Home / Price Predictions / Cardano Price Prediction 2024: Charles Hoskinson Floats Bitcoin Cash/ADA Partnership

Cardano Price Prediction 2024: Charles Hoskinson Floats Bitcoin Cash/ADA Partnership

Last Updated May 13, 2024 5:14 PM
Peter Henn
Last Updated May 13, 2024 5:14 PM

Key Takeaways

  • The price of Cardano’s ADA is still down following the SEC’s announcement that it considered it an unregistered security.
  • Cardano founder Charles Hoskinson suggested a partnership between ADA and Bitcoin Cash. 
  • Can ADA attract more investors?
  • One Cardano price prediction suggested ADA could reach $1.09 in 2025. 

Cardano was rocked when the United States Security and Exchange Commission (SEC) said  its ADA coin was an unregistered security.

The regulator made its claim when it sued the Binance crypto exchange in June. Since then, the price of ADA has made something of a recovery, although it is still down from pre-crash levels.

However, not everything is bad in the world of Cardano. A report suggests that the platforms total value locked (TVL) is up and that its stablecoin sector is flourishing.

The coin rallied in response to a bouyant market in December and, on February 15 2024, ADA was worth about $0.578. The market upturn that featured Bitcoin reaching a string of all-time highs led to Cardano trading at around $0.771 on March 13, 2024.

When the market slumped, ADA also fell, and on May 13 2024, it was worth about $0.44.

Recently, Cardano founder Charles Hoskinson asked  his Twitter followers with the platform should consider a hypothetical partnership with Bitcoin Cash (BCH).

Cardano did not immediately respond to a request for comment.

But what is Cardano (ADA)? How does Cardano work? Let’s take a look and see what we can find out, and also cast our eyes over some of the Cardano price predictions that were being made as of May 13, 2024. 

Cardano Coin Price Prediction

Let’s examine some of the Cardano price predictions being made on May 13, 2024.

2024 2025 2030
Prediction #1 $0.85 $1.03 $3.19
Prediction #2 $0.4899 $1.09 $2.73
Prediction #3 $0.567 $0.84 $5.71

First, CoinCodex  had a somewhat mixed short-term Cardano price prediction. The site said the coin could drop to $0.4154 by May 18 and before recovering to reach $0.4499 by April 12. The site’s technical analysis was extremely bearish, with 27 indicators sending discouraging signals and just three making bullish ones. 

Cardano price prediction for 2024

DigitalCoinPrice  said Cardano could be worth an average of $1.12 this year. CaptainAltCoin  said that the crypto would reach $0.4899 in December. PricePrediction.net  had its trade at $0.567 in 2024.    

Cardano price prediction for 2025

In terms of an ADA price prediction for 2025, CaptainAltCoin suggested it could reach $1.09. DigitalCoinPrice suggested an average of $1.79. Meanwhile, PricePrediction.net said that ADA would hit $0.84. 

Cardano price prediction for 2030

In terms of a long-term Cardano price prediction, CaptainAltCoin said ADA would trade at $4.45 in 2030, while DigitalCoinPrice was more optimistic, saying it would be worth $3.19. PricePrediction.net was even more bullish, forecasting it to hit an average of $8.74.

Google Gemini AI Price Prediction for Cardano (as of May 13)

Google’s Gemini AI platform gave the following price prediction for Cardano on May 13. Please remember that the exact price prediction of an asset or cryptocurrency in the future is nearly impossible to achieve. Additionally, artificial intelligence price predictions are predicated on past performances and are in no way entirely accurate.

Short-term (Next week to few months):

  • Prediction: Slightly bearish. Price could dip to around $0.45.
  • Reasons: The overall cryptocurrency market shows some bearish fear lingering (Fear & Greed Index at 64). Technical analysis suggests a possible retracement to support levels.

Medium-term (Next few months to a year):

  • Prediction: Mixed outlook. Price could stay around $0.40-$0.60 or potentially break higher.
  • Reasons: Depends on broader market trends, especially Bitcoin’s performance. Positive factors for ADA include continued development on the Cardano network and potential for increased adoption.

