Cardano (ADA) was once one of the most popular cryptocurrencies in the world. Early in September 2021, ADA hit an all-time high of $2.91, and it seemed as though anything was possible. Over the course of a little more than a year, a lot has changed. Since then, Cardano has been falling drastically. ADA has fallen by 77.43% over the past year, reaching a low of $0.30.
Therefore, even though many investors are optimistic that Cardano would turn back, it now seems unlikely. Can Cardano hit the peak it previously attained?
No, Cardano is likely to continue losing value in the near future, according to Coin Bureau presenter Guy, who goes by the alias Guy. He discussed ADA’s future as the bear market remains intact. However, he explained that the blockchain’s ability to carry out its intended five stages of evolution will ultimately determine how well the smart contract platform performs over the long term.
“Although ADA is likely to continue declining until we hit the true bear market bottom, its long-term performance ultimately depends on Cardano’s upcoming milestones.”
Cardano’s Next Key Stages
Guy highlights some of the next key stages for ADA and said that five stages make up the official plan for Cardano. He said that it is currently at the fourth stage, known as Basho, which emphasizes on scaling. A scaling solution named Hydra will begin to be implemented in Basho next year, and it is one of the few remaining milestones in the project.
The presenter said that Basho would enhance the “underlying performance of the Cardano network to better enable growth and acceptance for large transaction volume applications.” The blockchain project’s last phase, known as Voltaire, will introduce a “vote and treasury system,” allowing network users to influence how the blockchain will develop in the future.
Source: https://coinpedia.org/altcoin/cardano-ada-price-2023-heres-what-traders-can-expect/