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Cardano is a decentralized, blockchain based system which runs on the Cardano platform. Similar to Ethereum, Cardano is smart contracts-based system and can be used to execute DApps. Cardano has an improved efficiency due to its 2-layered system. It has a separate layer which runs ADA exchanges and another layer that executes the smart contracts. Cardano is considered third generation technology due to its advancements. Its primary focus is to provide fast and secure exchange platform and to permit users to operate various applications simultaneously and seamlessly. It is more advantageous for large organizations and corporations that deal with heavy usage of smart contracts.
Current Statistics
Cardano is being traded at 0.084039 USD on April 09 at 11:59 USD. Based on the Mcap value that is trading at USD 2,178,893,621, the cryptocurrency is ranked as the 9th largest currency in the crypto market. There is a circulating supply of 25,927,070,538 ADA coins out of a total supply of 31,112,483,754 ADA. The 24-hour price movement indicates that $137,045,451 amount of ADA was being traded. The approximate return on Investment, as per coin market cap, is estimated to be 288.19%.
Market Evaluation
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Cardano has been encountering a growth in its market trend that has been substantial within a month. The Market capitalization was around USD 1150 million at the beginning of March 2019 and price as low as 0.043629 USD. However, the market grew by 65% by the end of March reaching a price of 0.073065 USD with the Mcap trading at USD 1,894,360,212 AT 14:04 UTC. The market clambered up further reaching its all-time high on April 04 at 03:04 UTC. The Mcap traded at USD 2,587,720,799 with the price trading at 0.099808 USD per ADA coin. The increase amounts to 36.60%. The current values are down by 18.76% from the peak values.
ADA’s Price Predictions
Coinswitch expects the price of Cardano to reach 0.40 USD by the end of 2019 and might touch the $1 mark again by 2020. The overall performance and features updating are on the list for this cryptocurrency. This can lead to a spike in the price of ADA up to 2.00 USD by 2024. Cryptoground also forecasts a long term profitable investment with Cardano. It estimates the price to hike by 98.46% by 2020 reaching 0.1669 USD and furthermore, an increase of 1,096.72% by the end of 2023, raising the price per coin to 1.0067 USD.
Conclusion
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Cardano’s overall market has been on the rise in comparison to its past trading prices. Hence, both investors and traders could utilize the current market trend to obtain profitable outcomes. The current trend is in support of future price predictions.