Long-term (Next few years):

  • Prediction: More bullish, with potential for significant growth. Price could reach $1 or even higher.
  • Reasons: Cardano’s focus on scalability and security could attract more users and developers in the long run. Continued rollout of smart contract functionalities and real-world applications could drive demand for ADA.

It added: “These are just predictions, and the cryptocurrency market is highly volatile. Always do your own research before making any investment decisions.”

Advantages and Disadvantages of Cardano

Blockchain analytics company Messari recently released its quarterly report on Cardano . It highlighted that the blockchain prioritized stability and sustainability over speed, and outlined some key advantages and disadvantages of the platform.

It said that between October and December 2023, Cardano had

  • 41,757 average daily active addresses, down from 60,208 year-on-year but up from 41,137 quarter-on-quarter.
  • 66,910 average daily transactions, down from 67,456 year-on-year but up from 60,356 quarter-on-quarter.
  • $403 million worth of crypto assets locked in on the blockchain (Total Value Locked, or TVL), up from $138.3 million year-on-year and up from $151.5 million quarter-on-quarter.

Advantages of Cardano

Messari says that Cardano

  • Saw an annual increase in stablecoin value of 673%.
  • Was able to grow its TVL significantly.
  • Had an active community.

Disadvantages of Cardano

Messari also said that Cardano

  • Saw staking yield fall over the quarter
  • Had seen its NFT activity drop.
  • Had established protocols which did not drive activity.

ADA price history

Let’s now take a quick look at some of the highlights and lowlights of the Cardano price history . While past performance should never be taken as an indicator of future results, knowing what Cardano has done in the past can help give us some much-needed context when it comes to either making or interpreting a Cardano price prediction. 

When Cardano first came onto the market in 2017, it was worth about $0.02. In late 2017 and early 2018, the crypto market experienced a bubble, and ADA shot up to $1.33 on 4 January before the bubble burst and the coin spent much of the next few years at around $0.08.

Things changed when the market boomed in early 2021, and ADA was in on the action, breaking past the dollar again in February on its way to a peak of $2.46 on 16 May. After that, though, the Great Crypto Day Crash of 19 May saw it spend much of the following months in the doldrums before excitement about the Alonzo upgrade, which saw Cardano utilize smart contracts for the first time, led to it reaching an all-time high of $3.10. Once Alonzo was put in place, the market decided the coin was overvalued and it dropped, sinking to below $2 to close the year at $1.31.

2022 was a bad year for crypto and ADA, which fell below the dollar in April and suffered through several market crashes. Not even the news of the Vasil hard fork, which was designed to improve the system’s performance, could stop things going down, with it closing the year at $0.2465, an annual loss of more than 80%.

Cardano in 2023 and 2024

Cardano Price History
Cardano slumped after peaking in March | Credit: CoinMarketCap

The new year saw something of an overall improvement, and it peaked at $0.4606 on 15 April but then it was back downhill. Following the news that the SEC considered ADA to be an unregistered security, it reached a low on 10 June. The coin dropped to $0.2304 as Crypto.com (CRO) suspended its US institutional operations. 

After that, there was a recovery, with it spiking to $0.3747 on July 14. This was in response to the news that a court had found that Ripple’s XRP was not a security when it was sold on exchanges. It fell in August following a market crash partially triggered by Elon Musk’s SpaceX selling millions of dollars worth of Bitcoin (BTC). By September 11, it was worth $0.2376.

Although it recovered to $0.269 on October 2, it was back down to $0.2407 on October 19. The weeks after that saw an improving market. ADA broke past $0.40 briefly on November 16 and settled back down to trade at around $0.386 on November 29 2023.

Cardano responded well to a bullish market in December, reaching a high of $0.6778 on December 14, its highest price in more than 18 months. ADA closed the year at $0.5942, rising more than 140% across 2023.

