The Cardano price has risen by a very slight 0.2% in the past 24 hours, reaching $0.378397 amid a similar rise for the cryptocurrency market as a whole. This means that ADA has increased by 8% in a week and just over 44% in the last 30 days, as the market waits for a new Cardano update that will expand the functionality of its smart contract programming language.
Cardano’s latest update is but the latest in a long line of upgrades that have transformed the blockchain into one of the most capable layer-one networks in the cryptocurrency ecosystem. And with Cardano still yet to capture a major share of this ecosystem’s total value locked in, ADA could easily reach whole numbers and higher this year.
Cardano Price Forecast as ADA Pumps Up 44% in 30 Days – Can ADA Reach $10 This Year?
ADA’s chart reveals that it has gained plenty of momentum in the past couple of weeks. Its relative strength index (purple) has risen over 70 once again, suggesting strong buying pressure that could continue for a while yet.
Likewise, its 30-day moving average (red) has clearly begun rising up towards its longer term 200-day average (blue), signalling an incoming turnaround that itself indicates a significant breakout.
While technicals alone indicate that ADA (like much of the market) was long overdue a big recovery, its fundamentals also point to sustained price increases this year.
As mentioned above, its next upgrade is scheduled for February, when it will see an important upgrade to its Plutus smart contract language. Basically, this update will “support ECDSA and Schnorr cryptographic signatures to make it easier for developers to build cross-chain apps,” meaning that Cardano will soon be benefitting from more interoperability.
Yes, the update will enable developers to build dapps not only for Cardano, but for a variety of other blockchains. This will incentivize greater development, since teams and firms will know that their platforms will be exposed to a greater potential userbase.
More generally, Cardano’s recent development leaves ADA holders with plenty of reasons to be optimistic about the altcoin’s prospects. Its ecosystem has been steadily growing over the past few months, with more than 1,100 apps and projects now building on its network, as well as more than 110 projects already launched.
What’s interesting to note about Cardano’s recent growth is that since the network enabled smart contracts last September, over 5,400 Plutus scripts (i.e. Cardano’s version of smart contracts) have been deployed. This number is likely to increase even further following February’s update, enabling the Cardano ecosystem to expand its tentacles.
While Cardano’s total value locked in is still relatively small, at $77 million, this has grown by 57% since January 1, indicating how quickly its network is growing Indeed, GitHub data consistently shows Cardano as either the network with the most daily activity or among the most active.
What’s impressive here, is that even with its relatively small size, ADA
The point here is that, even with a low TVL, ADA is still the eigth-biggest coin in the market by cap. As such, once Cardano develops more and attracts more adoption ADA will become even more valuable, rising up the rankings.
Its market cap is only 6.75% of ETH’s market cap, at $13.2 billion as against $195.3 billion. Assuming that ADA reaches, say, 20% of ETH’s cap, its price would rise to around $1.15, which is a very achievable target in the next few months.
If crypto enters a new bull market, ADA’s price could rise even higher, with some experts having set a long-term target of around $5.30 for the coin. This target could even be exceeded if the market really takes off and Cardano attracts some serious adoption.
If you’re looking for other high-potential crypto projects alongside ADA, we’ve reviewed the top 15 cryptocurrencies for 2023, as analyzed by the CryptoNews Industry Talk team.
The list is updated weekly with new altcoins and ICO projects.
Disclaimer: The Industry Talk section features insights by crypto industry players and is not a part of the editorial content of Cryptonews.com.
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