There are a lot of alternative coins out there since the introduction of digital currency technology. Examples are Bitcoin, Cardano, Ethereum and others. A lot of people are sceptic about which coins are worth their time or not.
This post will shed more light on whether or not Cardano (ADA) is the new rising cryptocurrency. So keep reading to learn more about this crypto coin.
Does Cardano (ADA) Make the List of Valuable Cryptos?
Apart from the popular coins that most people are familiar with, such as Bitcoin, Ethereum and others, some alternative crypto coins are making waves too.
According to Nairametrics, Cardano (ADA) was the 6th most valuable cryptocurrency on CoinMarketCap’s list in June. However, this has changed because new crypto coins are introduced into the market quite often, and many of these coins experience fluctuating prices.
Cardano (ADA) increased by at least 14% price in June. That increase resulted in the crypto coin surpassing both Ripple (XRP) and Solana (SOL) in market capitalisation.
Cardano (ADA) is valued at $0.51 and increased by 2.45% on the 3rd of August 2022. Over five million assets are on Cardano (ADA). That has triggered a boost in its scaling capabilities due to a network upgrade in June.
The crypto coin is the 8th coin on the Coin Market Cap list, with an increase of 0.08% and valued at $0.5135.
What are Some of the Predictions about Cardano (ADA)?
Cardano (ADA) is primarily known as a blockchain platform. Its rivals are inevitably cryptocurrency coins such as TRON, Solana, BNB Chain, and Ethereum.
The CEO of Router Protocol, Ramani Ramachandran, said that Cardano might become the most decentralised blockchain in the world or evolve into nothing. He said that there would be no middle line for the crypto coin.
In other predictions, Charles Silver, the executive chairman for Permission.io, predicted that Cardano (ADA) would fall to about $0.20 by the end of 2022. He said there was a use case for the crypto coin.
Other speakers said that the crypto coin was slow in its delivery of updates and lagging behind rival crypto coins in attracting projects and interested developers.
What is the Public Opinion on Cardano (ADA)?
While some are optimistic about this crypto coin becoming a real game-changer, not everyone seems impressed by it.
The coin seems not to have made any astounding rise in value. Some cryptocurrency enthusiasts say that the crypto coin does not appear to be increasing significantly. It has peaked already and now seems like one of the regular cryptos.
What is the Speculated Profit Yield of Cardano (ADA) Between 2022 and 2025?
Let’s create a scenario where you purchase $1,000 worth of Cardano (ADA) in 2022. How much profit will you gain in three (3) years?
Firstly, consider the price you would purchase the coin in August 2022. The crypto coin hit a low of $0.41 and reached a high of $0.51 in August. So, buying $1,000 of ADA at $0.51 yields 1,960 ADA. Buying $1,000 of ADA at $0.49 gives you 2040 ADA.
If any of the predictions are correct and the price of ADA does grow to reach $0.63 by the end of December 2022, then the following would likely be your gain:
If you bought at the low-end price of $0.49, your ADA portfolio would be worth $1,286+.
If you bought at the high-end, your ADA portfolio would be worth $1,1235+.
These predictions may vary depending on the rise or fall of the crypto coin value. Buying Cardano when the prices fall is a step to a successful investment in 2022.
Is there a Future for Cardano (ADA)?
Cardano (ADA) crypto coin was released in 2017, but it may or may not be here to stay. It has fewer projects compared to other prominent crypto coins. However, it has been around for five years and hasn’t attained much price value.
A percentage of the cryptocurrency market users are sceptic about Cardano’s ability to withstand another bear cycle. Popular crypto coins such as Bitcoin, Ethereum and others have withstood bear markets and come out strong.
Cardano’s founder, Charles Hoskinson, also confirmed that there would be a delay on the Vasil hard fork upgrade due to various setbacks. This delay may put off some crypto investors, while some investors may remain undeterred.
Conclusion – Cardano: The New Rising Cryptocurrency?
To wrap up, if you plan to invest in Cardano (ADA), it may not be too late for you to do so. The coin has seen a rise in value this August 2022. You can purchase the crypto coin now and wait for the outcome of the predictions later this year in December 2022.
The cryptocurrency market tends to spring surprises. You need to invest wisely and take calculated risks that you can handle. Also, make sure you do your research before investing.