Cryptocurrency prices appear to have taken a strong upward trend in 2023. This year has been good so far with prices rising an average of 15% in the first two weeks of 2023. Gaining around 45% over the same period , Cardano in particular was able to outperform the cryptocurrency market. How far exactly can Cardano go? Can Cardano Reach $5 in 2023? Let us carefully analyze in this article about Cardano price prediction.
What is Cardano ADA?
Cardano is a decentralized public blockchain and cryptocurrency project. It offers a secure, fast and scalable platform for building and using decentralized applications and smart contracts (dApps). Cardano achieves distributed consensus and transaction validation through the use of the Ouroboros proof-of-play consensus mechanism. Charles Hoskinson, co-founder of Ethereum, invented and maintained Cardano, which is developed and supported by the Cardano Foundation, Input Output Hong Kong (IOHK) and Emurgo. ADA is the name of the native currency of the Cardano network.
When was Cardano born?
Charles Hoskinson developed Cardano in 2015. However, the platform went public later in 2017.
At what price did Cardano start?
Cardano prices were offered to the public at around $0.0024. Given current ADA prices today, that means prices have managed to make over 1000 times over the past 6 years.
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Why is Cardano standing today?
As the broader market returns to the upside, Cardano has managed to outperform most cryptocurrencies. The average yield a in the last 2 weeks it has been around 15% , while ADA prices are up more than 45%. If we look at Figure 1 below, we can see how ADA prices bottomed out at 23 cents at the end of 2022. However, 2023 looks like a promising start for ADA as prices have returned to the current price of 34 cents. cents.
For most crypto analysts, this specific Cardano price is significantly undervalued. Indeed, Cardano is an excellent crypto project with a promising blockchain. Cardano in 2023 should definitely be on every crypto investor’s checklist.
Cardano Price Prediction: Cardano Hits $5 in 2023?
It is true that Cardano is currently in a strong upward trend. However, the $5 price tag might seem a bit far off. Cardano hitting a $5 price tag means ADA has to make about 1,370 returns in 11 months, which is a bit far off. This is especially true as most cryptocurrency analysts were expecting some price consolidation in the third quarter of 2023.
Cardano, however, should be able to reach the $1 price tag easily should prices continue their upward trend and may even target the $1 price tag. This is expected to happen during the third quarter of 2023.
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