Cardano is one of the most visible Ethereum competitors in the market today. It prides itself in being one of the most decentralized Proof-of-Stake cryptocurrencies that are also highly scalable and have low fees.
In this article, we seek to answer the question, is Cardano a good investment? To do so, we will look at the price action over the years and review the best broker where to buy Cardano and other cryptocurrencies.
Is Cardano a good investment? An Overview
With the high volatility in the cryptocurrency market, it is pretty natural to wonder, is Cardano a smart investment? From the information we will give you in this article, you should be in a position to decide whether Cardano is a worthy cryptocurrency to buy in 2023.
Cardano is a revolutionary new blockchain platform created in 2015 by Charles Hoskinson, one of the co-founders of Ethereum. It officially hit the market in 2017, intending to become a premier destination for developers looking to create decentralized applications and smart contracts.
Cardano uses an innovative consensus protocol called Ouroboros, which uses a proof-of-stake algorithm rather than a proof-of-work system like Bitcoin. This promises to provide greater security and efficiency than more traditional blockchain technologies. Overall, Cardano is shaping up to be an enormously powerful and convenient tool for developing next-generation decentralized applications and systems.
But despite its powerful features, Cardano has taken a hit in 2022. This leads to the question, is Cardano a smart cryptocurrency investment in 2023?
Cardano’s key selling point is that it can scale without compromising on decentralization. This is something that most platform blockchains in the market today have been unable to achieve. Cardano is also highly energy efficient, a big deal given that today, the world is seeking a way to deal with what is increasingly becoming a climate crisis.
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Cardano price performance from launch to date
Before you invest in cryptocurrency, it is essential to analyze its price action over the years. This can give you an idea of where it stands relative to its history and potential value growth going into the future.
Cardano entered the market in October 2017, just when the cryptocurrency bull market was gaining momentum. At the time, Cardano was trading at $0.025. By December 2017, at the height of cryptocurrency FOMO, Cardano had hit a high of $1.18.
However, following the cryptocurrency bear market of 2018, Cardano crashed like the rest of the market. By the end of 2018, Cardano was trading at $0.04.
Cardano then lost most of its trading volumes and flatlined for the better part of 2019. Its price only came back to life in 2020 when the rest of the market started gaining upside momentum. This momentum accelerated in 2021, and in September 2021, Cardano made an all-time high of $2.96.
But with the rest of the cryptocurrency market entering a bear market in December 2021, Cardano’s price started to drop and has been in decline for the better part of 2022. Cardano is currently trading at $0.35, a more than 80% drop from its all-time highs.
Despite the drop, anyone who bought when it first entered the market in 2017 is still in profit.
Cardano Price
If you had decided to invest in Cardano between 2017 and 2018, you would have paid anywhere between $0.04 and $1.18. While Cardano has been highly volatile since then, there have been many instances when Cardano has given early investors parabolic returns on investments.
The best part is that even with all the volatility in price, Cardano has made tremendous progress in terms of technical development. For instance, in 2021, Cardano introduced smart contracts, and adoption is on the rise.
However, like the rest of the financial markets, Cardano has taken a hit due to the surging inflation, rising interest rates, and the war in Ukraine that has disrupted the world economy. In 2022 alone, Cardano has lost more than 50% of its value.
Cardano Highs and Lows
Up to this point, we have looked at Cardano’s price from when it hit the market. This should give you an idea of whether Cardano is a good cryptocurrency investment.
Just to help you make even better decisions, let’s summarize Cardano’s price performance over the years.
- Cardano enters the market in October 2017 – $0.025
- December 2017 – Cardano makes a new high of $1.18
- December 2018 – Following the crypto bear market, Cardano drops to $0.04
- September 2021 – Cardano makes an all-time high of $2.96
- October 2022 – With markets crashing, Cardano drops to $0.35
From its bull and bear cycles over the years, you have a clear idea of how volatile Cardano is, and can decide if it’s a good cryptocurrency investment for 2023.
Cardano Price Prediction
While the predictions in this article can give you an idea of whether Cardano is a good cryptocurrency investment for 2023, it is essential to note that it is speculative. It is based on technical and fundamental analysis, and as they say in finance, past performance is not necessarily an indicator of future performance.
That said, most analysts are optimistic about Cardano going into the future. If the broader cryptocurrency market turns bullish in 2023, analysts expect Cardano to end 2023 anywhere between $1.50 and $2. In the long term, analysts anticipate that Cardano could test $10 by the end of 2025.
