Cardano
Why Cardano (ADA) Is Likely To Rise as High As $0.60 By End Of 2022
Cardano has been lagging behind the current bullish momentum in the altcoin market. While Ethereum (ETH), Solana (SOL), and XRP trend to the upside in the last 24 hours, ADA’s price continues to move sideways.
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At the time of writing, ADA’s price trades at $0.44 with barely 0.5% profit in the last day.
According to a survey conducted by Finder with 53 industry specialists, Cardano is likely to move higher from its current levels. The participants claim ADA’s price is set to end 2022 at around $0.60 with bullish expectations for the long term.
In 2025, ADA could value at around $3 and close to $7 by 2030. Although the experts are bullish on ADA, this price target represents a far slower increase than the one predicted by Finder’s January survey.
At the time, participants expected the price of Cardano to close out at $2.79 and at $58 by 2030. The expert believes Cardano developers have failed to meet market expectations regarding this network’s ecosystem and development.
Expert Iwa Salami, Co-Director of the Centre of FinTech at the University of East London, said the following on Cardano and its potential to trend to the upside based on real-world use cases:
I think the relevance of the Cardano blockchain, particularly as it seeks to foster financial inclusion in developing economies, is very significant and is likely to expand its long-term use, and therefore have a positive impact on the price of ADA.
Is Now The Right Time To Buy Cardano (ADA)?
In the short term, 17% of the experts expect Cardano to see bullish momentum on the back of the upcoming Vasil Hard Fork Combinator (HFC) event. An extra 20% believe the positive impact on the price of this cryptocurrency will be palpable in the long term.
While there is a relevant percentage of these experts that expert bearish price action, the majority claim to be unsure of the future price impact of this event. Designed to provide the network with better performance, and throughput, and to increase its decentralization, the Vasil update might fail to provide bulls with enough momentum to break above the current range, at least for the time being.
Ben Ritchie, another one of Finder’s survey participants and managing director at Digital Capital Management, is unsure about the potential impact of the upcoming upgrade. Ritchie is more certain about the potential long terms benefit. He said:
In our understanding, the hard fork will benefit developers who want to use the Cardano network and the communities who love low fees and high-speed networks. However, the upgrade may be good for the future of the network as more project developers can build on the Cardano network with ease.
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An important majority of Finbder’s panel (51%) believe Vasil will make this network more useful and facilitate the expansion of its ecosystem. As seen below, only 14% of the experts believe the opposite.
Popular Cardano-based decentralized exchange WingRiders has lost its position as the most valuable DEX on Cardano.
WingRiders slumped from the first position to third after losing more than 59% of the total value locked (TVL) on the platform in the past 30 days.
At the time of writing this line, WingRiders is now the third-largest DEX by total value locked, with a TVL of $19.66 million. It is noteworthy that WingRiders maintained the top spot for more than two months, claiming 42% of TVL On Cardano. However, the DEX has fallen from glory ever since.
Minswap Is Now Cardano’s Most Valuable DEX
The development also affected the total value locked on Cardano. The total value locked on Cardano has fallen below $100 million in the last 30 days after the WingRiders TVL slumped.
Interestingly, Minswap has taken the lead to become the most valuable decentralized exchange on Cardano after the massive decline of WingRiders’ TVL.
At press time, Minswap is leading, with a $49.09 million total value locked on the platform. The DEX hit the milestone after recording a massive growth of 30.9% in its TVL in the past 30 days. Minswap accounts for 51.82% of the total value locked on Cardano.
SundaeSwap, the first decentralized exchange on Cardano, is now the second most valuable DEX in the ecosystem. SundaeSwap is second in the ranking, with $19.72 million in TVL.
Like WingRiders, SundaeSwap has also lost a significant amount of its TVL over the past 30 days. In the past month, SundaeSwap has lost nearly 10% of the funds locked on the platform.
Commenting on the development, Cardano Daily, a platform that shares new developments about Cardano, said:
“After the major decline of @wingriderscom, the TVL scenario of the Cardano ecosystem has stabilized back to normal as we have seen in the past few weeks. @MinswapDEX still led the ecosystem with $51M TVL, contributing 50% of the ecosystem.”
CARDANO TVL STATUS
After the major decline of @wingriderscom, the TVL scenario of the @Cardano ecosystem has stabilized back to normal as we have seen in the past few weeks. @MinswapDEX still led the ecosystem with $51M TVL, contributing 50% of the ecosystem#tvl #cardano $ADA pic.twitter.com/xjZ6cHo8jX
— Cardano Daily (@cardano_daily) August 9, 2022
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