Over the past month, Cardano (ADA) price has seen a sudden surge. The lowest price of the token was $1.2223 on July 27, 2021. Currently, the token is floating above $2.5, with the highest Cardano price of $2.8405 recorded around 07:00 AM IST on August 23, 2021. The sudden boom among crypto heads has made Cardano the third-largest cryptocurrency in the world, in terms of market cap. Read along to find out more about Cardano price prediction, why is Cardano going up and how high could Cardano go in the near future.
Cardano price prediction
The live Cardaon price at the moment (09:32 AM, August 23, 2021) is $2.81, which roughly translates to Rs. 208. Cardano price has gone up by 12.32% in 24 hours and crypto holds the third position after Bitcoin and Ethereum with a market cap of over $90B. While a lot of platforms have been trying to predict the price of Cardano, predictions about the boom being seen currently have been true.
According to WalletInvestor, the price of Cardano (ADA) might go up to $3.928 in one year and up to $11.010 in the next five years. According to Capital.com, the Cardano price is predicted to touch $3.68 by the end of 2022 and around $10 in the next five years. For those wondering how high could Cardano go, the current graph suggests that the cryptocurrency could explode in near future, doubling up its current price by the end of this year.
Why is Cardano going up?
The ADA cryptocurrency is currently going through an all-time high and is expected to surge to a greater extent in near future. There are a couple of reasons for the same, the first being that Cardano claims to be an environment-friendly cryptocurrency. Traders and investors have previously experienced a massive drop in the prices of the largest cryptos such as Bitcoin, based on lower environment friendliness.
Secondly, the crypto network is about the get a software update, which will enable it to compete against bigger rivals such as Ethereum. The update will introduce smart contracts to the network, making Cardano reach more potential investors. The software update might be launched in September 2021. During the recent crypto crash, Cardano showed a resilient nature and the prices did not fluctuate much.