ETH - Can Cardano Hit $1 in 2023?
After a miserable 2022 that saw it lose more than 80% of its value, Cardano (CRYPTO: ADA) is looking to rebound in 2023. Currently, the cryptocurrency is trading for just $0.25, more than 90% below an all-time high of $3.10. As might be imagined, the majority of investors have soured on Cardano, which currently ranks as the ninth-largest cryptocurrency by market capitalization.
Right now, the consensus estimate is that Cardano will have a difficult time even doubling in value to $0.50, which is where it was trading in August 2022. Yet there is a best-case scenario in which Cardano actually hits $1 in 2023, based on several positive developments that have been taking place over the past 12 months. So let's take a closer look.
One major complaint that has always been leveled against Cardano is that it is a "ghost chain" where nothing of importance is taking place. In part, this criticism is true, because Cardano has always seemed to lag behind market leaders like Ethereum (CRYPTO: ETH) when it comes to new innovations. For example, Cardano only introduced smart contracts in 2021 . For those of you keeping score at home, that's a full six years after Ethereum unveiled them.
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Can Cardano Hit $1 in 2023?