Is $1 a Possibility for Cardano ADA? After the successful completion of the Cardano Shelley hardfork, the development team has started digging the first staking-based block.
It is the Cardano Shelley Update that allowed the price of the token to surge as much as it has these past few months. In May, Cardano ADA was trading in the $0.0500 level and it was far lower than this earlier in the year. If it can move from below $0.0500 level to the $0.1550 in just a few weeks, there is a strong chance that the token can reach the predicted $1 level.
At the time of writing, the price of the Cardano ADA token was $0.139801. It is up by 2.03% against the USD and down by 0.21% against Bitcoin BTC. The trading volume over 24 hours is $407,995,933 and the market capitalization was $3,624,618,459. ADA is underperforming Bitcoin BTC and other cryptocurrencies at this time. The price of Bitcoin BTC is $11,748.96. It is up by 2.00% against the USD with a trading volume of $27,205,796,456 and a market capitalization of $216,891,271,942.
Ethereum ETH is currently taking the lead in the market with a surged by 8% within a few minutes.
Since the completion of the Cardano Shelley update, over $10 billion ADA has been staked. With 38% of the total token locked in the system, Cardano ADA is primed for another parabolic bull run in the coming months. Apart from the migration to decentralization that will contribute to the surge in price, there have been reports that the Coinbase will list the ADA token before the end of 2020. This isn’t going to be a surprise since Coinbase made its intention known about adding Cardano in 2018.
If this happens, ADA will benefit from the Coinbase effect. Almost every time Coinbase adds a new token, the price of the token surges significantly against the USD. Maybe the Coinbase effect of Cardano ADA will take it as high as $1 when combined with everything else.
Ufuoma Ogono is a cryptocurrency writer with over 3 years experience in the cryptocurrency industry. She dedicates her time to sharing valuable information to members of the cryptocurrency community.
- Cardano ADA is Up From Recent $0.1200 Lows as it is Underperformed by Bitcoin and Ethereum
- Analyst Sees ADA Moving as High as $1 in the Future
Cardano ADA has been underperforming Bitcoin, Ethereum, and other cryptocurrencies on CoinMarketCap since the beginning of trading today. While ADA is doing much better than it was yesterday, it still isn’t doing as good as expected.
An analyst has predicted that Cardano ADA has what it takes to hit the $1 mark eventually. Cardano ADA has done exceptionally well this year with year-to-date gains of over 400%. The bullish momentum has declined since the beginning of August but there is still hope that things will get better soon.