Despite the slow start Cardano (ADA) has endured throughout the year, a group of financial experts still believe the seventh-largest cryptocurrency by market capitalization will embark on a massive rally in the coming years.
The assertion was recently made by Finder’s panel of fintech specialists, who stated that ADA, which is currently trading around $1.04 at press time, will surge 168% by year ending, as the price of a unit of the coin is expected to hit $2.79.
Not only that, over 10% of the fintech analysts predict that ADA’s upcoming rally will see it become the best performing altcoin this year, ranking ahead of its close rival Ripple (XRP).
Following recent developments in Cardano that saw the network enable smart contract functionality last year, panelists believe there is more to expect from ADA within the next eight years.
According to the report, ADA will not only surge to $2.79 by year ending, the panelists believe the coin will hit $8.18 by 2025, and subsequently skyrocket to $58.04 by 2030.
“It is one of the few smart contract platforms that have placed security, correctness [and] decentralization at their core, backed by formal methods and peer-reviewed research,” Vanessa Harris, chief product office at Finder’s Permission, said.
Cardano has been putting in lots of work recently that will see it become a favorite choice for decentralized application developers.
Recall that despite being nicknamed Ethereum Killer by its enthusiasts, the network has fallen behind in terms of development compared to the Vitalik Buterin-led blockchain, as many criticized the team for its slow pace in rolling out significant upgrades.
Responding to critics, Cardano during its CIP-35 proposal noted that it always ensures all planned upgrades embark on rigorous testing before they go to implementation.
So far, Cardano seems right on track to take the crypto market by storm following support for smart contract functionality.
At the moment, decentralized exchanges have started going live on Cardano, with the total value locked (TVL) across various platforms surging above $100 million earlier this month.
Making further bullish predictions for Cardano, Bilal Hammoud, CEO at NDAX said: “ADA is one of the most underrated assets – as the smart contract and DeFi stabilize, we should see many projects migrate to it.”
Reasons for price fall:
The panel also highlights some reasons for ADA price fall after Alonzo upgrade:
“Since Cardano’s Alonzo upgrade, its price has dipped. However, our panel is unable to agree on just what was the cause. The panel attributed the price decline to myriad reasons including the absence of market share in terms of Total Value Locked (TVL), saying it’s just early stages post-update, general volatility, and other reasons not specified, with 33% of the panel selecting each of those responses (the panel was allowed to select more than 1 response). Other issues flagged by the panel were dApp exploits and the UK’s ban on ADA.”