02 Oct 2019 #Cardano
The cryptocurrency market has been in a slump since the beginning of this week, which marked the launch of Bitcoin futures contract trading on the Bakkt platform. The charts are mostly blinking red for now, and traders who didn’t manage to cash out before this significant downfall are awaiting the recovery to the mid-September level. However, those who acted on their hunch and sold a bulk of their crypto for fiat, or one of many stablecoins, now have time to consider their buying options since September 2019 might have provided a dip which won’t happen again in the next several months. While it goes beyond saying that it’s a prime time to stock up on Bitcoin, a wise investor must also broaden the portfolio of altcoins because the highly anticipated alt season is bound to happen sooner or later.
Cardano (ADA) is one of those cryptocurrencies that often get overlooked by inexperienced traders and investors, who devote their attention to widely popularized altcoins like Ethereum, Litecoin, or Tron. However, those who look beyond the publicity and hype know that ADA holds good potential which could translate into substantial profits in the near future.
It would be safe to say that Cardano is a fundamentally sound cryptocurrency. Similarly to Ethereum, this platform revolves around the utilization of smart contracts. The team of developers, which includes Charles Hoskinson who’s one of the founders of Ethereum, claim to have put viable scientific research at the bedrock of the Cardano platform to ensure the unparalleled scalability and security of the network that operates on Ouroboros, a Proof-of-Stake consensus algorithm.
The additional security is provided by the fact that the Cardano blockchain has been written in the programming language called Haskell, the use of which brings the risk of cyber attacks and other attempts to tamper with the network almost to naught. Perhaps that is one of the reasons why ADA has been named among the infamous “Ethereum killers”, which, among other things, mean that if Buterin and Co fails to deliver Ethereum 2.0 in due time, the price of Cardano may literally skyrocket in the next few years.
While we all are eagerly waiting for the market to get back into its senses after the somewhat disappointing Bakkt launch, there have been some developments signifying that ADA might recover much faster than its peers and even reach this year’s highs of $0,1/coin by December.
First of all, CEO Charles Hoskinson announced that starting from November, the holders of ADA will be able to earn from staking, thanks to the introduction of the Shelley upgrade. Moreover, New Balance, a globally popular sports brand, partnered with Cardano to use their blockchain for merchandise authentication. This will surely become a big driver for the price of ADA in 2019, which is expected to make a sprint to $0,07 over the course of October - November.
Cardano’s Ouroboros remains by far the only provably secure mining protocol which with time will supersede the electricity guzzling PoW algorithm. Furthermore, the team is currently developing Daedalus Wallet, which will provide for the unprecedented level of security of stored funds. As you can see, it’s the fundamentals that push and will continue to drive the price of ADA upward in the coming months and years.
According to our estimates, Cardano will be steadily increasing in value over the following year, surpassing its all-time high by the year’s end. Given the absence of market crises, the price of ADA might well reach $1 in a span of three years.
Get cryptocurrency price predictions, forecasts with analysis and news right to your inbox.
© 2015-2021 Crypto-Rating.com
The usage of this website constitutes acceptance of the following legal information. Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website, including information about the cryptocurrencies and bitcoin is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Crypto Rating shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about cryptocurrencies. The entire responsibility for the contents rests with the authors. Reprint of the materials is available only with the permission of the editorial staff.