As crypto seeks to become more energy-efficient, Proof-of-Stake projects attract more and more interest from the community. But Cardano blockchain also utilizes innovative technologies and unique concepts to improve global payment systems. Read our ADA price prediction to get to know more about the potential future of the project.
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Cardano Fundamental Analysis
Cardano is a Proof-of-Stake blockchain network. It is the first platform founded based on peer-reviewed research and developed through evidence-based methods. Its goal is to provide limitless security and sustainability to decentralized applications, organizations, and systems. The vision of Cardano is the improvement of the global payment systems in terms of transparency and the creation of fairer ways of redistribution of power and control.
Cardano redistributes the power from the centralized structures to the margins and individuals and aspires to contribute to positive change and progress. Utilizing science, Cardano creates a more transparent space for the users to transact and exchange, systems to govern, and businesses to scale.
The blockchain uses a unique dual-layer system, consisting of settlement and computational layers. The first layer allows the users to send and receive transactions almost instantly with low fees and the second layer works as a foundation for all the other features of the network.
Cardano blockchain was the first to implement Ouroboro — the first peer-reviewed, verifiably secure protocol that enables platform decentralization. Thanks to Ouroboro Cardano can sustainably scale to the global demands and regulations without compromising security.
The blockchain’s use cases include tracking of the product in agriculture from field to fork, a tamper-proof way of storing the educational credentials, and counterfeit detection for the retailers.
Since the launch of the Alonzo hard fork, the users can also develop and deploy smart contracts on Cardano to build native dApps on the blockchain.
Cardano was founded in 2017 and named after Italian 16th-century mathematician Gerolamo Cardano. The blockchain is powered by its native crypto ADA, named after 19th-century mathematician Ada Lovelace, who is considered to be the world’s first computer programmer. The token ensures that its owner can participate in the network governance. Every ADA holder has a right to vote on the proposed changes to the software.
Cardano Live Price Chart
In 2021 ADA was mainly bullish. Spurred by a bull market cycle at the beginning of the last year, the token was continuously growing and hit $2.3 on May 16. The price went for correction and then was bouncing between $1.3 and $1.8 till mid-June. At the time crypto market was in a general downtrend and was traded for $1-$1.3 till the beginning of August.
At the end of summer, the market started to recover and it boosted ADA price. Moreover, the announcement of the upcoming Alonzo hard fork upgrade caused ADA token price to break the $3 mark and hit the all-time high of $3.1 on September 2.
The asset sustained a high price level just for a couple of days and went for the market correction on September 7. After that ADA stabilized around the level of $2.1 and kept this position till the end of October. But in the first week of November, the asset was pulled off to $2, spiked to $2.2 on November 9, and started its long bearish run.
At the beginning of 2022, the token was traded for $1.3, rose to $1.5 in mid-Jan, and continued to fall. During the last week, Cardano was moving along with the whole crypto market and has lost 13% of its price.
Despite the recent decline of the ADA price chart, analysts consider Cardano as a promising project and expect the token to grow in the future.