ETH - Can Cardano Reach $1?
2023-04-12 08:10:00 ET
Cardano (CRYPTO: ADA) has had an impressive start to 2023, already up more than 55% for the year. However, the digital token still trades at an uninspiring $0.39, and has not traded for more than $1 since April 2022, almost exactly one year ago.
So what can Cardano possibly do to break through the $1 mark? There are two big growth areas where it might be able to build on current momentum and more than double in value.
The first big growth area is decentralized finance (DeFi), where Cardano has notoriously lagged behind market leaders such as Ethereum (CRYPTO: ETH) . The primary metric used to measure DeFi prowess is total value locked (TVL), and Cardano currently ranks No. 18 among all blockchains with a TVL of $150 million.
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Can Cardano Reach $1?