Price Analysis

Cardano (ADA) Price Prediction: Is Cardano One of The Best Cryptos to Invest in the Long Term?

Cardano (ADA) is a redistributed blockchain technology that uses smart contract mechanism just like Ethereum. However, Cardano is based on scientific logic and philosophy. And these are the prominent reasons for Cardano being one of the most sought-after cryptocurrencies. On top of that these ideologies protect the market value of the crypto from the adverse effects of fluctuations. In Cardano, a consensus mechanism based on the proof-of-stake algorithm known as Ouroboros is used which keeps track of transactions that occur on the Cardano blockchain and keeps a record for any future references. Cardano blockchain is an improved version of Ethereum and is developed by the co-founder of Ethereum, Charles Hoskinson. Some of the major problems like scalability and cost of the transaction, that persisted in Ethereum, have been taken care of in Cardano, making it more accessible to developers and investors.

Cardano

Today, on May 03, at UTC 07:44, Cardano (ADA) was ranked at 10th position in the crypto chart, with return on investment of 227.44%. As per Coinmarketcap, the market capitalization of the altcoin is 1,825,364,312 USD. Additionally, the 24-hrs trading volume of Cardano at the same time was 63,263,912 USD, with 25,927,070,538 ADA chips in circulation. Against Bitcoin, altcoin was valued at 0.00001250 BTC per chip.

Comparison:

In order to analyze the fluctuation in the price of Cardano (ADA) let’s see its variation over 25 days. On April 08, the crypto was trading at 0.087009 USD. However, the value of Cardano (ADA) has declined by a substantial amount, and at present, it is trading at 0.070209 USD, with a dip of almost 19.3%. Not to forget that Cardano’s value has declined yesterday as well. While it opened the previous day at 0.069020 USD and took a dip of 0.000441 USD (0.64%) and closed the intraday trading at 0.068579 USD. The total trading volume for yesterday in Cardano was 55,122,571 USD.

Cardano (ADA) Price Prediction:

The latest Shelley update in Cardano has benefitted the blockchain heavily. A noteworthy fact related to Cardano is that it has a fantastic team of academics and developers from all over the world. Additionally, the Cardano team dealing the issue related to the blockchain with professionalism and hard work without being worried about the price action and has shown a positive attitude. Cardano really focuses on scalability and sustainability. Nevertheless, in 2019, the crypto needs to make sure not to miss any deadlines and deliver the promise. If you look at the predictions of market analysts, the crypto is most probable to reach up to the 1 USD mark by the end of the year.

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Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.
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