Cardano is a blockchain platform that was founded in 2015. It uses a token of the currency, known as ADA. This is centered around Ouroboros, a groundbreaking proof-of-stake protocol. It distinguishes Cardano from other cryptocurrencies and enhances its value proposition.
Often, it is hailed as a strong competitor for Ethereum as it offers many of Ethereum’s most intriguing capabilities, such as robust smart contracts.
If you are still wondering about investing in ADA, look at the future predictions made about ADA to decide whether to buy ADA or not.
Future Predictions For Cardano Price In 2021
Cardano started strong at the beginning of this year. After the Cardano Foundation published an infographic, hinting ADA cryptocurrency is perfect for Tesla, its prices shot to an all-time high of $2.4. But when the market crashed in May-June, its prices fell substantially from $2to $1.48.
Currently, there has been a buzz about it being an efficient proof of stake mining process that restricts the carbon footprint. As a result, it will more likely attract environmentally conscious investors who aim for sustainable growth. This could have a positive influence on its pricing, increasing it to 3.294 by the year-end.
But even if the network does not show any substantial development, it may still be an attractive investment for its current investors due to the user-friendliness and scalability of the currency. So, in this case, the price may move to a decent figure of $2.761.
Cardano Price Prediction For 2022
The predictions are that if the current year closes on a predicted high, then it may continue trading bullish in 2022. Consequently, it is expected that the yearly trade may start at $3.244 and $3.342. But even if the year-end price falls and hits a low, Cardano will stay afloat with a price ranging between $2.298 and $2.521.
Now the catch, if more people or celebrities like Elon musk start talking about the environmental impact of the cryptocurrencies like Bitcoin, Cardano prices will surely surge and may even hit a mark of $5.17. In such a scenario, ADA could emerge as a better environment-friendly alternative, and more people will begin taking an interest in it.
One possibility that might go against it is problems related to the usability of the network’s Proof of Stake system. So, it may affect it a bit, but the price will remain strong at $3.99.
Prediction For The Next Five Years
In five years down the line from now, if Cardano implements the open voting system, some traders might back out, causing its price to reach somewhat $7.86. But, once the ADA improves bug prevention in its system, it may start working efficiently. So, with the same system, it will reach an average figure of $9.73.
Another situation that could lead to an increase in the price would be ADA successfully flagging some projects and collaboration to improve its two-layer security. And, with new updates in the smart contracts, it might start working more efficiently, making its price reach as high as $12.37 by the end of the next five years.
How to Invest in Cardano?
To buy ADA, you need to follow the following steps.
Step 1: Create An Online Exchange Account.
Firstly, you need to open an online exchange account with any reliable crypto exchange that supports Cardano’s ADA. You can very easily open the account by entering some information regarding you, such as
- Legal name
- Current address
- Email address and phone number
- A copy of photo ids such as driver’s licenses or passports
- A payment method to deposit money in your account (most exchanges support both direct banks transfers and credit cards)
- Social security number;
Once you have entered your information, you can start the purchase and transfer of ADA.
Step 2: Buy A Wallet
Buying a wallet is optional, but if you want to purchase Cardano as an investment, it is best to keep the money in a wallet that can only be accessed through your private key. This is a safer way of protecting your money as your money is more vulnerable in the exchanges where they don’t have many security measures.
Step 3: Make Your Purchase
Now that you’ve set up an exchange account and have a wallet to keep your coins safe, it’s time to deposit your AUD into the account using bank transfer, OSKO, PayID, OSKO, POLi, debit, or credit card. Next, enter the amount of ADA you want to buy, and to complete the transaction, click on “Buy ADA.”
After your order closes, you can decide if you want to become an active cryptocurrency trader or hold onto your coins and sell them later at an increased price. If you choose to trade your cryptocurrency, monitor the Cardano market closely to benefit when the price rises. It is best to hold onto your stable coins until the price falls to cash out the difference in the stable coins.