Decided you want in on the action? You can buy Cardano (ADA) on Coinbase, eToroX and Crypto.com.

Cardano (ADA) has been one of the best performing cryptocurrencies of 2021. Cardano recently shattered all-time highs and cemented itself as the 3rd largest crypto asset by market cap at a price of around $3. Japan has also recently given Cardano the green light to be listed on exchanges, opening it up to the 3rd largest economy in the world.

September 2021 is the scheduled implementation of smart contract functionality on Cardano. The introduction of smart contracts will allow Cardano to become a player in the decentralized finance (DeFi) space and possibly become an even bigger rival to Ethereum. Holders of the Cardano token (ADA) can stake their ADA and receive rewards.

What Is Cardano?

Cardano is a proof-of-stake blockchain platform launched in 2017 by former Ethereum developer Charles Hoskinson. Cardano, the 1st blockchain built based on peer-reviewed research, is being developed through evidence-based methods. Overcoming the scalability and security vulnerability issues of Ethereum is the goal of the project. Hoskinson also wanted Cardano to be a for-profit entity, accepting venture capitalist donations. In contrast, Ethereum was adamant about remaining a non-profit organization.

Elon Musk caused a stir in the markets when he tweeted that Tesla (NASDAQ: TSLA) won’t begin accepting Bitcoin until it increases its use of renewable energy. Cardano is a proof-of-stake blockchain in contrast to Bitcoin and Ethereum, which both use a proof-of-work protocol. The proof-of-stake protocol is more environmentally friendly since it uses significantly less energy than proof-of-work chains. The proof-of-stake system can achieve more than 4 million times the energy efficiency of a proof-of-work system.

The Cardano platform consists of 2 layers. The settlement layer is where the ADA token exists and keeps track of transactions. The 2nd layer, the computation layer, enables smart contracts and decentralized applications (dApps) to run on the platform.

Cardano Market Capitalization

The market cap of Cardano as of August 2021 is around $90 billion, cementing its position as the 3rd biggest cryptocurrency according to CoinMarketCap ($89,954,280,847). The current price of a single ADA token is just under $3 — almost 100 times greater than its 2020 low of around $0.03.

You shouldn’t focus too much on the cost of an asset because it’s the market cap that determines the market value of a project’s circulating token supply. The market cap is the total cost to purchase all the projects tokens entirely in a single transaction. The market cap also helps disclose the amount of risk involved when investing in a project. Cardano was able to soar to the 3rd highest market cap because of the anticipation of the Alonzo hard fork in September 2021. The hard fork will allow DeFi, non-fungible tokens (NFTs) and gaming apps to go live on Cardano.

The project’s large-cap ranking (about $90 billion) makes it principally categorized as a “safe” investment. Analysts identify potential capacity for Cardano to grow in value. Cardano has a chance to match Ethereum’s projection of hitting a $1 trillion market cap by 2022. The Cardano ecosystem is forecasted to grow exponentially, and owning ADA could be rewarding as adoption grows.

C. Jebb’s Bull Case for Cardano

C. Jebb is a talented trader who also provides insights into current events and predictions on the crypto market. He thinks that after ripping through all-time highs, Cardano could be due for a correction to the downside in the short term. However, by recently adding Cardano, Japanese exchanges could help produce a bullish move to the upside long-term. C. Jebb predicts that Cardano will go to $10 in the next 10 to 12 months but looks for it to correct in the short term.

In some ways, Cardano is in a similar position to that of Ethereum in 2018, on the cusp of making its debut into the DeFi and NFT space with the release of SundaeSwap. SundaeSwap is a DEX built on the Cardano blockchain. Sundaeswap uses the same protocol popularized by Uniswap, with several innovative adaptations for Cardano. DeFi protocols running on Cardano could be a bullish catalyst for the long-term growth of the ADA token price.

