Cardano Price to End Year at USD 0.63, Increasingly Bearish Panel Predicts

Cardano Forecast Market Survey

Author

Fredrik Vold

Author

Fredrik Vold

Author Profile

Share

Copied

Last updated:

June 26, 2023 06:55 EDT

Why Trust Cryptonews

Cryptonews has covered the cryptocurrency industry topics since 2017, aiming to provide informative insights to our readers. Our journalists and analysts have extensive experience in market analysis and blockchain technologies. We strive to maintain high editorial standards, focusing on factual accuracy and balanced reporting across all areas - from cryptocurrencies and blockchain projects to industry events, products, and technological developments. Our ongoing presence in the industry reflects our commitment to delivering relevant information in the evolving world of digital assets. Read more about Cryptonews

A panel of crypto industry players surveyed by comparison website Finder.com has predicted that Cardano’s native token ADA could reach USD 0.63 by the end of the year – a significant downgrade from the previous prediction.

Judging from an average of the panelists’ responses, Cardano’s native token is likely to rise by just over 30% from its current price to reach a year-end price target of USD 0.63.

ADA last traded above that price level as recently as June 10 this year, which illustrates just how bearish Finder.com’s panel has become on Cardano.

Daniel Polotsky, founder and chairman of bitcoin (BTC) ATM operator CoinFlip, stated that, 

“[I]ts price and hype are way too high given its relatively low total value locked compared to its competitors,” he said. “The project was founded in 2015 and released in 2017, yet it has squandered that early-mover advantage to competitors who have recruited developers and built at a faster pace.” 

Others, including fintech firm Cloudtech Group’s chief operating officer Kevin He, were also skeptical about Cardano’s future.

He argued that Cardano’s advantage of fast transactions will disappear with the launch of ETH 2.0, adding:

“And due to the efficiency problem of the development team causing Cardano to significantly lag behind other competitors in smart contracts and dapp compatibility, coupled with the bear market blow we are not optimistic about the value of Cardano in the future.”

The prediction also marks a significant downgrade for the price of ADA compared to a prediction from January this year, when Finder.com’s panel said ADA was likely to finish 2022 at USD 2.79.

The latest forecast is also much more bearish when looking further into the future. In January, the panel predicted ADA would be at USD 8.18 by the end of 2025, and USD 58.04 by the end of 2030. That compares to the latest prediction of USD 2.93 for year-end 2025 and just USD 6.54 for 2030.

Despite the downgraded price prediction, some of Finder.com’s panelists remained bullish on ADA and the Cardano network. Among them was the University of Brighton senior lecturer Paul Levy, who said Cardano has the potential to “challenge and even overtake Ethereum.”

“Proof of stake is likely the future of most if not all crypto in the future. Cardano, despite current volatility, is well placed,” Levy opined.

As a driver for future price increases, a majority of the experts pointed to the Vasil hard fork update on Cardano as essential, with some saying that the upgrade will bring more efficiency and optimization to the network.

Dr Dimitrios Salampasis, director of Swinburne University of Technology, commented that,

The Vasil Hard Fork “is expected to improve speed of transactions and settlements and reduce transaction fees (compared to high gas fees in Ethereum) [and] will increase the utility value and boost more innovative projects utilizing smart contracts.”

The updated ADA price prediction marks the latest downgraded prediction from Finder.com’s panel. Earlier in July, the panel downgraded its bitcoin price prediction for the third time, forecasting that bitcoin would fall to USD 13,676 this year, before ending the year at close to USD 25,500.

Finder.com’s panel is made up of various crypto industry players, including analysts, founders, CEOs, and academics in the field.

At 10:16 UTC, ADA is trading at USD 0.48, up 1.3% in a day and 11% in a week. Overall, it is up over 5% in a month, down 60% in a year, and down 85% since its USD 3 all-time high seen in September 2021. 

____

Learn more: 
– No New All-Time Highs This Year for Cardano, But Price Could Surge by 2030 – Survey
– Cardano Vasil Hard Fork is Now ‘Inevitable’ after ‘Successful’ Testnet

– Cardano Gives More Info on Stablecoin & New Partnerships, ADA Drops
– Here’s What Cardano’s Hoskinson Told Congressmen

– Crypto Winter Will End Before 2022 Is Out – Korbit
– Majority Expects Bitcoin to Hit USD 10,000 Before Moving Higher – Survey