CARDANO has gone through a long slump – can it be reversed in 2022?
The blockchain’s ADA cryptocurrency soared during the first half of 2021 and became the third largest by August – after Bitcoin and Ethereum.
But it is now languishing in seventh place – having fallen in value by more than half since September last year.
Cardano was launched in 2017 by Charles Hoskinson – one of the co-founders of Ethereum.
Every time someone buys or sells the cryptocurrency, it’s permanently recorded on the platform’s blockchain.
Keen investors should be aware that it’s not a guaranteed way to make money though – and you can lose all the cash you put in.
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 price of Cardano?
The value of Cardano is currently sitting at $1.27, according to CoinMarketCap.
The price has fallen by 0.11% over the past 24 hours.
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Cardano hit its highest ever level on September 1, when it reached $3.10.
Investors in the cryptocurrency are hoping for a recovery-filled 2022 for ADA.
In fact, Neural Prophet has predicted its price could reach $3.60 by March.
What is cryptocurrency?
CRYPTOCURRENCIES are a form of payment that can be exchanged for goods and services.
Price predictions for Cardano in 2022
The value of any cryptocurrency is highly volatile, meaning it’s impossible to know its future price for certain.
Yet plenty of experts have made predictions for Cardano, but it’s important to take them with a pinch of salt as they’re not guaranteed.
The cryptocurrency market is affected by a number of factors, including regulatory crackdowns and comments by high-profile individuals.
CoinPriceForecast now estimates Cardano will hit $1.43 by the end of 2022 – up from its $1.34 prediction for mid-year.
That’s a 13% rise.
The coin forecaster then projects that it will hit $2.67 by the end of 2024.
In other words, investors hoping for a $10 value will likely be waiting several years – and crossing their fingers.
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, the UK’s first crypto cafe has opened – and you can pay in seven types of digital cash.
Here are our Dogecoin price predictions for 2022.
But there’s a warning for all crypto investors about a new scam.
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