The first few weeks of the new year saw the coin consolidate somewhat and, by February 15 2024, ADA was worth about $0.578.

There was an upturn the following month, with Cardano peaking at $0.807 on March 14. After that, though, the market fell and, by May 13 2024, the coin was worth about $0.44.

At that time, there were about 35.6 billion ADA in circulation out of a total supply of about 36.8 billion. This gave the coin a market cap of around $15.7 billion, making it the 10th-largest crypto by that metric. 

Cardano Historical Price Data

Period Cardano Price
May 6 2024 $0.4543
April 13 2024 $0.4479
February 13 2024 $0.545
May 13 2023 $0.365
May 13 2019 $0.07307
All-time High (September 2 2021) $3.10
All-time Low (October 1 2017) $0.01735
ICO Price $0.0024

Cardano Price Analysis

Cardano Price Analysis
ADA is showing signs its downtrend is over | Credit: TradingView/Nikola Lazic

Cardano’s price has been in a significant downtrend since peaking on March 14. It dropped to a low of $0.40 on April 13 but quickly rebounded above $0.44. A subsequent recovery saw the price reach $0.53 on April 23, where it encountered resistance.

During the next downturn, the price retested the $0.42 area for support and made a slight upward move with low momentum. Currently, Cardano is above the descending trendline, which could signal the beginning of a new bullish phase.

With the daily chart’s RSI slightly above oversold conditions, we might see a period of consolidation before the next upward trend. However, if selling pressure increases and the price breaks below $0.40, Cardano’s major downtrend is over.

Is Cardano a Good Investment?

Cardano is one of the biggest cryptos out there. However, the coin has been through a tough time lately, and things have got worse following the SEC’s claim that it is an unregistered security.

What happens to the crypto in the future will depend a lot on what courts think. On the other hand, the platform has a pretty active developer base and has been able to institute several upgrades to help it keep working.

At the end of the day, you will need to make sure you do your research before deciding whether or not to invest in ADA. 

Will Cardano Go Up or Down?

No one can tell right now. While price forecasts are broadly optimistic, price predictions are very often wrong. As always, it is important to remember that prices can, and do, go down as well as up. 

Should I Invest in Cardano?

Before investing in Cardano, you will need to do your research on ADA and other similar coins and tokens, such as Ether (ETH) and Solana (SOL). Ultimately, though, this is a question you will have to answer for yourself. Before doing so, remember that you must never invest more money than you can afford to lose. 

Who is the Founder of Cardano?

Ethereum (ETH) co-founder Charles Hoskinson set up Cardano in 2017. University of Colorado graduate Hoskinson was the founding chairman of the Bitcoin Foundation’s education committee and helped create the Cryptocurrency Research Group in 2013.

Who Owns the Most Cardano (ADA)?

On May 13, 2024, one wallet held more than 3% of the supply of Cardano.

Richest ADA Wallet Addresses

As of May 13, 2024, the five richest Cardano wallet addresses were

  • addr1q8elqhkuvtyelgcedpup58r893awhg3l87a4rz5d5acatuj9y84nruafrmta2rewd5l46g8zxy4l49ly8kye79ddr3ksqal. This wallet held 1,733,226,827 ADA or 3.85% of the supply.
  • addr1q9cp6hfrsvqc0jn9eeskdtk3l7usqaa35lm925f7usqtzhnsr4wj8qcpsl9xtnnpv6hdrlaeqpmmrflk24gnaeqqk90qjgx. This wallet held 855,429,015 ADA or 1.9% of the supply.
  • addr1q8hsff3uwtphx7dtya7unjwjwug52e5jvqp09je6pwqx8k4jvuxrw2x5rr7e258a33yzkrhhlrrc5ezvd2z7qtdq0gasme4. This wallet held 452,300,055 ADA or 1.01% of the supply.
  • addr1q88ysqegp378eag7fauv5zyjvvuy8mca3dc0925hv0nzl8qp0jwyns8qwzf5dqtdlwkv7qt5upzcyfmd5yl43s89txvse89. This wallet held 292,363,302 ADA or 0.65% of the supply.
  • addr1q99j4v4tplxmxt4md3r6chjwt0sfeq23z740s3zk5cdhccl7xy874vgy876lvf7r6nagq59pmrd4wdy6mc0jv0zfdfhsqne. This wallet held 127,673,502 ADA or 0.28% of the supply.

