Cardano Price Forecast – Can ADA Beat its All-Time High?
Disclosure: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. By using this website, you agree to our terms and conditions. We may utilise affiliate links within our content, and receive commission.
Cardano was one of the biggest losers after the US Consumer Price Index was released on Thursday.
ADA dipped to a 21-month low of $0.35 in the immediate aftermath of the announcement, a price that has not been seen since January 2021.
The coin has made a slight recovery to $0.37 but is still 4% down in the last 24hrs and 12.5% down in the last seven days – the second-largest amount of any coin in the crypto top 25 (Uniswap is 13% down).
“I used to believe that crypto would be counter-cyclical and be a place where people would put assets when they are fearful of the global economy.
“But so far they seem to be moving in parallel with tech stocks and some more of the more standard equity markets. So that’s kind of a problem.
“But all things considered, I think that long term the crypto markets are going to decouple from the traditional marketplaces and have their own economy similar to how energy has its own economy or these types of things.
“It’s probably going to occur in the next 24 or 36 months. I think there’s a lot of opportunity here.”
Despite the short-term struggles of Cardano, the protocol remains one of the most popular investments for both retail and institutional holders.
While the price of the coin has fluctuated throughout 2022, behind the scenes the project is still building and attracting interest from longer-term investors and large institutions.
According to data from Messari, transactions on Cardano have been steadily increasing over the past eight weeks following the successful Vasil hard fork upgrade and are at their highest level since early August.
Another Messari chart (below) also shows that Cardano is the second-most active blockchain, trailing only Bitcoin and in front of Ethereum, Litecoin and XRP.
Leading crypto investment fund Grayscale has Cardano as its largest hold – bar Bitcoin – accounting for 28% of the total fund.
That’s 6% more than its second-largest hold, Solana.
Leading crypto analyst Dan Gambardello, who has more than 300,000 subscribers on his Crypto Capital Venture YouTube channel, also believes Cardano will “thrive” in the next bull run.