|

Analysts set a $20 target for Cardano as holders stake 71% of ADA supply

  • Cardano has become one of the most decentralized cryptocurrencies among other smart contract platforms, with 71% of the current supply being staked by holders.
  • Cardano announces Satoshi's light wallets to increase the accessibility of cryptocurrencies and NFTs with interoperability and ease of use.
  • Analysts are bullish on Cardano, setting a target of $15-$20 for ADA price at the end of the year.

After Cardano deployed smart contract capabilities on its network, more ADA tokens were pulled out of circulation. Over 71% of ADA supply has been pulled out of circulation, creating a shortage. 

Cardano emerges as one of the most decentralized cryptocurrencies

Cardano's Project Catalyst – the altcoin's on-chain governance, treasury and community innovation – has generated massive participation and exceeded the top 10 Decentralized Autonomous Organizations (DAOs). 

Input-Output Hong Kong, the organization behind the development of Cardano, made the announcement.

Layer-1 blockchains with smart contract capabilities like Solana, Internet Computer Protocol and Avalanche compete with Cardano for dominance. Interestingly, since the Alonzo hard fork, there is an increase in the ADA tokens being staked. 

Based on data from crypto staking statistics provider Pooltool.io, 71% of Cardano's current supply is staked by ADA holders. 

The Ethereum-killer has announced several updates to the Cardano ecosystem, including the launch of "Light Wallets," considered part of Bitcoin founder Satoshi Nakamoto’s vision. 

EMURGO drives the adoption of Cardano and builds on its blockchain network. The developers have built a wallet that facilitates NFT and most native token transactions in a simple and accessible manner. This adds value to ADA holders and increases the utility of the altcoin. 

EMURGO developed the light wallet, and the developers announced the features and upcoming updates on October 9 at the "Cardano Summit."

Ben Armstrong, popularly known as @Bitboy_Crypto, considers the ADA price cycle the most parabolic one yet and set an end-of-year target of $15-$20 in his tweet.

FXStreet analysts have evaluated the ADA price trend and believe that Cardano needs to reclaim the $2.20 level to prevent further correction. 

Author

Ekta Mourya

Ekta Mourya

FXStreet

Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.

More from Ekta Mourya
Share:

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

By subscribing you agree to our Terms and conditions.

Editor's Picks

Avalanche struggles near $12 as Grayscale files updated form for ETF

Avalanche trades close to $12 by press time on Wednesday, extending the nearly 2% drop from the previous day. Grayscale filed an updated form to convert its Avalanche-focused Trust into an ETF with the US Securities and Exchange Commission.

Bitcoin slips below $87,000 as ETF outflows intensify, whale participation declines

Bitcoin price continues to trade around $86,770 on Wednesday, after failing to break above the $90,000 resistance. US-listed spot ETFs record an outflow of $188.64 million on Tuesday, marking the fourth consecutive day of withdrawals.

Michael Selig assumes role as new CFTC Chair, what does this mean for crypto?

Michael Selig has been sworn in to serve as the 16th Chairman of the Commodity Futures Trading Commission. Selig was confirmed by the US Senate to head the commission last week, following his October nomination by the US President Donald Trump.

Crypto.com hires sports trader for event prediction market-making

Crypto.com plans to recruit a quant trader for the sports market-making team to buy and sell financial contracts related to these events. Opponents argue that internal trading desks put operators or their affiliates on the opposite side of customer trades. 

Orange Juice Newsletter – Smart insights by real people. Every day.

A free newsletter highlighting key market trends to help traders stay a step ahead. Daily insights on the most relevant trading topics, compiled by our experts in an easy-to-read format so you never miss an important move.

Bitcoin: Fed delivers, yet fails to impress BTC traders

Bitcoin (BTC) continues de trade within the recent consolidation phase, hovering around $92,000 at the time of writing on Friday, as investors digest the Federal Reserve’s (Fed) cautious December rate cut and its implications for risk assets.