Altcoin
30X Earnings Coming for Cardano’s ADA; Is $1 back on the cards?
The cryptocurrency market has recently seen a sharp decline, with the total market capitalization falling by more than 4% to around $2.5 trillion. THE Spot Bitcoin ETF saw a decline of 3.65%, with significant outflows contributing to the market’s decline. Data showed that long traders betting on the cryptocurrency market to rise faced liquidations of more than $400 million in the past 24 hours, further accelerating the recession.
Keeping in mind the current market sentiment, Altcoin Buzz analyst wondered whether altcoins would face another major decline this month. However, he had a bullish stance for a particular altcoin. The analyst discussed the potential of Cardano ADA to reach $1 or more in the near future.
Initially skeptical, he noted that recent updates from Cardano founder Charles Hoskinson have made him more optimistic. Hoskinson announced the upcoming Chang Fork, a significant update that will bring Cardano into the Voltaire era with decentralized governance.
Cardano recently dropped out of the top 10 crypto projects by market cap. Despite reaching an all-time high of $3.09 in September 2021, ADA has been steadily declining. The upcoming Chang Fork, which is expected to bring decentralized governance, could be a turning point.
However, the initial announcement did not budge The price of the ADA. Negative sentiment from the broader market and stiff competition from other blockchain projects such as Ethereum, BNB, Solana and others are also factors to consider. While some forecasts are encouraging, suggesting that ADA could reach $2 or even $5.50, the reality appears more challenging.
Surpassing 50 cents may be possible with greater user adoption and community support. Historical context, such as the 2021 Alonzo hard fork, which saw ADA rise 30x, offers some hope, but it remains to be seen whether the Chang Fork can replicate this success.
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