who hold those Cardano tokens. This works better than proof of work because it doesn’t have the associated fees.
Cardano is secure and safe to use because the verifiers are also stakeholders. That means they can run the system fairly as they have a vested interest in the success of the network. Therefore Cardano is safer and cheaper than Ethereum.
Why you should buy ADA?
Price Prediction of ADA
When it comes to cryptocurrency, I’m not an expert but I do hold onto some to further diversify not just my investment portfolio but also my investment strategy. Of the top cryptos that I hold, ADA is one of them. The experts are very bullish when it comes to ADA saying that by the end of 2021, the price can 4x meaning it could reach a potential of $5 per coin.
The price of $5 per coin is not a long shot as we saw ADA sustain its growth levels while it resisted the crypto crash after Elon Musk said no to Bitcoin due to environmental issues. Therefore it’s entirely possible for AAD to achieve this and much more which some youtube commentators saying that it can potentially reach $100 – $1000.
$1000 sounds unreasonable to me but I think over the next 5 years if ADA reaches an average price of $10 then that will be a success. The time to buy is now while it still floats around the $1 mark.
Blockchain of the future
The main man behind Cardano, Charles Hoskinson isn’t worried about the money though as more focused on making Cardano the number one blockchain platform in which smart contracts are delivered in the future. He built the platform as an alternative to Ethereum and has similar goals of becoming a decentralised system. This is something that could be used by banks in the future.
There are 5 phases of the Cardano project and we’ve just passed the 3rd which is the Goguen stage. This involves using Cardano for smart contracts. The next phases are contracts and governance. You can read more about the upcoming projects on the Cardano roadmap.
Earn Cardano ADA for free while you can
When you buy cryptocurrency on some platforms you can stake them. This means that you can help the network as validators are selected to create a new block and process transactions. Staking Cardano is safe.
Right now Binance allows you to stake your Cardano ADA and receive a return. I just staked 300 for 60 days and earned over 7% back in ADA. I plan to keep doing this for as long as possible.
Complimentary Reading: How To Buy Cryptocurrency: A Guide For Beginners
Cardano is a great cryptocurrency and has huge potential. Elon Musk wanted to accept Bitcoin as a form of payment for Tesla and they may start again in the future. Cardano ADA is much faster than Bitcoin and Ethereum, so it could also become a form of payment in top companies soon.
I’ll leave you with the following key points:
- Cardano is on the rise.
- Investing in cryptocurrency is not safe. The market is extremely volatile and high risk so be responsible.
- These are just my thoughts. I invest in cryptos like Cardano ADA because it gives me another investment opportunity. This information should not be taken as investment advice. Seek professional help if you need to – if there is a crypto professional out there. But do your own research before investing.
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