$8 or $58? 3rd or 7th? – What the ‘experts’ say about where Cardano will go
In 2021, Cardano was the third-biggest crypto by market cap, breathing down Ethereum’s neck. However, 2022 saw it in seventh place. To that end, Finder’s panel of fintech experts came together to predict ADA’s future price performance. The final estimate was well worth a read.
A full deck of Cardano
At press time, ADA was trading at $0.9374. This, after falling by 6.01% over the last 24 hours.
So, what do the experts think about the crypto’s fall in price? Well, there are a number of convincing theories.
24 panelists felt that it is due to the absence of market shares in TVL, the initial period after the Alonzo update, and general volatility, among other factors.
Put numbers to words
Market cap dominance is one way to judge the strength of a crypto-asset. Looking at ADA, however, reveals a steadily falling dominance from close to 4.5% to less than 2% over the course of the past few months.
On the contrary, the real shocker has been how ADA has fallen from around 2% to close to 1.5% on the MCAP dominance chart.
Now, there are signs of growth as well. In late January 2022, developer activity on Cardano reached heights not seen since the summer of 2021. Dev activity on Cardano seemed to rise along with ADA’s price. Ergo, it’s not surprising that the most recent drop led to a small decline in developer activity as well.
Here, it’s worth noting that consistent developer presence is a good sign of a network’s potential.
It’s also important to remember that not everyone is bullish. In particular, Joseph Raczynski – a technologist at Thomson Reuters – feels that Cardano has failed to deliver on its promise. What’s more, he believes the asset would “fade away” in the future.
A case of hare v. tortoise?
“I wouldn’t bank on it in a month or even two months, but come three to six months, I think that we’ll see many solid usable dApps running on Cardano.”