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. 

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

Decentraland price to double as MANA enters buy zone

Decentraland price correction nears an end as it approaches the buy zone, extending from $3.11 to $3.64. A dip into this area will likely reverse the downtrend and trigger a 107% upswing to $7.50. A breakdown of the range low at $2.46 will invalidate the bullish thesis.

More Decentraland News

Three reasons why Ethereum price is on the brink of breakout to new all-time high

ETH is inching closer to the “merge,” or the transition from “proof-of-work” to “proof-of-stake,” and developers have invited the community to contribute. ETH is closest to its previous all-time high, awaiting a trigger to break into a price tally. 

More Ethereum News

Dogecoin price forms triple bottom with DOGE targeting $0.30

A brief technical and on-chain analysis on Dogecoin price. Here, FXStreet's analysts evaluate how DOGE might be ready to bounce.

More Dogecoin News

Terra primed for profit-taking following LUNA's all-time high

Terra price looks ready for a minor correction after setting up a new all-time high. The recent rally has pushed LUNA up without a major pullback, making the anticipated retracement highly likely.

More Terra News

Cyber Monday 2021 Discounts!

Glued to your trading screen on Cyber Monday? Upgrade your skills by signing up for FXStreet’s Premium service, offered at a discount of up to 50%. Fellow traders have already taken advantage of Black Friday profits. What about you? 

Subscribe now!

BTC

ETH

XRP