The Cardano cryptocurrency (ADA) has reached a new peak price recently, crossing $2.4. Read on to know why is Cardano rising and Cardano price prediction.
The Cardano cryptocurrency reached a new all-time high over the past week, despite the whole crypto market going down. The Cardano (ADA) cryptocurrency reached an all-time high price of $2.4 as per the WazirX price chart. The Cardano crypto has caught the attention of the crypto community, with its meteoric price rise. At the beginning of the year in 2021, the price of ADA stood around $0.41. At $2.4, the price has seen a significant rise. In this article, we’ll take a look at Cardano Coin and Cardano Price prediction.
What is Cardano and ADA Token?
As per the Investopedia website, Cardano is a decentralised third-generation proof of stake blockchain platform. Cardano is similar in function and application to other major proof of stake blockchains such as Ethereum. However, Cardano is different from other blockchains as the developers use peer-reviewed scientific research as the building blocks for updates, to make sure any changes made are useful and scalable. ADA is the token used to pay fees and use as a form of payment on the Cardano blockchain. In the crypto community, the ADA coin is usually referred to as Cardano.
The Cardano developers are also developing a smart contracts platform that enables developers to create full enterprise-level decentralised apps (DApps). The Cardano team is also planning to deploy a governance system called Project Catalyst to manage and develop their future projects. Apart from this, Cardano already has three products ready and deployed for commercial use: Atala PRISM, Atala SCAN, and Atala Trace. These tools are used for enterprise-level solutions for identity management and supply chain tracking.
Why is Cardano Rising? Cardano Price Prediction
With so many projects in the pipeline and three ready products that have already been deployed in many companies, crypto experts believed the price of Cardano was undervalued. Over the past couple of months, the price of Cardano was steadily rising, matching up to crypto experts opinion that this coin was undervalued. Coinpedia predicts that Cardano could reach a high price of $10 dollars by the end of the year. The website FXStreet believed Cardano could go up to $3 by the end of the year. However, readers should take these predictions with a grain of salt.