What is Cardano and what does it do?
Cardano is a cryptocurrency and a decentralized public blockchain. Cardano’s coin, ADA can be used to send or receive digital cash while making direct transfers secure through the use of cryptography. Cardano’s approach is certainly unique because it is built on scientific philosophy and a peer-reviewed academic research. Cardano has been a very well known cryptocurrency for quite some time and has been featured in important news media several times.
Cardano is supported by three different organizations, IOHK which is a research and development company, The Cardano Foundation and Emurgo, a Japanese company that develops and supports commercial ventures using the blockchain technology. These three organizations work hard to make sure Cardano’s development is steady.
Cardano calls itself the 3rd generation of blockchain. Its main mission was to solve the 3 biggest problems that most blockchains experience, scalability, interoperability and sustainability. Considering all the engineering that goes into Cardano’s code, their team is more than capable of solving the previously mentioned issues.
Current market situation
Cardano is currently trading at $0.09 and peaked at $1.15 in early 2018. It is currently in a weekly uptrend and trying to form a monthly one as well. The current market situation is extremely favorable, bitcoin is up by more than 200% since April of this year and a lot of other coins have followed its steps. Alt-coins usually wait for Bitcoin to cool off before they take off so it is entirely possible that when Bitcoin pulls back, ADA will pump up.
It’s also worth noting that the volume has been increasing significantly for ADA in the last 2-3 months compared to the last 12 months, going from an average volume of $15 million to an average of more than $100 million. This signifies a growing interest in Cardano, this is not currently reflected in the actual price and that’s why we believe ADA will inevitably go up as demand keeps growing.
Our Verdict for 2019:
This year has been extremely profitable for a lot of cryptocurrencies and there are still 5 months left. If the market continues the same path it is very likely for Cardano to reach its ATH again this year or get really close to it. We believe $1 is a fair prediction while taking in count all the previously mentioned factors. Cardano is still one of the top cryptocurrencies and it is currently ranked number 11 by Market Cap on CMC. ADA certainly has all the tools necessary to reach its ATH again considering it’s already trading in top exchanges like Binance or Bittrex.
Our Verdict for 2020:
No one knows the future, however it is clear that cryptocurrencies will be there. More and more companies are taking advantage of cryptos, some of them even coming up with their own, most notably Facebook. 2020 could be the year where cryptocurrencies become mainstream, this will certainly help all of them equally, even long forgotten ones. Cardano has already secured really big partnerships and will continue to do so according to the roadmap. Other important upgrades are on the way as well for 2020 focusing especially on scalability. We believe 2$ is definitely in the cards for Cardano in 2020 if everything goes according to plan.
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Whaleagent.club content should not be considered as an investing parameter and the user should do their own research before investing. Price prediction is based on the data collected from various sources.