Cardano

Bitcoin

Gains

The post <a href="https://coinpedia.org/news/30x-gains-incoming-for-cardanos-ada-is-1-back-on-the-cards/">30X Gains Incoming for Cardano’s ADA; Is $1 Back on the Cards?</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a> 
The cryptocurrency market recently saw a major drop, with the total market cap falling by over four percent to around $2.5 trillion. The <a href="https://markets.coinpedia.org/bitcoin-etf/" target="_blank" rel="noreferrer noopener">spot Bitcoin ETFs</a> experienced a 3.65% drop, with significant outflows contributing to the market decline. Data showed that long traders, betting on the crypto market’s upside, faced over $400 million worth of liquidations in the past 24 hours, further accelerating the downturn.&nbsp; 
Keeping the current market sentiment in mind, <a href="https://www.youtube.com/watch?v=YUkeKRaaZBw" target="_blank" rel="noreferrer noopener nofollow">analyst Altcoin Buzz</a> questioned if altcoins would face another major drop this month. However, he had a bullish stance for one particular altcoin. The analyst discussed the potential for Cardano’s <a href="https://markets.coinpedia.org/cardano/" target="_blank" rel="noreferrer noopener">ADA</a> to reach $1 or more in the near future.&nbsp; 
Initially skeptical, he noted that recent updates from Cardano’s founder, Charles Hoskinson, have made him more optimistic. Hoskinson announced the upcoming Chang Fork, a significant upgrade that will bring Cardano into the Voltaire era with decentralized governance. 
Cardano had recently fallen out of the top 10 crypto projects by market cap. Despite hitting an all-time high of $3.09 in September 2021, ADA has been on a steady decline. The upcoming Chang Fork, expected to bring decentralized governance, could be a game-changer.&nbsp; 
However, the initial announcement didn’t move <a href="https://coinpedia.org/price-prediction/cardano-price-prediction/" target="_blank" rel="noreferrer noopener">ADA’s price</a>. The broader market’s negative sentiment and stiff competition from other blockchain projects like Ethereum, BNB, Solana, and others are also factors to consider. While some predictions are encouraging, suggesting ADA could reach $2 or even $5.50, the reality appears more challenging.&nbsp; 
A break above 50 cents might be possible with increased user adoption and community support. Historical context, such as the 2021 Alonzo hard fork, which saw ADA surge 30x, offers some hope, but whether the Chang Fork can replicate this success remains to be seen. 
Also Read : <a href="https://coinpedia.org/price-analysis/ai-tokens-dominance-surge-will-rndr-grt-and-fet-lead-the-upcoming-bull-rally/">AI Tokens Dominance Surge! Will RNDR, GRT, And FET Lead The Upcoming Bull Rally?</a>

30X Gains Incoming for Cardano’s ADA; Is $1 Back on the Cards?

CoinPedia News

Other articles published on Jun 19, 2024

Can INJ Surge 50% With New Update And Optimistic View of Analyst?

Stablecoin Transfer Volume Hits $1.68T in April, Up 16x Since 2020

Firo Release 0.14.13.3 Mandatory Upgrade

Blockchain can free us from the nightmares of online surveillance | Opinion

Big Announcement from Binance: Holders of This Altcoin Will Receive Regular Airdrops

JASMY Buy Order Set for Silver-Tongued Crypto Trader Doctor Profit, Printing a Huge Bullish Signa...

Join our free newsletter for daily crypto updates!