Since its introduction in September 2017, Cardano has traded with the signature volatility of the cryptocurrency industry reaching a peak valuation of USD 29.8 billion on January 5th and dropping back to its current USD 2.18 billion market valuation. At a current price of USD 0.08, Cardano (ADA) must gain at least 525% in order to reach the USD 0.5 mark. The last time Cardano traded above this price point was on February 1st when it averaged USD 0.51. The current price is a slight 1.8% drop for the last 24 hours. Its price has however remained fairly stable with a valuation above USD 2 billion since September 21st.
A superior blockchain model by IOHK
A platform’s technological features and its development progress are some of the many factors that influence price movement in a cryptocurrency. The Cardano blockchain uses research driven methodology and a scientific strategy in its development. Its open source technology undergoes peer assessment by both scientists and inventors as a way to ensure it meets the set standards. Cardano recently announced the launch of a Cardano Virtual Machine called IELE, which enables users to develop and run decentralized applications on the platform.
The Yoroi Wallet
Two new wallets have been developed giving more options to Cardano (ADA) users for their storage needs. The Infinito wallet has been developed as a replacement for the Daedalus wallet but with more superior features and functionality. It eliminates the cumbersomeness associated with Daedalus in favor of a mobile application that is much easier to use. It allows users to make deposits and receive ADA tokens while also enabling them access transaction history. The Yoroi light wallet for ADA, developed by Emurgo was also launched on Cardano’s mainnet on September 30th.
The wallet, which is a hard fork of IOHK’s Icarus and an extension on Google Chrome has been described as a secure, fast and simple wallet and it’s expected to bring more features in the future including support for other browsers, more languages, integration of a hardware wallet and the ability to export transactions to Excel and other iOS and Android applications. The launch of these wallets is expected to result in an improvement in the adoption and usage of Cardano.
The miracle of surpassing $0.5 USD
As the 9th largest cryptocurrency, a recovery in the general crypto industry is highly likely to boost the price of ADA alongside other currencies in the top 10. This, together with the other technological steps made with the Cardano platform are likely to result in a massive jump in the coin’s price, possibly surpassing the USD 0.5 mark. The digital currency industry has been gaining as a whole in the recent past. And with Cardano’s strong team of scientists and developers working around the clock to bring more inventions on to the platform, the environment is great for Cardano to take a leap and surge in price. The IELE virtual machine for instance simplifies the use of smart contracts and dApp development on Cardano, something that is projected to give it more popularity. The Trezor hardware wallet expected this October, with support for ADA further strengthens Cardano’s position.
Cardano has made a lot of progress in the development of its technology and other user facing areas in its ecosystem. The general crypto market recovery is also welcome as it will help Cardano (ADA) push its price. A USD 0.5 price target may be very ambitious but it will not be surprising after hitting its bottom earlier in thhe year.
