Cardano ($ADA) is the crypto on everyone’s lips right now. As its ecosystem continues to expand, it’s also been gaining an increasing amount of market interest of late.
The Cardano DeFi ecosystem now combines more than 40 projects, including yield farming platforms and lending protocols. Cardano’s total value locked (TVL) has now risen to $158.4m, according to DeFiLlama data – higher than it was this time last year.
Analysis published yesterday by IntoTheBlock, shows that Cardano has witnessed a huge increase in daily volume, growing by 205.01% since the start of the year – with more than 26 billion ADA transactions a day.
But just what is Cardano (ADA)? We take a look and weight up the latest Cardano price predictions that were being made as of the time of writing on 23 May 2023.
Cardano was first founded in 2015 and named after 16th-century Italian polymath, Gerolamo Cardano. Two years later, it launched with a $62m initial coin offering, at $0.0024 per token. It was created by Charles Hoskinson, co-founder of Ethereum (ETH), and was one of the first blockchains to use a proof-of-stake consensus protocol. Hoskinson, also a mathematician, is CEO of IOG (Input Output Global), previously IOHK, the firm behind the Cardano blockchain.
According to its website: “Cardano is a blockchain platform for changemakers, innovators, and visionaries, with the tools and technologies required to create possibility for the many, as well as the few, and bring about positive global change.”
Cardano’s token, ADA, is named after the 19th-century British mathematician Ada Lovelace, the world’s first computer programmer.
The Cardano blockchain uses the Ouroboros protocol, and is the first blockchain to implement it. ADA is built to ensure that buyers can join in on the management of the network. As a result, those who own the token can vote on any changes put up for discussion.
Cardano price history
The value of ADA has moved in tandem with the highs and lows of the crypto market – increasing by the end of 2017, stagnant in 2018 to 2020, before experiencing rallies in 2021.
ADA’s all-time high happened on 2 September 2021 when it reached $3.0992. But from that point it has struggled to regain such momentum. The high point of 2022 came on 4 April when ADA hit $1.1858, but the price continued to slope from there and ended the year at £0.2441.
So far this year, ADA has somewhat recovered and has been slowly working its way back up. On 1 January, it was worth $0.2498 and by the beginning of April, it had moved to $0.3989. Its highest price of 2023 so far was on 16 April when it reached $0.4533. At the time of writing on 23 May, the price was trading at $0.3709 – a 0.81% increase in the past 24 hours.
Its current CoinMarketCap ranking is number seven, with a live market cap of $12,923,057,295. It has a circulating supply of 34,866,052,376 ADA and a maximum supply of 45,000,000,000 coins.
Cardano price prediction
Now for a round-up of some of the latest Cardano crypto price predictions that were being made as of 23 May 2023.
A Cardano forecast from PricePrediction sees the price of ADA averaging $0.47 in 2023, and $0.72 in 2024. Its Cardano price prediction for 2025 reckons the price will go to $1.02.
WalletInvestor believes that ADA will reach $1.02 in 2025. Its Cardano price prediction for 2030 is an average $6.77, before going to $10.03 in 2031, and $15.44 in 2032.
An ADA price prediction from DigitalCoinPrice is bearish. Their Cardano price prediction for 2023 is a maximum of $0.81. According to their analysis, “the Fear & Greed Index is reading 21.93, which means extreme fear”. For 2025, they believe the price of ADA will be $1.22.
Finally, CoinCodex is also currently bearish, having recorded 12/30 (40%) green days with 3.84% price volatility over the last 30 days. In their words “now a is bad time to buy Cardano”.
When looking for an ADA coin price prediction, bear in mind that crypto is volatile and price forecasts are frequently wrong. Long-term crypto price predictions can change at any time – always remember do your own research.
Is Cardano a good investment?
That’s for you to decide. While Cardano has a lot going for it, you can never tell with the volatile crypto market. Remember that past performance is never a guarantee of future results.
What will Cardano be worth in 2025?
According to PricePrediction, the price of Cardano will be worth $1.02 in 2025, while DigitalCoinPrice believes ADA will be worth £1.22.
Can Cardano reach $100 this year?
From its current price of $0.3709 at the time of writing, Cardano would need to increase by more than 270% to reach $100, which seems unlikely.