Cardano seems set for an upward ride in the coming months with several prominent crypto commentators picking ADA as a coin to watch in recent days.
Founder Charles Hoskinson also promised that institutional investors have a huge appetite for the blockchain to welcome hundreds of new projects into its ecosystem following the successful upgrade of the Vasila hard fork.
But can Cardano, long considered an undervalued cryptocurrency without ever really breaking out, finally deliver huge returns on its great promise?
Cardano was loved by cryptoanalysts
This week saw the release of two videos from highly influential cryptoanalysts, both of whom spoke at length about the strengths of Cardano and the native ADA token.
Dan Gambardello, who goes by Crypto Capital Venture and has over 325,000 subscribers on YouTube, claimed in a video that ADA could reach a market cap of $500 billion in the next bull run.
Although it's unclear when the next bull run will begin, a market cap of this size would give ADA a trading price of $15 – a nearly 3,500% increase from today's trading price of $0.42.
Gambardello's analysis is based not only on the success of the Vasil hard fork, but on two other major updates planned for the near future – Basho and Voltaire.
It is not yet clear when the two updates will happen, but Basho promises to improve the speed of transactions and Voltaire to introduce voting for network participants.
The upgrade will allow Cardano to process millions of transactions every second – for context, Ethereum can manage 10,000 TPS after the merger – while Voltaire will make Cardano self-sustaining.
CoinBureau guest Guy, who has more than 2.1 million subscribers on YouTube, echoed Gambardello's bullish sentiment on the ADA — though he didn't go so far as to predict a $15 price.
During a discussion with Benjamin Cowen, the pseudonymous said he would name ADA - and Algorand (ALGO) as coins to watch out for in the next bull run.
“In the long term, I think investors — especially institutional investors, which is obviously where Cardano falls short in that regard — but I think every investor will subsequently look at the likes of Ethereum and Cardano as interest in cryptocurrencies will return and say, "Well, these guys were able to make these big improvements and they went flawlessly."
And I think that's a testament to the quality of the people that work on these projects, and I think that's going to be a big part of people's due diligence going forward. So even though the price didn't do anything, I think it's really, really positive, especially for Cardano."
Cardano founder promises institutional investment
Outspoken Cardano founder Charles Hoskinson also doubled down on his claims that blockchain will be popular with institutional investors when the bull market returns.
ADA endured a poor 12 months, falling more than 85% from its September 2021 all-time high of $3.09.
Year-round chart of Cardano
We built Cardano as the world's financial operating system. We built it to save banks without a bank account. We built it as a community to give economic identity to those who don't have it, so we can have one global fair market.
Cardano remains one of the most important blockchains outside of the Western world, especially in Africa, where many projects use blockchain for their projects.
Hoskinson also claims that many hundreds of projects are ready and waiting to be built on Cardano.
He expects institutional and venture capital funds to come to Cardano in 2024 and 2025.
Cardano price prediction
While it is difficult to accurately predict the fortunes of any crypto company, Cardano has the fundamental fundamentals to become one of the leading blockchains in the space.
Cardano has long promised investors that it would become one of the best altcoins on the market, and it never quite got there – despite a strong performance in 2021.
However, the project continued to build and find investors during the bear market, and when the bull market returns, it is a project that appears poised for breakout profits.
A 10x profit, around $4.20, is not too hard to imagine if the market were to experience a big recovery.
Diversification in any portfolio is also key, and another green project like Cardano is IMPT, which wants to make carbon credit tradable for everyone to help alleviate the climate crisis.
The project has just launched a pre-sale and collected more than $1.5 million in the first four days.
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