Reasons Proving Cardano (ADA) Won’t Stay Under $1 for Long
One of the cryptocurrencies primed for big growth spurts is Cardano (ADA). Even in the current market downtrend, many industry players are still bullish good things are yet to happen. Various reasons point to the fact that the coin won’t stay under $1.00 far too long. Here are a few to consider.
Cardano (ADA) has been forecast to be the currency that will see the biggest price growth in Q2. According to finder.com’s cryptocurrency predictions, ADA will gain by 40% to reach new heights by June this year. But that’s not all.
The predictions are by a panel of experts set up by finder.com are for the month of May, and features the top 10 cryptocurrencies by market capitalization. What’s interesting for Cardano (ADA) is that out of the 12 coins, the nine panelists believe that this crypto is likely to experience the highest percentage growth not only by 1 June but also by the end of 2018.
The group of experts from different sectors allied to both cryptocurrency and mainstream business believes ADA will eventually gain by +597 between Q2 and Q4 to reach $1.90 against the US Dollar. Overall, the coin is given predictions ranging between $0.55 and $4.
For instance, Fred Schebesta, finder.com co-founder, has predicted ADA will reach $3.75 by year’s end. However, panelist Joseph Raczynski believes a realistic figure should be $0.55, saying:
“This one is consistent with market flow. If we trend up, this will follow. Long-term ADA could be a ETH.”
ADA’s currently trades at $0.246 against the USD and sentiment is positive despite the decline occasioned by a sudden bear trend. It’s bullish thinking, but that is why so many people predict the coin will reach $1.00 sooner than it’s believed. What could drive this rapid rise?
What else could make Cardano (ADA) hit $1.00 soon?
Cardano’s unique product
Although Cardano is a smart contract platform like so many others, its unique scientific approach is endearing it to many users, developers and recently, governments. It’s primed for adoption soon. Not only does it conform to research and peer-to-peer review, but it’s also run in a transparent auditable manner.
The platform is earning a lot of attention, and before long, most dApps and smart contracts will be built using its ecosystem. The ecosystem is another factor its ADA coin will eventually break the psychological one dollar wall. It offers metadata, sidechains, and recently released its formal specifications for cryptocurrency wallets.
There is also the prospect of Shelly coming into force soon, setting the coin a new path in the development of real-world use products. The community is excited about the progress and is positive, with Daedalus and Ouroboros providing a glimpse of what the team is after for the security of user funds.
It’s so much happening on the Cardano platform, one can easily forget the impact of updates like the IELE Virtual Machine that would make smart contracting basically easy.
Exchange listings and Partnerships
Cardano (ADA) is a top 10 cryptocurrency and is listed on many of the global exchanges globally. You can easily access ADA at any of these major sites- Upbit, Binance, Huobi, Bittrex, Gate.io, and HitBTC among others. There more listings happening in the next few weeks, adding to accessibility and demand. What this means is that the coin is getting popular and is being noted by more users every other day.
Furthermore, it could get even more interesting in the near future if ADA were to get listed on Coinbase. The majority of investors think it’s among those that stand a big chance of getting listed. Whether it happens or not, Cardano has already established itself as a great project and will likely grow even without Coinbase.
On the partnership front, Cardano is led by three formidable wings that are bringing in more mainstream partners. I am singling out the recent Metaps Plus deal is likely to propel ADA demand through the roof in the Asian market. If the deal to have ADA used for mobile payments succeeds, prepare for the moon.
Market recovery and Bull Run
The consensus in cryptocurrency circles is that the market will soon recover from the current decline. Leading the recovery will be Bitcoin (BTC) after the Blockchain week/Consensus 2018 week. The summer will see a rally that could lead to explosive price surges.
If this takes place this quarter, then ADA could easily hit over $0.50 within June and $1 not long after that. Cardano (ADA) currently trades at $0.246, but since it has reached higher levels before, it remains just a step away from a repeat or even better.