This means between 2023 and 2025, Cardano could trade between $1.5 and $10.
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Cardano Utility Value – Is it a good investment?
Cardano is one of the few Ethereum competitors that have solved the blockchain trilemma of decentralization, scalability, and security. This could see it gain favor with developers as more people seek out scalable blockchain solutions.
Thanks to its scalability and security, Cardano has several use cases that could help it grow in value over time.
Below are some of Cardano’s use cases that could impact its value going into the future.
- Cardano can be used to create all kinds of decentralized applications – from DeFi to NFTs.
- Cardano is secure and has low transaction fees. This makes it perfect for use as a currency.
- Cardano’s formal verification of processes makes it a perfect blockchain for sensitive applications where errors in the smart contract can have severe consequences.
Since Cardano introduced smart contracts, the number of projects building on it has shot up, including a Metaverse project. This is a good pointer to Cardano’s potential adoption and value growth going into the future.
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Where to Buy Cardano
If you believe Cardano is a good investment and would like to buy it, the next thing to consider is where to buy. You need to buy Cardano at a trustworthy cryptocurrency exchange. Otherwise, you could end up losing your money to scammers. It would help if you also considered finding a strong cryptocurrency wallet that helps you keep your Cardano tokens away from scammers.
eToro – Best Broker to Invest in Cardano
eToro has been one of the best-rated brokers for over a decade now. Today, more than 20 million people use eToro, and the numbers are growing. This indicates that traders believe that this top cryptocurrency broker has their best interests at heart.
There are many reasons why you should consider eToro, too. One thing that makes eToro attractive is the regulations around it. Most cryptocurrency exchanges are unregulated, so there is always the risk that they could fold with all your money, and you have little recourse. That’s not the case with eToro. eToro is regulated by some of the most important regulators in the world, such as the SEC. This is a confidence boost that eToro will never disappear mysteriously and leave you in losses.
eToro is also loved because it makes depositing and withdrawing money easy for investors. With eToro, you can go the old way and do a wire transfer or a debit card transfer. You can also choose the easy way and deposit using the many e-wallet options it offers, including big ones like PayPal and Skrill.
eToro is also known for being very friendly to small investors. Traders can deposit as low as $50 and buy cryptocurrencies for as low as $10. This also makes eToro perfect for those new to cryptocurrencies who want to test the waters with a small amount.
The best part is that when you buy cryptocurrencies with eToro, you can access them anywhere. That’s because eToro can easily be accessed via your phone. This means if you buy Cardano with eToro, you can always monitor its price movements in real-time and make a profit at the most reasonable time. If you are a long-term investor and want to buy Cardano in 2023 but hold it long-term, you can always use the eToro Money Wallet. It is safe and easy to access for all levels of traders.
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Should I Buy Cardano?
Up to this point, it is clear that Cardano presents multiple benefits to investors. However, you are probably still wondering, is Cardano a good cryptocurrency investment in 2023?
If you are still in doubt, let’s summarize why you should consider investing in Cardano.
- Cardano has one of the most advanced Proof-of-Work algorithms that makes it strong on security and decentralization. This makes it hugely attractive to Dapps developers going into 2023 and for many years to come.
- Cardano transactions are cheap and fast. This makes Cardano perfect for use as a cryptocurrency for regular payments.
- The Cardano team is constantly working on its capabilities, and that’s good for adoption and long-term value growth.
- Cardano is currently trading at a discount of over 70% from its most recent highs.
With all these factors in its favor, the odds are that Cardano is a good cryptocurrency investment in 2023. It has the right fundamentals, and with eToro, you can risk as low as $10 on Cardano.
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Conclusion
This article answers the question, “Is Cardano a good investment in 2023?” In our analysis, we have highlighted that Cardano uses an advanced Proof-of-Stake algorithm and has a growing Dapps ecosystem. Both factors make Cardano an excellent cryptocurrency to buy.
FAQs
Is it wise to invest in Cardano?
Yes, Cardano is one of the most fundamentally strong cryptocurrencies in the market today. The fact that it is trading at a considerable discount makes it an excellent cryptocurrency to buy in 2023.
What will be Cardano’s price in 2023?
While no one can tell with certainty, analysts expect Cardano to trade anywhere between $1.5 and $2 in 2023.
Is Cardano a safe cryptocurrency?
Yes. Cardano has a strong team and a growing community. This makes it one of the safest cryptocurrencies on the market today.
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