THE price of Cardano has soared in recent days, but crypto investors are hoping it’ll reach even higher.
Cardano, also known as ADA, became the third largest cryptocurrency yesterday thanks to its increasing value.
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Cardano is a blockchain platform, which was launched in 2017 by Charles Hoskinson – one of the co-founders of Bitcoin rival Ethereum.
Every time someone buys or sells the cryptocurrency, it’s permanently recorded on the platform’s blockchain.
If you’re thinking of investing, if you haven’t already, be aware that it’s not a guaranteed way to make money and you can lose all the cash you put in.
In other words, don’t invest more than you can afford to lose or into something you don’t understand.
Cryptocurrencies are also especially volatile, and their values can make large swings at no notice.
There’s scant regulation for crypto firms, so you’ll find yourself without protection if and when things go wrong.
What’s the Cardano price?
The value of Cardano is currently sitting at $2.08, according to CoinMarketCap.
It’s down by 4% over the past 24 hours but up by almost 40% over the past seven days.
In comparison, it was worth just $0.18 at the start of January this year, meaning its value has soared by more than 1,000% since then.
Cardano hit its highest ever level on May 17, when it reached $2.3091.
Cardano price predictions for 2021
How the value of Cardano will change in future is impossible to know for certain, but plenty of experts and investors have made predictions.
Make sure you take the predictions with a pinch of salt though, as they’re nowhere near guaranteed.
The cryptocurrency market is affected by a number of factors, including regulatory crackdowns and comments by high-profile individuals.
CoinPriceForecast estimates Cardano will hit $3 by the end of 2021 and $5 by the end of 2024.
But it won’t be until 2031 that it could hit $10, according to the site.
Meanwhile, WalletInvestor has a one-year forecast for Cardano of $3.093 and a five-year forecast of $9.774.
Plus, Digital Coin estimates Cardano will hit $3.09 this year and then rise to $3.82 in 2022.
In 2028, it expects the cryptocurrency will reach $9.25.
What do the experts say?
Experts are urging keen investors to only invest money that they can afford to lose, whether it’s Cardano or any other cryptocurrency.
Susannah Streeter, senior investment and markets analyst at Hargreaves Lansdown, has previously warned: “Much of the demand for these coins and tokens have come from traders hoping to benefit from future price rises rather than using them as a means of exchange.
“Gains are often being fuelled by frenzied chat across social media with influencers jostling for position to push their favoured coins.
“But like a slot machine, many of the coins being pushed into circulation are very much a speculative bet and investors should only get involved if they have money they can afford to lose.”
In other cryptocurrency news, Solana has soared to a new record high this week.
We also explain what Aave is and what investors should keep in mind.
