After an impressive 2021, it’s no secret that the cryptocurrency market hit the pavement early in 2022. Now as the market gradually gets back up on its feet, investors are asking questions about the future. One such question happens to be ‘Is Cardano Ready to hit $1?” The answer might not be a simple ‘yes’ or ‘no’, let’s look a little deeper.
To The Moon and Back
First of all, it’s important to remember that we’ve been here before with Cardano (ADA). The cryptocurrency reached a market high of $1.59 just last year in 2021. For Cardano, it’s not about whether or not we make it to the moon, but how we get there.
The Current Price of Cardano
At the time of writing, Cardano’s market price sits at just under $0.60, quite a distance away from that coveted $1 price tag. Currently, Cardano’s holds a market cap of around $19.8 million. In the past 24 hours as of June 10th, 2022, the cryptocurrency has fallen by around 8%, but most investors are still optimistic that it will hit $1, the only question is when.
What The Market Thinks
According to the consensus of CoinMarketCap, A majority of users on the platform estimate that the price of Cardano will hit $1.034 by the end of June. This would be an increase of $0.423, or about 69%.
Other Market Forces
However, there are still certain forces at play that could prove to be an obstacle in Cardano’s race to $1. Namely, Ethereum has been planning to shift away from its proof-of-work model to the proof-of-stake model pioneered by Cardano. Holders of Cardano were betting that this shift would also bolster the market value of Cardano itself. Ethereum recently announced the shift wouldn’t happen until 2023, potentially hampering Cardano’s market success for the rest of 2022.
We’re only half way through 2022, so there is still a chance that Cardano returns to its $1 price by the end of this year, but we’ll just have to wait and see.