Cardano (ADA) Price Analysis: Recurrent Growth in Cardano’s Market Might Push it Closer to Top Trading Cryptocurrencies by the end of 2019
Cardano is a decentralized, blockchain and smart contracts based system which is used to implement Decentralized apps on the Cardano platform. It is the first digital currency that runs on scientific peer review, which prioritizes safety. Cardano creates a sustainable ecosystem with its two-layered system – one layer runs ADA exchange, and the other layer runs the smart contracts. This layered system is tamper-proof and does not allow manipulating the data once entered. Once the information is stored, a contract executed, or transaction performed, it will be stored permanently in the ledger.
Current Scenario
According to Coinmarketcap, the mcap value of the cryptocurrency is being traded at USD 2,398,063,775, and its corresponding price per coin amounts to 0.092493 USD for the 24h volume of $237,709,851 on April 04 at 12:09 UTC. The current circulating supply of coins sums up to 25,927,070,538 ADA out of a total supply of 31,112,483,745 ADA. Based on this data, Cardano is ranked the 8th largest cryptocurrency in the market. The approximate return on investment for this cryptocurrency is calculated to be 327.29%
Cardano’s Market Analysis
Cardano’s market capitalization traded at USD 1000 million at the beginning of January 2019 and peaked to USD 1400 million by January 10. The market crumbled after that for a month between January 10 and February 10, with the values reaching the lowest of USD 938,840,516 and the price lowering to 0.036211 USD. Nonetheless, the market has been on a gradual increase since then. The market jumped 22.22% when the MCAP value surged from USD 1350 million to USD 1650 million between March 21 and 24. The price further grew to reach its highest of 0.098040 USD today at 01:34 UTC with MCAP trading at USD 2,541,890,095, a 6.00% increase from the current value. However, the cryptocurrency is driven by the bulls which are evident with the massive increase in moving average to the current value by 84.57%.
Future Price Prognosis
Crypto forecaster the oofy predicts that, if the current market trend continues, Cardano’s price will reach the highest price of 0.50 USD per one unit. By 2025, ADA’s price might top with the lowest of 15.00 USD and the highest touching 50.00 USD, taking it closer to Ethereum and Ether’s market. Similarly, crypto ground predicts the price to reach 0.1719 USD by 2020 with an increase of 84.91% and reach over 1.0145 by the end of 2023. Contradicting the above, the wallet investor expects deterioration in the price of ADA to 0.00951 by December 2019. However, it estimates that long term investments will return profits.
Conclusion
The current market trend along with the moving average and the bulls backing are in support of the buyers. With the stability in growth in values of the coin, the merchants and the investors can expect the outcome in favor of them. Also, The future of the currency looks bright and attainable.
