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Cardano is a cutting edge Proof-of-Stake blockchain network with a native cryptocurrency, ADA. 

A third-generation blockchain, Cardano has more advanced features than any protocol ever developed, while being the first to evolve out of rigorous scientific vigour.

For this reason, there is a lot of hype behind the project, and the launch of the much-anticipated Shelley testnet has seen the price of Cardano increase over 58% this year to date. 

At the time of writing, ADA was trading at $0.078, a long way from its all-time high of $1.33, with plenty of room for price growth.

Where to Buy Cardano?

Being one of the top cryptocurrencies, there are numerous exchanges around the world where you can purchase the Cardano blockchain’s native token, ADA. You just have to ensure you can navigate the exchange and store your coins safely in a digital wallet.

 Alternatively, you can more simply trade the value of ADA through a regulated broker, without the hassle of dealing with the actual coins.

A Brief History on the Price of Cardano

In order to accurately predict the market direction for Cardano, we will need to deep dive into the key news events that have had some bearing on the value of ADA in recent times. We will also look at Cardano’s fundamentals and market sentiment in our analysis.

Key News for Cardano

Cardano is the first third-generation blockchain born from a scientific philosophy. No project has taken as much time and spent as many resources researching their Proof-of-Stake algorithm, than Cardano.

For this reason, there is a fair amount of anticipation in the market to see if Cardano can outperform some more established cryptocurrencies, like Ethereum.

The Cardano team plans to introduce more advanced features into the Cardano network than any protocol currently in the market.

Cardano is at a vital stage in its development. The protocol is transitioning to the Shelley testnet, which should transform Cardano into a robust and completely decentralized blockchain.

At the time of writing, the price of Cardano was moving steadily up with early reports suggesting the transition to the Shelley upgrade is going smoothly.

Cardano Timeline

  • October 01, 2017

 IOHK Launches Cardano Blockchain with ADA trading on Bittrex

  • October 02, 2017

Cardano’s all-time low (Cardano price bottoms out at $0.017 soon after listing)

  • November 28, 2017

ADA Gains 400% in a week drawing media attention (ADA opens at $0.050 on November 28 and climbs to $0.14 a week later) 

  • December 16, 2017

Cardano (ADA) Price jumps over 100% in a single day (Cardano price opens at $0.21 and hits a high of $0.44 before closing at $0.40)

  • January 2, 2018

Cardano gets its first real-world use case - proof of University Diplomas in Greece (ADA opens at $0.72 and rises 8% to $0.78) 

  • January 4, 2018

Cardano records its all-time-high (ADA hits $1.33 on exchanges at the bull market summit)

  • 2018

The cryptocurrency market turns bearish and billions are wiped off the market. Cardano loses significant value along with other coins during ‘crypto winter’.

  • April 22, 2019

Cardano founder Charles Hoskinson reveals state-backed cryptocurrency for Ethiopia (Cardano price opens at $0.074 and climbs to $0.078 and higher in coming days)

  • April 30, 2019

IOHK launches enterprise blockchain framework in collaboration with Ethiopian Government (Price opens at $0.064 and jumps to $0.070)

  • June 17, 2019

Georgian Government signs MoU with IOHK to implement blockchain-enabled projects (ADA price hovers around $0.092)

  • September 30, 2019

Cardano and New Balance partner in stopping counterfeit shoes (ADA price rises from $0.037 to $0.038)

  • March 12, 2020

Black Thursday cryptocurrency market crash (ADA falls from $0.039 to $0.023)

  • March 25, 2020 

IOHK releases ‘Ouroboros Hydra Protocol’ - an update that sees vastly improved micropayments on the network (ADA price holds firm around $0.030)

  • April 23, 2020

Price begins bullish market structure (ADA climbs from $0.036 to $0.070 a few weeks later)

  • May 2020,

IOHK reveals the launch date for Shelley testnet

Compare Cardano With Fiat Currencies, Commodities and Crypto

Leading cryptocurrencies like Cardano have been some of the best performing asset classes since the start of the year. With the global economy reeling from civil unrest and the Coronavirus, several cryptocurrencies have weathered the storm surprisingly well. 

In fact, Cardano has been one of the best performing cryptocurrencies this year. Let’s take a look at how Cardano’s native token ADA performed against some other commodities.

Compare Cardano With Gold

It is unsurprising that gold has been a popular investment in these worrying times, with the precious metal gaining 15% since the start of the year. 

Cardano, on the other hand, outperformed most assets both physical and digital, with an increase in the value of 58%. 

Cryptocurrencies like ADA offer a more practical investment than physical gold, which can be difficult to buy, and must be transported and stored in a secure physical location.

Compare Cardano With Bitcoin

Bitcoin is known for being the best store of value or SOV in the cryptocurrency market. Commonly referred to as ‘digital gold’, Bitcoin lived up to its name in outperforming the precious yellow metal with a 30% gain.

Cardano is a new project and hasn’t the SOV status of Bitcoin, however, anticipation for the project is high and drove the price past Bitcoin with a 58% return.

Compare Cardano With Crude Oil

Earlier this year crude prices experienced the worst price collapse in history as a combination of a global price war and the economic impact of the Coronavirus pandemic, sending crude prices into negative territory.

