The market crash last month wrecked the growth of all tokens. While most tokens are still on the road to recovery, Cardano Price has caught pace and has broken the $1.8 crucial resistance yesterday. The next pitstop now is $2. But how much will it rise from there and what will cause the pump is to be looked out for.
Cardano over the years has built an optimistic fanbase. Its holders believe ADA price will be 10X by August and achieve a new ATH. ADA is a compelling story and only trades 38% below the all-time high at the time of writing, putting it in a comfortable position to lead the cryptocurrency market higher in the months ahead. The token has also gained popularity of late. CEX.IO recently stated the number of users trading ADA has increased by 15times over the ½ of 2021.
The blockchain has big changes scheduled that could accelerate the price growth. Its upcoming protocol upgrades to the network could make ADA hit $3 and above.
Cardano Vs Peers
Cardano is in it for the long haul and has the potential to sustain and compete with its peers. Here’s a look at all its competitors.
The market mogul Bitcoin is certainly the most hyped one. especially with the introduction of Central Bank Digital Currencies and increased regulation. Bitcoin’s initial promise of universality is doomed to fail. It will function more like a wealth store, similar to gold. Also, predominantly strong countries have started to crack down on it.
Etheruem has scalability issues and charges extremely high gas fees. If this problem doesn’t see the end of the day soon it will turn out to be a boon for Cardano. Many users have already shifted to Cardano in this gas fee row.
As for Binance and XRP, they are serious contenders, but one is under investigation by the IRS for money laundering and the latter is in a tussle with the SEC. Hence, it’s a slippery slope for both of them.
Next up, there’s Tether which is said to be a Ponzi as they are printed out of nowhere. Polkadot is another worthy peer but is said to have a complex ecosystem and an undefined use case.
We are now only left with the meme coin Doge. Well, it doesn’t take a genius to figure out its prices operate on the frenzy of its very famous proponent and is just a hype fest.
This brings us to the conclusion that In comparison with all the other prominent tokens Cardano holds an upper hand in the long haul. its real-world use cases will pave its path to glory.