Fact Box

Supply and distribution Figures
Maximum supply 45,000,000,000
Circulating supply (as of May 13, 2024) 35,552,242,073 (79.26% of maximum supply)
Holder distribution Top 10 holders owned 8.73% of maximum supply as of May 13, 2024

From the Whitepaper

In its technical documentation or whitepaper, Cardano  says that scientific research is at the heart of everything it does. 

It says: “Cardano is a decentralized third-generation proof-of-stake blockchain platform and home to the ADA cryptocurrency. It is the first blockchain platform to evolve out of a scientific philosophy and a research-first-driven approach.

“The Cardano platform has been designed from the ground up and verified by an industry-leading combination of top engineers and academic experts in the fields of blockchain and cryptography. It has a strong focus on sustainability, scalability, and transparency. It is a fully open-source project that aims to deliver an inclusive, fair, and resilient infrastructure for financial and social applications on a global scale. One of its primary goals is to bring reliable, secure financial services to those people who do not currently have access.”

Cardano (ADA) Explained

In the world of cryptocurrency, pretty much everything is powered by the blockchain. This decentralized ledger is so key to crypto that people outside the crypto-sphere use the two terms interchangeably. Blockchains can be split into two. Some use the Proof-of-Work (PoW) consensus mechanism. This is where people add blocks to the chain and earn crypto by solving increasingly complex mathematical equations. Others use Proof-of-Stake (PoS). This sees people choosing to add blocks based on how much of the crypto they already hold.

PoS is a newer method of working, and it is seen as being more environmentally friendly. One of the most notable PoS blockchains is Cardano.

How Cardano Works

Cardano has several features that help it to stand out. Firstly, it bases its developments on computer research, with it publishing its reports in peer-reviewed papers. It also features smart contracts, and computer programs that automatically execute when certain conditions are met.  These were introduced in September 2021.

It is powered by its native token, ADA, named after 19th-century computing pioneer Ada Lovelace. ADA is used to reward people who add blocks to the blockchain, and holders can either vote on proposals regarding the network or delegate their voting rights in return for more rewards. 

Cardano uses a consensus mechanism called Ouroboros. The system itself makes use of two layers. The first, known as the Cardano Settlement Layer (CSL), is responsible for recording transactions and facilitating the transfer of the ADA coin.

The second, called Cardano Computational Layer (CCL), utilizes smart contract technology that developers can make use of to transfer funds.

Additionally, the network accommodates three types of users. The first type is more nodes, which play a role in governing the Cardano blockchain. The second type is relay nodes, which help the transfer of data between the mCore nodes and the internet. The third type is edge nodes, which are responsible for creating cryptocurrency transactions.

Cardano Attention Tracker

Cardano Google Search Volume
Cardano Google search volume | Credit: Google

Here is a chart for Cardano Google search volume for the past 90 days. This represents how many times the term “Cardano” has been Googled over the previous 90 days. 

FAQs 

How many Cardano are there?

On May 13, 2024, there were about 35.6 billion ADA in circulation out of a total supply of about 36.8 billion.

Will Cardano reach $10?

It might do, but it is unlikely to do so at any point soon. Its highest ever price was $3.10, which it hit in early September 2021. It is now worth considerably less than that. That said, PricePrediction.net argued that it could break past $10 by 2032.  

What is Cardano used for?

Cardano (ADA) is used to pay for transactions on the Cardano blockchain. It can also be staked in return for rewards, and holders can vote on changes to the network. It can also be bought, sold, and traded on exchanges. 

Disclaimer

Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability, and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto user should research multiple viewpoints and be familiar with all local regulations before committing to an investment.