Cardano (ADA) Price Analysis: Stumbling Cardano’s Price Values Lead to a Transitory Market Drop
Cardano is a technological platform that is capable of running financial applications currently used every day by individuals, organizations and even governments globally. This platform is built in two layers, which gives the system the flexibility for easy maintenance. One layer manages the DA exchanges and the second layer is for the smart contracts. The upgrades are done using soft forks. These separate layers help in managing the transaction of ADA coin and smart contracts separately. The layered platform is tamper-proof. And once the information is stored, the contract executed or the transaction is performed, the data are restored in the blockchain ledger permanently.
According to evaluation from Coinmarketcap, Cardano is currently being traded at 0.081394 USD for the market cap value of USD 2,110,315,653. Based on this report, Cardano is ranked the 10th largest cryptocurrency in the crypto market. This is also dependent on the circulating supply of 25,927,070,538 ADA coins out of a total supply of 31,112,483,745 ADA and the 24h volume of $154,445,084. Coin market cap has estimated the approximate return on investment to be 277.78%.
Cardano’s overall market has been on a visible gradual increase. The market capitalization traded at USD 1,199,369,505 on March 12 at 12:29 UTC and has risen by a massive 53.70% in 20 days’ time period. Cardano also recorded a noteworthy increase during the first week in April, when the price spikes took place across the crypto market. The trading price of 0.071832 USD along with the Mcap value of USD 1,862,382,724 on April 02 at 08:29 UTC bounced to their relative values of 0.091449 USD and USD 2,371,000,398 on April 03 at 07:29 UTC and further peaked to 0.098540 and USD 2,554,844,473. The values inflated by an average of 17.53% with both the Mcap values and trading prices. The values after that have been range bound to USD 2000 million. However, the present day value has deteriorated from its peak by 21.06%.
There have been plans to resolve issues related to scaling with a new mining scheme called Ourboros which is scheduled to roll out by the end of 2019, which would influence the price of the cryptocurrency. Hence the price of ADA is expected to reach around 5.00 USD by the end of 2019 and further increase to 10.00 USD by 2020. ADA would be purchase at 100 USD per coin by 2025.
The current market deteriorating market trend is in favor of the sellers. Both the investors and traders will have to observe the market movement before any plans of investing. However, the future indicates that Cardano will be able to pay for itself with long term investments.