The cryptocurrency market has been buzzing about Cardano in recent days as several high-profile crypto commentators endorsed the native token as a potential “winner” to watch. With hundreds of new projects expected to join the blockchain ecosystem after the successful Vasil hard fork upgrade, founder Charles Hoskinson has also promised there will be a huge appetite from institutional investors. Cardano has long been considered an undervalued crypto coin that has never really broken out, but can it give great returns on its huge promise?
Cardano appears set to make a bullish run in the coming months with several high-profile crypto commentators picking ADA as a coin to watch in recent days.
Founder Charles Hoskinson has also promised there is a huge appetite from institutional investors with the blockchain set to welcome hundreds of new projects to their ecosystem after the successful Vasil hard fork upgrade.
But can Cardano, long considered an undervalued crypto coin without ever truly breaking out, finally make huge returns on its great promise?
Cardano Loved by Crypto Analysts
Two videos emerged this week from highly influential crypto analysts that both spoke at length about the strengths of Cardano and native token ADA.
Dan Gambardello, who goes by Crypto Capital Venture and has more than 325,000 YouTube subscribers, claimed in a video that ADA could reach a $500 billion market cap in the next bull run.
Although it is not clear when the next bull run will start, a market cap of that size would give ADA a trading price of $15 – an increase of nearly 3,500% from today’s trading price of $0.42.
Gambardello’s analysis is based not only on the success of the Vasil hard fork but two more crucial updates planned in the near future – Basho, and Voltaire.
It is not yet clear when the two updates will take place, but Basho promises to improve transaction speed and Voltaire to introduce voting for network participants.
The upgrade will allow Cardano to process millions of transactions every second – for context, Ethereum can manage 10,000 TPS after the Merge – while Voltaire will make Cardano self-sustainable.
CoinBureau host Guy, who has more than 2.1 million subscribers on YouTube, echoed Gambardello’s bullish sentiment on ADA – although didn’t go quite so far as to predict a price of $15.
During a discussion with Benjamin Cowen, the pseudonymous talked up ADA naming it – and Algorand (ALGO) as coins to look out for in the next bull run.
“Long-term trend-wise, I think investors — particularly institutional investors, which is obviously where Cardano is lacking in that respect — but I think any investor will look at the likes of Ethereum and Cardano in the aftermath, when interest in crypto returns, and go, ‘Well, these guys were able to execute these big upgrades, and they went flawlessly.’
And I think that is a testament to the caliber of people working on those projects, and that I think will be a big part of peoples’ due diligence in the future. So although the price hasn’t done anything, I think it’s really, really positive, for Cardano especially.”
Cardano Founder Promises Institutional Investment
Outspoken Cardano founder Charles Hoskinson has also doubled down on his claims that the blockchain will be a favorite for institutional investors when the bull market returns.
ADA has endured a poor 12 months and is down more than 85% from its September 2021 all-time high of $3.09.
However, Hoskinson remains bullish on what he and his team have been building in the last year, despite many cryptos struggling during a bear market.
We built Cardano to be the financial operating system of the world. We built it to bank the unbanked. We built it as a community to give economic identity to those who don’t have it so we can have one global fair marketplace.
Cardano remains one of the most important blockchains outside of the western world, especially in Africa where many projects use the blockchain for their projects.
Hoskinson also claims that many hundreds of projects are ready and waiting to build on Cardano.
He expects institutional and venture capitalist funds to come into Cardano in 2024 and 2025.
You don’t capture anything during the bull market, but during the bear market, everybody’s collapsing. All the bridges are getting hacked. All these DeFi (decentralized finance) Ponzi schemes fall apart that we keep saying are problems.
So that’s the community we built and the ecosystem we built. Now we are enjoying the dividends of that approach.
Cardano Price Prediction
While it’s difficult to accurately predict the fortunes of any crypto company, Cardano has the underlying fundamental qualities to become one of the premier blockchains in the space.
Cardano has long promised investors to become one of the very top altcoins on the market and has never quite got there – despite strong performance in 2021.
However, the project has continued to build and find investors during the bear market and, when the bull market returns, is a project that appears set for break-out gains.
A 10x gain, to around $4.20, is not too difficult to imagine should the market make a big recovery.
Diversification in any portfolio is also key and another green-focused project, like Cardano, is IMPT, which wants to make the carbon credit tradeable for everyone to help ease the climate crisis.
The project has just launched its presale and has raised more than $1.5 million in the first four days.