Jason’s Bear Case for Cardano

Jason from “A Chain of Blocks” podcast is a brilliant market analyst who is a big Cardano fan. Still, he also sees a possible bearish scenario for the project. The crypto space is exceptionally fast-paced, yet the development at Cardano has been moving at a languid pace. Projects that launched years after Cardano like Elrond and Polkadot have delivered far more robust ecosystems. The lack of smart contract functionality means that not many developers are building on Cardano.

Other projects could increase their lead in development if Cardonocpo delays releasing smart contracts. If smart contracts succeed, Cardano will still need time to implement sharding to overcome the scalability issue. If the bearish scenario plays out, Jason didn’t give a price prediction but sees a deep correction coming for the ADA price.

Where to Buy Cardano

You can buy the ADA token at several exchanges, including Coinbase (NASDAQ: COIN) and eToro. If you’re new to the crypto space, a centralized exchange like Coinbase may be easier to use. Make sure to research several exchanges because each has unique benefits to offer users.

How Long Will it Take for Cardano to Reach $10?

Cardano has been one of the breakout projects of 2021. It proved its ability to reach high price points by continuously smashing through all-time highs. If the Alonzo hard fork goes off without a hitch, the ADA token could get to $10 before the end of 2021. Cardano will increase its user and developer base as more DeFi and NFT projects are released, which should cause an increase in the price of ADA. For Cardano to reach $10, Bitcoin will have to remain on an upswing for the remainder of the year. However, due to the very turbulent nature of the crypto markets, you should not put too much confidence into price predictions. There could also be delays in project development. A more conservative outlook is that ADA could reach $10 in the next 10 to 12 months.

Where to Store Cardano Safely

It’s not safe to leave your crypto assets on an exchange because, in the event of a hack, you could lose your money. The best practice is to keep your crypto assets offline in a hardware wallet or an online software wallet, depending on your preference. Using a crypto wallet gives you more security as long as you keep your private keys safe.

Best Hardware Wallet: Ledger

The Ledger is one of the best hardware wallets to secure your cryptocurrencies. The device is primarily an offline hardware wallet. It has software with an easy-to-use interface to help users manage their portfolios. It also connects to Bluetooth or USB, depending on whether you’re on a desktop or mobile.

Best Software Wallet: ZenGo

ZenGo wallet is a mobile software wallet with a stylish interface along with a built-in exchange for trading. The ZenGo wallet is excellent for beginners because the support team is there to answer any questions. The wallet also removes the hassle of keeping private keys and seed phrases because it uses facial biometrics.

Bonus Section: ErgoDEX is a decentralized exchange (DEX) that runs on both Cardano and Ergo networks. Ergo has had a long-standing relationship with Cardano due to overlapping technologies. The DEX running on both blockchains allows for quick liquidity swaps between the networks. The Cardano ecosystem is just beginning to grow. As use cases for the ADA token increase, token holders will reap the benefits.

How Does Cardano (ADA) Fit In the Bigger Picture? 

ADA is a governance token that also allows users to participate in the proof of stake (PoS) consensus mechanism. It faces large competition from major blockchains such as Ethereum and Solana.

However, the chain hopes to attract users through increased decentralization and focus on social impact. The overall success of Cardano is largely dependent on the ability of the chain to attract new users and create social change. 

So, Is Cardano a Good Investment?

Suppose you believe in Cardano’s ability to deliver smart contracts and overcome scalability issues soon. In that case, ADA could prove to be a superb investment. The release of DeFi and NFT apps like SundaeSwap and ErgoDEX could drastically increase the number of transactions on the network, driving the ADA price higher. Early adopters who hold ADA before the release of these dApps could prove to be a profitable endeavor.

So, Is Now A Good Time To Buy Cardano (ADA)?

Cardano has the ability to become a force in the blockchain world. However, this is reliant upon the ability of the chain to create new use cases and prove that they can create positive change. If they are able to do this effectively, then there could very well be room for ADA to make a large jump in price.