Cardano (ADA) Price Prediction 2018: Why This Cryptocurrency Is Going Up
Just as the cryptocurrency markets were taking a breather, a hitherto largely unknown outsider jumped into the foreground. Cardano (ADA) is now one of the ten most valuable cryptocurrencies in the world and is pushing Monero, NEO and NEM out of the way. But what is Cardano and why is the market dismaying about it? Read on for answers to these and more questions, followed by my price prediction for Cardano (ADA) for 2018, which means triple-digit profits in this cryptocurrency.
Cryptocurrency investors had a little speed boost this week. Top cryptocurrency prices fell as much as 20% as the market sought a major correction. Although most coin prices have recovered (albeit partially), the slump was enough to wake the crypto maniacs falling asleep on this Kool-Aid.
The harsh reality is that these “cryptic” investments make investors complacent. Cryptocurrencies create millionaires overnight and the “believers” don’t seem to worry about the potential price bubble that could burst anytime and kill their dreams.
While I remain optimistic, I have urged cryptocurrency investors to understand that this new “it” The investment idea is full of pitfalls. In the crypto universe, where 1,300+ cryptocurrencies compete for investor dollars, not all of your time and money are worth it.
Betting and trading can work in the short term when the stars are in your favor. However, the key to long-term success is finding the right cryptocurrencies that characterize a unique moat.
Ethereum is an example of such an altcoin (a cryptocurrency alternative to Bitcoin) that adds a unique touch to cryptographic financial and business transactions.
The meteoric rise of Ethereum in just five years from relatively unknown to the world’s second most important cryptocurrency speaks for itself. In fact, other smaller cryptocurrencies are striving to gain prominence in the crypto world, promoting themselves as “Ethereum equivalents” or “Ethereum killers”.
One of them is Cardano, which is advertised as a competitor to Ethereum with better properties. A leading figure behind Cardano is also a former Ethereum developer, and in fact the same minds are building Cardano who gave us Ethereum Classic (the cryptocurrency hard forked by Ethereum).
Before I get to the price prediction for Cardano (ADA) for 2018, here is a brief overview of what it actually is in case you are new to this blockchain technology.
What is Cardano’s cryptocurrency (ADA)?
Like Bitcoin and Ethereum, Cardano is a blockchain-based platform for individuals and organizations to conduct financial transactions anonymously and privately without third-party interference or surveillance.
These transactions are carried out on the Cardano platform using the cryptocurrency “Ada”, which corresponds to “Ether” on Ethereum and Bitcoins (with a small “b”) on Bitcoin platforms.
Cardano versus Ethereum, Bitcoin
The success of a currency, be it fiat or crypto, depends on the size of its introduction. The larger the community that uses it, the more widespread it is and the more valuable it is.
Against this background, Cardano’s development team is promoting the cryptocurrency, which not only appeals to users and investors, but also to regulatory authorities who are largely reluctant to legalize cryptocurrencies.
While it is true that most altcoins are praised for their privacy function, complete anonymity can sometimes be counterproductive. Take the example of Monero, which is touted for providing absolute anonymity to its users. But it is precisely this feature that is causing bad press as Monero becomes popular on the Internet for moving drugs or black money. The negativity is starting to scare off traditional investors.
In order to ward off similar stereotypes, Cardano is looking for the right mix of privacy and regulation to appeal to the mass investing community.
The Cardano platform is built in layers to protect user privacy. At the same time, it enables an improvement in its technology via “soft forks” (as opposed to the “hard forks” in Bitcoin and Ethereum, which these platforms ultimately split up).
Cardano uses a unique “proof-of-stake” algorithm that is not as capital intensive as Bitcoin’s “proof-of-work” algorithm. In other words, miners don’t need expensive hardware or a lot of electricity to mine ADA coins like Bitcoin does. This feature makes Cardano a cheaper alternative to Bitcoin.
also read: Bitcoin vs Ethereum: The Best Digital Currencies
Likewise, Cardano competes with Ethereum on two fronts:
- Scalability: One disadvantage of Ethereum is that it can only process 15 transactions per second, which makes it a slow blockchain technology. Cardano promises better scalability with the ability to process a larger number of transactions faster.
- Interoperability: Bitcoin and Ethereum are good enough to only maintain their own cryptocurrencies on their platforms. In contrast, Cardano promises to support not only ADA, but also other cryptocurrencies in its blockchain. With Cardano’s “Daedalus” wallet, users will soon be able to store and use not only ADA but also Bitcoin and Ethereum Classic from one location.
In view of these defining features, I will now go straight to my price prediction for Cardano (ADA) for 2018.
Price forecast for Cardano (ADA) 2018: A cryptocurrency with great upside potential
Even a fool could see the obvious advantage in Cardano. Not only is this cryptocurrency a better iteration of the older blockchain technologies of Bitcoin and Ethereum, but it also likely goes well with the governments and regulators around the world who have so far denounced the idea of cryptocurrencies.
But that’s not all. The team behind Cardano is taking this cryptocurrency to the next level. They have vowed to add traditional fiat currency products and services to the Cardano network.
Starting with ADA debit cards, the team plans to set up ADA ATMs across Japan. You might be wondering why Cardano chose Japan as its starting market before moving to the rest of the world. This is because Japan is well suited for a test run, as the majority of its population is already used to or invested in cryptocurrencies.
Because of Cardano’s Japanese initiatives, many are starting to call it the “Ethereum of Japan”.
Cardano’s big stakes have already caught the attention of savvy crypto investors who are starting to get into ADA. ADA-to-USD price rose more than 500% in a week, shortly after the cryptocurrency became available for trading on major Bittrex and Binance exchanges.
The ADA-to-USD price was flat for months at around $ 0.02 apiece before rising to $ 0.13 last week. Daily trading volume has also picked up pace as buying and selling activity increases.
However, when I look past these bullish signals, I see another uptrend due to another important development expected in 2018 that could push the price of Cardano (ADA) above $ 1.00.
Cardano is currently in the development phase. The current generation of Cardano technology is called “Byron”. This is the first layer that enables basic financial transactions with ADA. The second generation of Cardano is expected to hit the market in the second quarter of next year and will bring many more benefits.
This second edition is called “Shelley” and comes with the additional layer of “smart contracts”, similar to Ethereum’s smart contracts, which allow users to do more than just financial transactions on their platform.
On Shelley, Cardano users can customize their financial and business contracts while ensuring data protection in their transactions.
This is where ADA may see another round of three-digit price increases.
Cryptocurrencies have gained significantly in importance in the investor community as more and more people subscribe to this investment idea. But hyperinflated prices are now getting worrying as fears of a price bubble mount.
During times like these, look for an undervalued cryptocurrency with solid upside potential. Cardano is an option that probably won’t disappoint.
This cryptocurrency is still under development and investors have a good chance of striking while the iron is still hot. The tailwind I mentioned above could be the forerunner of a major rally of Cardano prices in 2018.
I’m calling for a three-digit increase in Ada prices in 2018. My 2018 Cardano (ADA) price guidance is bullish, with a target price of $ 1.00 by Summer 2018, possibly before Shelley’s release.