Cardano (ADA) Price Prediction in 2024

Bittime - Cardano (ADA) has long been in the spotlight in the cryptocurrency world. As one of the projects dubbed the "Ethereum killer," Cardano continues to stir debate among investors and observers. 

In this article, we will discuss Cardano (ADA) price predictions based on the project's journey, current market conditions, as well as expert views.

What is Cardano? 

Cardano is a next-generation blockchain designed to be more secure, scalable, and sustainable. Launched in 2017, Cardano offers a platform for building smart contracts and decentralized applications (dApps). 

Despite its promising features, Cardano adoption still faces challenges, especially with the presence of Layer 2 solutions on Ethereum that reduce transaction costs and speed up confirmations.

According to Gracy Chen, Managing Director of Bitget, although Cardano has quite high activity with 135 projects already launched and 1,264 projects in various stages of development, many of these projects are not yet fully successful. 

Despite this, Cardano's focus on development education, new infrastructure such as stablecoins, programming languages, and wallets are part of its ambitious roadmap.

Read also: How to Buy Cardano (ADA)

Cardano Price History 

Like many other crypto projects, Cardano's price experiences sharp fluctuations. 

After launching in 2017 with an initial price of $0.0024, Cardano faced skepticism, but then gained momentum after the Alonzo hard fork in 2021 enabled smart contracts capabilities. 

This caused ADA's price to soar 30 times, reaching a market capitalization of $94.9 billion.

However, after Alonzo's peak, ADA price started to decline and continued to fluctuate until 2023. 

In early 2024, although it did not soar as high as Bitcoin, ADA also rose with increasing market enthusiasm for digital assets. On August 9, 2024, ADA was trading at $0.3475, about 50% higher than October last year.

How Will Cardano Perform in 2024? 

Analysis of Cardano's on-chain data shows significant activity with total transactions reaching 91 million. However, when compared to Ethereum which records millions of daily transfers, Cardano's numbers are still much smaller. 

Despite a 67% increase in the number of smart contracts by March 2024, challenges remain, especially with the presence of Layer 2 on Ethereum.

Chen noted that despite increasing interest in other blockchain projects, TVL (Total Value Locked) in Cardano's DeFi ecosystem has only reached $450 million, still far below Ethereum which has a TVL of more than $53 billion.

What to Expect from Cardano in the Future? 

Looking at the future of Cardano, there are two main views that can be taken: bullish and bearish. On the bullish side, Cardano has strong community support and a growing infrastructure. 

However, on the bearish side, Cardano still relies on native tokens and is having difficulty attracting significant trading volume.

Chen argues that to truly thrive, Cardano needs to increase its operational efforts and find the right market niche among other blockchain projects. 

Additionally, factors such as ecosystem developments, regulatory decisions, and global macroeconomic conditions will play an important role in determining ADA's future.

Conclusion 

Predicting the future price of Cardano (ADA) is not an easy task, considering the ever-changing market dynamics. However, considering on-chain data, recent developments and expert views, ADA is expected to fluctuate in the range of $1 to $3. 

ADA's price upside potential is highly dependent on technological breakthroughs and increased adoption in the future. For investors, it is always advisable to conduct in-depth research and consider the risks before investing in cryptocurrencies like Cardano.

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You can buy and sell crypto assets easily and safely via Bittime. Bittime is one of Indonesia's best crypto applications, officially registered with Bappebti. 

To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also ensure you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. Study Complete Guide How to Buy Crypto on Bittime. 

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