- Cardano (ADA) has seen a significant price rally recently, surpassing Bitcoin and Dogecoin, driven by its founder Charles Hoskinson’s involvement in shaping US crypto policy under the Trump administration.
- Cardano is an open-source blockchain platform created to address limitations of earlier cryptocurrencies like Bitcoin and Ethereum, with features like scalability, interoperability, and sustainability.
- Market analysts are optimistic about ADA’s future price, with projections ranging from $2 in the coming weeks to over $12 by 2030, depending on factors like market momentum and regulatory environment.
Cardano (ADA) is a cryptocurrency that has nearly tripled in value over the last month. Its gains have even eclipsed Bitcoin and the more aggressive Dogecoin. The rally has pushed Cardano to become the ninth-largest cryptocurrency with a market capitalisation exceeding $47 billion.
What is Cardano?
Cardano (ADA) is a blockchain platform that aims to address the limitations of earlier blockchain technologies like Bitcoin and Ethereum, particularly in scalability, interoperability and sustainability. It uses a proof-of-stake consensus mechanism and has a layered architecture that separates settlement and computation layers.
The project is backed by three organisations – Input Output Global, the Cardano Foundation, and Emurgo.
The ADA token is the native cryptocurrency of the Cardano blockchain. It is used for transaction fees, staking, governance, smart contracts and decentralised applications.
What Fuelled Cardano’s Rally?
Although Cardano’s rally remained subdued following Donald Trump’s victory in the US presidential election, especially compared to Bitcoin and other meme tokens, the ADA token has recently surged.
This rally was primarily driven by its founder Charles Hoskinson who confirmed his active involvement in shaping US cryptocurrency policy.
President-elect Trump has positioned himself as crypto-friendly, referring to himself as the “First Bitcoin President” during his campaign. Many of his top aides are known crypto proponents, including billionaire Elon Musk regarded as the face of the meme token DOGE.
Another boost for Cardano came from its recent listing on Robinhood, a popular trading platform.
Cardano ADA Price Prediction
Many market analysts are optimistic about ADA’s price and future prospects.
While the token is currently hovering around the $1 milestone, further rallies are possible.
CoinJournal suggests that ADA could climb to $2 in the coming weeks if the current momentum is maintained.
CoinCodex is more conservative, predicting the ADA price will range between $0.98 and $1.10 by early December 2024.
Coin Edition presents a broader prediction suggesting the ADA token could reach $9.41 by 2029. Meanwhile, Techopedia offers a more cautious outlook projecting ADA to hit $6 by 2030, highlighting potential regulatory challenges and market conditions.
Coin Edition is the most optimistic, predicting that ADA will reach $12.54 by the end of 2030.
Conclusion
Despite the recent rally of the ADA token, its price remains far below its peak of over $2.80 achieved in early 2021 during the altcoin price boom.
Although Bitcoin has regained momentum despite several challenges, many altcoins including Cardano are still struggling to return to their all-time highs even with recent upward trends.
However, with founder Charles Hoskinson’s involvement in shaping crypto regulations under the crypto-friendly Trump administration, the future prospects for Cardano ADA look bright.
