Cardano Price - ADA Price Index & Live Chart
Cardano is a blockchain-based open-source ecosystem that allows developers to create smart contracts and decentralised applications. Cardano uses a “Proof of Stake” (PoS) algorithm as opposed to the “Proof of Work'' (PoW) previously used by Ethereum. The uniqueness of Cardano is that the platform is based on scientific and mathematical principles and employs a research-driven approach towards development. Launched in 2015, Cardano has emerged as one of the fastest-growing blockchain networks in the world.
ADA is the native cryptocurrency of Cardano and is named after Ada Lovelace, a 19th-century mathematician and writer. Cardano is backed by three companies; IOHK, the Cardano Foundation and Emurgo.
Key Cardano Price Metrics
Cardano Price Graph & Exchange Rate
Cardano (ADA) Price History
Cardano was founded by Jeremy Wood and Charles Hoskinson. Hoskinson was, interestingly, the co-founder of Ethereum. He left Ethereum after a major disagreement, with an aim to create a better and more secure platform.
Cardano’s native token, ADA, was able to raise around $62 million in its initial offering. The coin was listed on Bittrex in October 2017, where the price immediately dropped to $0.017. In November 2017, ADA showed skyrocketing gains by jumping to $0.14. It continued to ride the wave of the crypto boom in 2017 to reach a value of around $0.40. January 2018 had Cardano ADA record a new high of $1.33.
The crypto market experienced a decline after the early months of 2018, during which the price of ADA dropped significantly. In April 2019, Charles Hoskinson announced a new strategic partnership with the Government of Ethiopia for the country’s blockchain-based initiatives. The value of ADA rose to around $0.08 during that time.
The Coronavirus pandemic was not kind to the financial market and during the crash, the price of ADA plummeted to $0.023. This would have presented a good buying opportunity for investors because the price of the coin surged by 545% by the end of July 2020. The hike in price can be attributed to the various strategic partnerships announced by Cardano and to the successful deployment of the much-anticipated Shelley mainnet.
In September 2021, ADA reached a new all-time high above $3.
3 Key Instances for the Evolution of Cardano Price
Partnership with the Government of Ethiopia
In May of 2018, Charles Hoskinson announced a partnership with the Ethiopian Ministry of Science and Technology to explore and develop blockchain solutions for various initiatives within the country. As part of the deal, Cardano planned to use the Atala framework to develop a new cryptocurrency to facilitate secure digital payments transactions. IOHK also planned to develop a new supply chain tracking solution for Ethiopia’s agricultural products. Post the news on the Ethiopian deal, the price of Cardano rose to a value of around $0.35.
Shelley Mainnet Upgrade
In July 2020, IOHK announced the successful deployment of the Shelley upgrade and completed the hard fork to switch to the new mainnet. The new Ouroboros consensus algorithm was aimed at full network decentralisation. With the new solution in place, the advanced users of Cardano can operate staking pools and users can stake their tokens to these pools and win rewards. The buzz around the upgrade led to the value of ADA increasing by 85% within 10 days.
The Goguen Era
Goguen is the next significant step towards making Cardano a blockchain platform to be reckoned with and its first phase is planned in 2021. With Goguen, the platform will provide the ability to create smart contracts, and decentralised applications. The upgrade also offers features like the ERC20 converter and multi-asset ledger. The year 2020 could be a good year to invest in ADA because there is a high probability that there would be an increase in the value of the coin next year, post the Goguen release.
Key News for Cardano Price
Global events often have a significant impact on financial markets. The cryptocurrency market being more volatile, often fluctuates with the news of the world. For example, despite or rather because of the uncertainty around U.S elections, the Cardano price showed an increase from $0.088 to $0.096 in less than 24 hours. The prices of altcoins are often correlated to the price of Bitcoin and the surge in the price of Bitcoin has helped to further boost the price of ADA. The entire crypto market crashed early this year due to the uncertainty surrounding the Coronavirus pandemic. This negatively impacted the price of most coins including ADA.
The price of the coin is also significantly impacted by the positive news around the various blockchain updates and developments for Cardano. The year 2022 could present a good investment opportunity for Cardano because there is excitement and anticipation in the community for the ever-growing potential of Cardano.
Cardano Price Technical Analysis: How to Identify Good Entry/Exit Points when Trading
Identifying good entry and exit points for trading Cardano is very important. “When should I invest in a coin?” “Is it the right time to sell?” These are important questions that, when answered correctly, could yield great gains. Analysis and research into crypto market trends and patterns are essential to good trading decisions. Before you invest in Cardano, try to understand the core values and future roadmap of the platform. Using research techniques like technical, sentimental and fundamental analysis would help you narrow down the entry and exit points. Focusing on the competitors of the coin could also help you decide if it’s worth your time and investment.
Have a Clear Goal
Investment decisions should be made with a calm and objective frame of mind. Understanding your end goal could help you make sound investment decisions. For example, if a coin has been trending positively for a significant period but your potential ROI has been met or exceeded your end goal, it would be a good time to sell. Even if the value of the coin continues its upward trend, you have achieved your investment objective. Suppose you are looking for a long term investment, Buying Cardano, which has a possible potential for growth over the next five to ten years could be a good decision.
Make Use of Analysis Tools
There are numerous technical analysis tools and techniques easily available on the internet. For example, graphs, charts and candlesticks are visual depictions of historical and current price movements. In the case of candlesticks, a declining price is usually indicated by a red candle while a rise in value is often depicted by a green one. Doji candlesticks are a good tool to indicate changes to reversals in market trends. There are different doji representations of price movements that can be interpreted while making trading decisions. For example, when a dragonfly doji appears after a long downward trend, it could be signalling the flip to an upward trend. There are also other technical indicators like moving averages and Fibonacci indicators that could help gauge the current trading environment.
Fundamental and Sentimental Analysis
Sentimental analysis is often overlooked as a great complementary technique to your technical analysis research. Keeping abreast of social media posts and mainstream news is important while trading in a volatile market like that of cryptocurrency. Data analytics tools that capture the emotions of the crypto community to derive trading signals are being developed. For example, there are indicators like crypto fear and greed indicators, and bull and bears indicators that could add to your investment research.
Fundamental analysis, on the other hand, focuses on information like the use cases provided by the platform, the security of the platform and any recent upgrades to the system. Also, key metrics like transaction count, on-chain metrics and transaction value are used for better trading insights.
Frequently Asked Questions
The highest recorded price for Cardano was in September 2021, where the coin reached a value of $3.09.
It is almost impossible to predict the value of any cryptocurrency with absolute certainty. You should always seek the insights of several trusted experts and use these to form your own conclusion.