Cardano continues to flux – Can it push to $5, or is it maxed out?
Cardano, a decentralized proof of stake (PoS) blockchain cryptocurrency platform, has become one of the largest cryptocurrencies since launched in September 2017 by Charles Hoskinson. Along with its native cryptocurrency, ADA, Cardano has created enthusiasm in the blockchain community.
The cryptocurrency was invented to be an upgrade on coins like Bitcoin and Ethereum by offering users a faster and safer transaction experience while consuming less energy. These features contributed to the unwavering growth witnessed in the early days of its launching as the coin reached its highest exchange value of $3.10 on September 2, 2021. Unfortunately, the coin has since been affected by the tides in the blockchain industry and hasn't been able to replicate that feat to date. Albeit a series of falls and raises, ADA is currently at $0.37.
Unlike Tamadoge and Impt.io which has maintained the pace since launched, the continuous instability in price raises doubts among investors about whether the coin can reach the projected $5 in the coming years.
The fluctuations in the Cardano price market since launched
In 2017, Cardano was launched at an initial price of around $0.02. And by the end of December 2017, ADA has surpassed the market cap of $ 1 billion. The continuous upsurge caused the price to go up by 4000% to $1.21 on January 4, 2018.
Months later, ADA recorded its first-ever fall; by March 2018, it dipped to below $0.15. The coin peaked at $0.40 in April 2018 but couldn’t maintain the momentum and fell back to $0.03.
The coin didn't have many favorable fortunes in 2019 as the few rises recorded couldn't go further than $0.10, and by December 2019, ADA was back to $0.03.
The following year, 2020, was more promising for Cardano investors. In January and February, ADA was traded at $0.07 but fell by around 40% in a single day in March when the price was at $0.02. After this heavy fall, the coin rose again and reached $0.14 by August. Then, a sharp fall was recorded in September, but ADA finished the year stronger and was traded at around $0.17.
At the beginning of 2021, Cardano witnessed a significant upsurge, and by February 20, ADA was traded at $1.12, crossing the $1 mark. On March 13, the coin fell to $0.9352 but rose again to $1.16 on April 23. Cardano continued to grow in May, and on May 16, ADA traded at $2.46, a price above the $2 mark.
May 19, 2021, was a horrible day for crypto investors, dubbed the great crypto crash day. Cardano wasn’t an exception, as it fell to half its price at $1.03 before finishing the day at $1.48. Then, on September 2, 2021, ADA reached its highest trading price of $3.10.
An unexpected fall was re-recorded on September 12 after the awaited smart contract upgrade. ADA traded at $2.58 from $2.64. The fall continued throughout October, and by December 31, 2021, Ada's price stood at $1 31.
Cardano begins 2022 at the $1.31 it traded at the end of 2021. And on January 9, 2022, Cardano announced its eco-friendly project, and the price increased to $1.63 by January 18. By the end of January, the coin was back to $1.01.
A promising February ended on a terrible note due to the Russia-Ukraine war. At the start of February 2022, the coin was at $1.18 but fell to $0.7528 on February 24. Over a couple of weeks into the war, Cardano rose again, and by March 29, ADA traded at $1.
The announcement made by China that it was imposing a crypto ban caused a general fall in the Cryptocurrency Market. And Cardano wasn’t exempted, as it was at $0.9201 on April 17, 2022. And by the end of April, ADA has fallen to $0.7565.
ADA peaked slightly by the beginning of May, at around $0.79 by May 6. However, the rise wasn't there for long, as it fell $0.536 on May 20 following the crisis witnessed by the blockchain industry. The fall continued to June; by the 18th month, Cardano was at $0.4234. Another peak was recorded on June 26 before witnessing a more terrible fall to $0.4064 on July 13, 2022.
ADA closed the month of July with a rise at $0 517. The coin continued the rise to August 8, 2022, when it was at $0.539. By August 14, the price had risen to $0.5939 before dropping again to about $0.4575 on August 31, 2022.
Then the coin witnessed an upspring in the early days of September, being traded at a high of $0.5235 on September 10 before falling back to $0.4451 on September 20, 2022.
Can Cardano ever reach the $5, go higher or falter?
After reaching the all-time peak of $3.10 on September 2, 2021, investors expected ADA price to keep upsurging and cross $5. Instead, a year later, Cardano witnessed a series of hits and dips, causing blockchain experts to look into the coin performances and make predictions. Many experts predicted that ADA is ready to increase over the years. However, others didn't share the same view as they expected the opposite.
Despite the series of notable upgrades (the latest being the Vasil upgrade o September 22, 2022), Cardano hasn’t been able to reach the expected upsurge in price. And looking at the difference in the opinion of the experts, investors need to make a bold decision on whether they are cool with these results.
However, there are other more promising coins in the market with stable growth since they launched in 2022. Topping the list are the eco-friendly Impt.io and Tamadoge. We believe every crypto investor should have these coins in their wallet.
Tamadoge (TAMA) has set the ball rolling since its presale
After recording a considerable presale success where 19M is raised, Tamadoge continues to grow by leaps and bounds. It's already considered the best Play to Earn gaming cryptocurrency and ranks high on the list of the best meme coin in 2022.
This uncommon success was backed by the series of values introduced by the Tamadoge project. The Tamadoge and Tamaverse introduced the rare NFT, the P2E games, and the VR expected in the coming days. All these features answered the investors' pleas in market cognition and building the future.
Impt.io (IMPT) is the crypto with the highest recorded presale in history
Many new cryptocurrencies suffer from gaining recognition on presale, but Impt.io is making fun of this seemingly challenging hurdle. With just 2 weeks into its presale, the project has recorded over $5.1M.
This eco-friendly crypto project gains awareness due to its efforts to minimize the carbon loads threatening the ecosystem by launching carbon credits for burning the carbon load. Investors use the IMPT token to purchase carbon credits.
Bottom line
Anyone interested in investing in a cryptocurrency project must consider the volatility of the crypto and determine if it is worth their bucks. For example, Cardano started as a promising project but hasn't maintained the pace. On the other hand, newer cryptos such as Tamadoge and Impt.io looks more promising and have been stable since they launched.
This article is sponsored by FINIXIO
Author
Alan Draper
Clickout Media LTD
Based in the United Kingdom, Business 2 Community editor Alan is part of the team that’s responsible for ensuring all the content on our site is accurate, relevant and up-to-date.