If you had invested in Cardano at the start of the year you’d be up 58% and a lot happier than if you invested in black gold, one of the worst-performing commodities this year.

Compare Cardano With Ethereum 

The founder of Cardano, Charles Hoskins was also a founder of Ethereum leading to frequent comparisons of the two chains. Ethereum (ETH) is rolling out its much-anticipated upgrade to Proof of Stake, creating quite a bit of hype on its own. ETH has rallied over 65% this year, narrowly edging out the native PoS blockchain, Cardano.

Compare Cardano With Silver

It has been a volatile year for silver, having started the year on the right foot, Silver was edging past $18 an ounce when trade winds changed sending the shiny metal down to near $11 an ounce. Silver has since recovered the gap with global instability driving demand for precious metals. Silver managed only a one percent return since the start of the year, a far poorer return than Cardano.

Cardano Future Price Predictions

To fully understand the market outlook for ADA, the native token of the Cardano ecosystem, we need to look at the fundamentals of the project and its potential to disrupt existing blockchains. Cardano’s reboot is a new project moving from whitepaper to reality and the market will be watching to see if they can back up their claims. We will also need to look at the outlook for cryptocurrencies in general.

Cardano Price Predictions for 2020

The price of Cardano has been a revelation this year with investors reacting as if they feel the project has been oversold and undervalued during the recent bear market and the Black Thursday market crash.

In the short term, Cardano has already begun its migration to the Shelley testnet, which has seen 12 billion ADA staked in Cardano wallets and removed from the supply. 

With the main net on the horizon, Cardano seems destined for bigger and brighter things and we wouldn’t be surprised to see Cardano break back above $0.10 before the end of 2020.

Cardano Price Predictions for 2021

How Cardano performs in 2021 will depend on how smoothly the Shelley Upgrade is rolled out and the market reaction to the technology.

Cardano is a new blockchain and it is difficult to determine how well things will go as sometimes unexpected technical hurdles occur. 

With that said, we would expect Cardano to increase significantly in value by 2021 if this upgrade is rolled out efficiently.

Beyond 2021 for Cardano

Cardano’s vision is to enable greater financial inclusion and bring open access to fair financial services for all. The Cardano network is pursuing becoming the “Internet of Blockchains”, a place where all cryptocurrencies can coexist and transact borderless without a middleman.

By 2021, Cardano will be closer to realizing this vision and likely command a much higher market cap.

Cardano plans to attach metadata to transactions to make it more attractive for banks and governments and less likely to run into regulatory hurdles.

These factors lead us to be bullish about Cardano’s price prospects in the short, medium, and longer time frames, but we will be watching the development closely.  

At the time of writing, the market was responding to positive reports about Shelley from developers. This leads us to believe Cardano could surpass 0.15 by 2021.

Cardano Price Conclusion

While it is arguably one of the most eagerly anticipated blockchains since Ethereum, Cardano’s success is dependent on achieving some tremendously ambitious goals. 

If Cardano can make some significant strides we wouldn’t be surprised to see ADA trading at triple its current value within the next five years.

This would see an increase in market cap from $2 billion to $6 billion, and have Cardano as a major player. 

In contrast, Ethereum has a market cap of $26 billion and it is only now starting to see significant use. 

Cardano has been on the increase recently and shows less volatility than some other altcoins. Several analysts are suggesting Cardano could eventually surpass Ethereum’s market cap. Such is the hype behind this project.

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Frequently Asked Questions

  1. Charles Hoskinson founded Cardano in 2015 after becoming dissatisfied with certain elements of the development of Ethereum. It wasn’t until 2017 that he and a team of academics raised around $60 million in an ICO.

  2. Buying Cardano on an exchange can be nerve-wracking for the inexperienced. Some of the bigger exchanges like Binance and Coinbase have more streamlined interfaces and app support. Technically, the easiest way to buy Cardano is through a regulated broker. With a broker or OTC desk, you are not actually dealing with the coins, only CFDs. These are more flexible and less technical to trade.

  3. Many people start out their cryptocurrency journey by trading on exchanges and trying to grow their capital. The problem is that on a cryptocurrency exchange there are blockchain fees and fees for transactions as well. These really eat into trading profits. You are also trading against robots with speeds faster than manual traders. Trading Cardano CFDs is more suited to active trading than exchanges.

  4. All financial infrastructure built on Cardano including DApps, will consume the native token ADA. Stakers can also earn rewards for leaving their ADA in a wallet. This performs the dual function of securing the network and helping it to function. Staking is an exclusive feature of PoS blockchains and not PoW networks like Bitcoin.

  5. Right now there are not many places you can spend ADA but when the mainnet launches, expect more businesses and commercial dApps on the Network. The Cardano Settlement Layer (CSL) is the platform used to settle transactions with ADA.

  6. At the time of writing your return would be 256.39% since launch. Not a bad return. This data is readily available at www.coinmarketcap.com.

  7. Yes. The Shelley Incentivized Testnet has been live since May 2020, allowing ADA holders to earn rewards by delegating their stake or organizing a stake pool.

  8. There are never any guarantees of making money with an investment, but Cardano is certainly one much-anticipated cryptocurrency with bright prospects. ADA has outperformed virtually every commodity this year. The network is still in its infancy too and when it matures and sees practical use, it should be many magnitudes higher in market cap.

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