The price of Cardano’s ADA token also still has enormous growth potential. Right now the ADA price is extremely low due to the last major correction. But how high can Cardano go and is it worth investing now?

Cardano is a blockchain network created by former Ethereum co-founder Charles Hoskinson. The project started in 2015. Behind the project is the Cardano Foundation, which has set itself the goal of researching the difficulties of previous blockchains, finding solutions to these difficulties, and then integrating these advances into the Cardano blockchain. 

Cardano is being further developed according to scientific standards. The Cardano Foundation works evidence-based and has thus created what is probably the most technically mature blockchain on the market in recent years. Above all, the security is hardly better on another blockchain. The blockchain uses the proof-of-stake consensus mechanism, which keeps transaction costs low.

In recent months, there has been repeated criticism that Cardano is said to be too academic and puts economic efficiency in the background. Smart contracts were only fully implemented half a year ago. But the developers basically want to think long-term and develop the blockchain sustainably.

Cardano is further developing its blockchain for the long term and sustainably. As a result, the network is often overshadowed by hyped projects such as Solana, Avalanche, and Terra in the short and medium-term. But patient development ensures a level of technical excellence that could pay off in the long run. There are 5 development stages, of which the network is now in stage 4:

1. Bryon : Developing the basics of the blockchain
2. Shelley : Creation of the decentralized structures
3. Goguen : Introducing Smart Contracts
4. Basho : Increased scalability
5. Voltaire : Introduction of governance functions

The ADA token is the internal currency of the Cardano network. It was already developed at Byron and is required to carry out transactions in the Cardano network. ADA holders are involved in the network and will have more and more say over the future of the blockchain over the next few years. There is a maximum supply of 45 billion ADA, making the number of tokens finite.

The ADA price rose sharply in the last 12 months and then fell again. The price skyrocketed, especially in the fall, when Cardano smart contracts were launched there, sparking hype on the ADA. The ADA price even rose to over 3 dollars. It hit an all-time high of $3.10 on September 2nd. 

In the last 6 months, the course fell again. This was initially because other cryptocurrencies such as Solana and Avalanche experienced hype and attracted attention with high transaction speeds. Since December, the downtrend has intensified as the overall market went into a sharp correction. At the moment the price is 0.85 US dollars (as of 03/17/2022). With this oversold price, and looking at their project development status, it sounds like a good buy price.

The price of Cardano’s ADA token should be extremely low in the long-term right now. This is for the following reasons:

• The market is bearish at the moment. Over the past 3-4 months, cryptocurrency prices have been falling due to many negative factors.
• Cardano is at the beginning of its 4th development phase. Cardano is currently quiet , which means that the price remains low at the moment. 

Many analysts see a price of $10 for an ADA token as realistic in the long term. This makes sense as a fourfold increase from the old all-time high ($3) in the next bull market seems very realistic. Cryptocurrency fans believe that at the end of its development, Cardano could become the dominant cryptocurrency in 5-10 years. They see a potential of $100 per ADA token. In any case, the current price is a good entry point. 

You can now buy the ADA token cheaply on the crypto exchanges  Coinbase  and  Kraken  .

After several difficult weeks, Cardano's ADA token has again recorded strong price gains in the last few days. The year 2022 starts extremely promising for the cryptocurrency. The new basho update could push Cardano to new heights in 2022. Now that prices passed the $1.5 level mark, where will ADA prices go? Will they continue upwards all the way to $2 or retrace in the short term? Let's tackle everything in this ADA price prediction article.

Cardano is a delegated Proof of Stake blockchain (dPoS), that supports smart contracts similar to Ethereum. The marketing of this project propagates a scientific approach. The development under Charles Hoskinson is rather slow, with multiple deadlines already pushed forward. With the launch of the staking-mainnet in mid-2020 and the Alonzo update, Cardano was finally able to accomplish an important milestone.

Many altcoins have made huge gains in the last 7 days. Among those big gainers is Cardano's ADA token, which at the time of writing is up by more than 30% in the past 7 days, rising to $1.53. This is the first major correction to the upside for the ADA token after the price has steadily declined over the past few weeks.

In September 2021, the price of the ADA token was still over 3 dollars. At that time, Cardano introduced smart contract functions for the first time, which opened the way to decentralized applications for the network. The big Bitcoin correction caused the ADA price to fall more and more and, like other cryptocurrencies, lost massively in value.

The development of Cardano takes place in several development steps. For this purpose, the Foundation has designed a road map in which the development is presented in a way that is comprehensible for everyone. At the moment, phase 4 of the development of the platform begins: Basho. In 2021, Goguen phase 3 came into effect and established smart contracts.

Basho aims to advance the scalability of Cardano. This is becoming increasingly important as other blockchains such as Solana and Avalanche have made serious strides in these areas. With Basho, Cardano now wants to compete with these extremely fast networks and also score points with decentralized projects thanks to its existing technical excellence.

The new Basho update is the event that all ADA hodlers are looking forward to. It promises further scalability enhancements and optimization. The roadmap indicates that this upgrade will happen somewhere in 2022, but nothing is clear as to when exactly. Speculators are suggesting that the Cardano Basho upgrade will happen somewhere in Q2 or Q3 of 2022. The specifics of the update are as follows:

•  Larger block size with the ability to process more transactions at once
•  Lower block propagation time
•  Prepared blocks with a more even spread
•  New CPU parameters - less memory required 
•  More effective UTXOs – this reduces the memory load for the blocks

These announcements probably had a positive impact on the Cardano price. With Basho, the network is poised for a successful 2022.

Looking at the current performance of the ADA token, one cannot but acknowledge the excitement from the community around this project. In addition to the tech enthusiasts that are looking forward to the new developments, investors who previously lost from the recent crypto crash also jumped on the Cardano train and purchased ADA in the hopes of recouping some of their lost profits.

After ADA reached the strong buy zone which was around $1.1, prices shot upwards toward the current price of $1.5. Today, ADA is clearly eyeing its previous psychological price of $2. In figure 1, we can see how the downtrend was distinctly broken, and a new uptrend is emerging.

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Rudy Fares

You can purchase Cardano’s ADA tokens on crypto exchanges  Binance ,  Coinbase ,  Kraken ,  and  Bitfinex.