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Can Cardano reach $1,000 in the next few years?

 


What is Cardano?

Cardano is a blockchain network characterized by combining scalability, decentralization and security. The blockchain emerged in 2017 and was founded by Ethereum co-founder Charles Hoskinson. Cardano uses the modern Proof-of-Stake consensus mechanism.


The special thing about Cardano is that it uses scientific methods during development and further develops the blockchain based on evidence. Furthermore, the development of Cardano is long-term. Because it takes place in several development steps over a long period of time, in which the blockchain is systematically further developed. 


How has Cardano's ADA token performed in recent months?

The ADA is Cardano's network token. In September, the ADA was still at an all-time high of over 3 dollars. In the following months, the ADA price fell extremely. At times, the ADA fell below $0.50, marking a fall of over 80% from the all-time high.

This price drop was due on the one hand to the emergence of competitors such as Solana and Avalanche, and on the other hand to the general downward trend of the market since December 2021. The bear market therefore hit the ADA price particularly hard. At the end of May 2022, however, we saw a strong increase in the ADA price again.


Has Cardano already headed towards $1,000?

Cardano’s ADA token price reached over $3 in September 2021. This meant a massive increase since 2020, when Cardano was still below $0.10. This meant that Cardano's price had increased by a factor of 30.

Unfortunately, a cryptocurrency bull market is usually followed by a bear market. Cardano's momentum could not last. Nevertheless, Cardano's price is currently more than 5 times higher than it was in mid-2020. In the next bull market, we should see extreme price increases again.


Why could Cardano reach $1,000?

The big advantage of Cardano is the long-term development of the project, which is based on scientific principles. The development of Cardano consists of 5 phases, which we discuss in more detail in our article on the Cardano roadmap. The latest massive surge came as a result of the introduction of smart contracts as part of the Goguen development phase.


Cardano Roadmap

At the moment, Cardano is in the basho phase , which could become the most important phase of Cardano. Because Cardano wants to massively increase its scalability here. It should come to transaction speeds of up to 100,000 transactions per second. This could make Cardano the fastest blockchain and even Ethereum could become dangerous in the future.

Of course, Cardano (ADA) still has a long way to go to reach $1,000. This would require several massive bull runs so that the ADA token can still increase by factors 10-50. It probably needs at least 3 more of these bull runs for Cardano to reach $1,000. This would take several years, possibly more than 10 years.


Is it realistic that Cardano can even reach $1,000? To do this, Cardano would likely have to become the dominant smart contract platform, replacing Ethereum at the top. But with its constant further development and its scientific approach, Cardano could actually achieve this.

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