Cardano was one of the top performing cryptocurrencies that year, rising from $ 0.16 on Jan 1, 2021 to $ 2.84 at the time of writing on Aug 30. However, most in the crypto community believe that this only scratches the surface of its potential. In fact, a lot of people expect Cardano to skyrocket even faster than before and hit a brand new all-time high (ATH) in the next few weeks. Let’s look at past performance and why such a surge is expected soon.
Cardano before 2021
Cardano (ADA) was founded by Charles Hoskinson and has been around for about four years. For most of its existence, however, Cardano’s price tag hasn’t been particularly impressive, especially after its performance in 2021. It saw a sharp spike in late 2017 when it began participating in the Bitcoin-run bull run that took BTC to $ 20,000 , while ADA itself started at $ 0.026 and hit $ 1.11 around Jan 4, 2018.
After the crypto winter in the weeks that followed, ADA returned to the bottom of around $ 0.1 where it mostly stayed, with small swings over the next several years. Meanwhile, the coin developers worked in the background all the time.
You see, the Cardano team has developed a complex roadmap made up of entire eras broken down into smaller sections, each of which is characterized by their work on specific upgrades to their blockchain. Cardano had big goals in mind from the start, but it took time to achieve them and get it right.
Over time, the project has become known for taking things slowly and not rushing or sacrificing its work just to partake in the little waves that came along the way. Instead, both its developers and its community have been convinced that Cardano’s time will come sometime and that the project will reach the height it deserves once it’s ready for them, both technically and, for lack of a better word, spiritually .
In other words, it both took Cardano and ADA time to develop and mature, which finally began earlier this year.
Cardano in 2021
When it comes to the price of the coin, ADA started going up in the last few days of 2020, but things really started going up in early 2021, rising higher and higher with each new month. In part, these increases were due to the market-wide bull run, again led by Bitcoin. In fact, Bitcoin had hit nearly $ 30,000 before Cardano even started moving remarkably.
In 2021, however, the rest of the market finally began to respond to the Bitcoin surge, and when BTC hit its own high of currently $ 64,800, the rest of the crypto sector did the same. For Cardano, that used to be $ 2.4, followed by a drop to $ 1 when Bitcoin’s own price was cut in half.
Unlike many other crypto projects, however, Cardano had something else in mind since the beginning of this year. This is the year the project’s developers finished developing a slew of upgrades and launched them one after the other throughout the year.
Now that September is just days away, Cardano itself is just days away from rolling out its next upgrade, which will see smart contracts being rolled out to its mainnet.
How will smart contracts affect Cardano and ADA?
The introduction of smart contracts is one of the most anticipated events in Cardano history and it is expected to have enormous ramifications for the project. Fortunately, they are all expected to be extremely positive.
As many probably know, Cardano is similar to Ethereum in the sense that it was intended as a development platform rather than a currency like Bitcoin. His ADA coin is said to be used within the project’s ecosystem, more than outside. With the introduction of smart contracts, ADA will receive an almost unlimited number of new use cases.
Smart contracts will enable users to enter into contracts with one another, develop dApps, launch DeFi tokens, NFTs, new coins and tokens of all kinds and more, and so Cardano will finally reach its potential as a development platform.
Of course, with the new use cases, the ADA price will skyrocket as it will suddenly be extremely sought-after. Cardano’s ecosystem itself is likely to explode, making it one of the largest platforms in the industry, right at the top of Ethereum and Binance Smart Chain.
The truth is, nobody knows how high ADA can go or how big Cardano will get. So far we’ve seen it has the potential to overshoot all previous ATHs and reach new ones, with the greatest resistance right now at $ 3. However, if the predictions are correct, ADA could easily break this level and hit $ 3.34 in the coming days.
To find out more about Cardano, visit our Investing in Cardano page.