A poll conducted by Finder revealed the price potential of the native token of Cardano’s blockchain, ADA. The poll revealed that many analysts believe that the asset price would have crossed $50, by the end of this decade.
According to the analysts, holders of the token can expect a 160% increase in the asset price before the end of this year. This means that the asset could rise to as high as $2.72.
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Analysts express views on Cardano
Cardano, a network dating back to 2017 and was once expected to rival Ethereum, has been quite slow in its growth.
Developed by Charles Hoskinson, a co-founder of Ethereum, the network only integrated smart contracts last year with its Alonzo hard fork, and unlike several other smart contract-enabled networks, ADA has never surpassed $3.
One analyst who believes that ADA could buck the trend and end the year much higher than the $3 ATH is Vanessa Harris, the Chief product officer at Permission, who stated that the network’s focus on “security, correctness [and] decentralization” could make it a very attractive option for nation-states and non-governmental organizations.
This is already being seen as the network has secured several partnerships with NGOs and African countries. The network’s CEO was quoted to have said that he will “build a financial operating system” in the second quarter of this year that will give Africans access to DeFi.
While Harris has a bullish view of the digital asset, the likes of Balthazar’s CEO John Stefanidis and investor Veronica Mihai do not share her optimism for Cardano as they both expressed a bearish sentiment for the digital asset.
CEO John Stefanidis believes that Cardano’s value could go lower in the current year because of the flaws in the network’s execution and technology. Mihai, on the other hand, noted that ADA would continue the same trend for the next decade unless the network sees greater tech development and increased user adoption.
Cardano’s recent resurgence
In recent weeks, Cardano has witnessed a steady rise in its transaction volume and growth due to the increased decentralized finance activities on its network.
According to a previous CryptoSlate report, the Hoskinson-led network first flipped Ethereum’s transaction volume in January before it was able to beat that of Bitcoin and Ethereum combined in February.
The interesting aspect of its growth is that it was able to do this while charging lesser transaction fees to the two networks.
Apart from this, the blockchain has also been working on strengthening its network security as it recently doubled the bounty amount hackers would get if they successfully identified a vulnerability on the network.
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