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Can Cardano (ADA) price hit $1 again in 2023?

 


What is Cardano (ADA)?

Cardano is a blockchain protocol that aims to develop a technically optimal blockchain. The Cardano blockchain wants to combine the areas of decentralization, scalability and security. The difficulty in uniting these areas in a blockchain is known as the blockchain trilemma. 


Cardano Course

The network is backed by the Cardano Foundation, which works with scientists to further develop the Cardano blockchain. Evidence-based methods are used to further develop the blockchain. Cardano's network token is referred to as ADA. 

Due to its long-term and sustainable way of working, Cardano is considered a technically extremely mature blockchain and has an enthusiastic community that believes that Cardano can become the "perfect" blockchain in the next few years. In the past, Cardano was often referred to as the "Ethereum killer".


How did the Cardano (ADA) price move in 2022?

The year 2022 is now drawing to a close. This year we almost only saw losses in Cardano’s ADA token. This was mainly because the cryptocurrency bear market was in full swing in 2022. After already seeing big losses in the fourth quarter of 2021, those losses continued into the new year.

In September 2021, the ADA price reached its all-time high of over 3 US dollars. At the turn of the year 2021/2022, this rate had already fallen to $1.37. After heavy losses in the first half of the year, the ADA hit a low of $0.42 in mid-July.


In the last few weeks, the market and thus also the ADA price have been able to stabilize again. However, in October 2022 we again saw slight, steady losses that caused the ADA price to fall to almost $0.35. 


Can the Cardano (ADA) price rise again in the bear market?

The bear market is usually a time when cryptocurrency prices hardly see gains. This affects above all the altcoins, which see even greater losses than Bitcoin in a bear market. The ADA token in particular is known for losing heavily in very bearish phases. Cardano (ADA) price has lost more than 85% since its all-time high. 


Nevertheless, there is hope for the Cardano course in the coming months. While the price has been falling over the past few weeks, behind-the-scenes work at Cardano is progressing . With the Vasil update, the basho development phase began. In this phase, the scalability of Cardano should be increased. The number of smart contracts at Cardano continues to increase.


However, the positive developments at Cardano can only be reflected in the price if the overall market moves in a bullish direction again. In a bearish overall market environment, altcoins are extremely unlikely to rise. 


When will we see bullish price action again?

The cryptocurrency bear market is historically a multi-month event. Within a 4-year cycle in the crypto market, we mostly see a distribution of 1.5 years bull market and 2.5 years bear market. But that doesn't mean that we won't see any price increases in the next 2 years.


A bear market doesn't mean we can't see strong price increases. The heavy losses in the bear market have been evident in the past, especially in the first year of this bear market. This was the case back in 2018 and could be the case again in 2022.


We could observe the following phases in the bear market:


1st phase: Strong price drops of 75 - 95% in the prices of cryptocurrencies.

2nd phase: Stabilization of prices at a low level

3rd phase: Renewed slight to medium increases in the prices of the cryptocurrencies

Right now we should be in the 2nd phase of the bear market and could enter the 3rd phase in 2023.


When can the Cardano course rise again?

At the moment we are seeing very stable prices for cryptocurrencies. The Bitcoin price has been leveling off between $19,000 and $20,000 for weeks now. Ethereum is between $1,250 and $1,400. We are also seeing relatively stable prices for other altcoins, although coins like ADA are even seeing slight losses.


In the next few weeks until the end of 2022, there could be even more movement in the market. Because the longer we see a quiet market, the more likely it is, usually with a strong swing up or down. The Bitcoin price could actually fall below its support of $19,000 again, which should trigger further falls in the altcoins.


An upward rash would then be more likely in 2023. In this article , we explained why the Bitcoin price could possibly even rise to $70,000. In 2019 we also saw the Bitcoin price triple. The Cardano course also saw very strong gains again in 2019.


Can the Cardano rate go back to $1?

In 2019, due to the developments in the last bear market and a possible increase in the Bitcoin price next year, the Cardano price could also rise more strongly again in the first half of 2023. It is very interesting to see that in 2019 the ADA price rose from $0.35 to over $1. 

The year 2019 could actually be a year in which cryptocurrency prices could rise again more strongly. This surge should not stop Cardano either. Mainly due to the positive developments in the Cardano blockchain, the price should rise again more strongly in the coming months. We see the $1 mark in 2023 as quite possible. 


Is it worth investing in the ADA token now?

Is it worth investing in the ADA token right now in the bear market? The bear market could be particularly worthwhile here, as you can now buy the ADA token at reasonable prices over a longer period of time. So you can accumulate a lot of tokens in the near future, so you can see strong gains in the next bull market . 

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