Cardano (ADA), the eighth-largest cryptocurrency by market capitalization, has mirrored the recent bullish and current bearish trend in the crypto market alongside Bitcoin (BTC).
Since the beginning of the year, Cardano has gained over 22% increase in price, showcasing its continued strength. This positive performance has stirred several financial experts to offer their predictions for Cardano’s price by the end of 2024.
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Analyst Forecasts: A Spectrum of Possibilities
Finance experts anticipate continued growth for Cardano throughout 2024, with predictions ranging from $0.945 to $11. Here’s a breakdown of some notable forecasts:
Elliott Lee (Techopedia): $0.95 Average: Lee’s prediction hinges on key developments planned for Cardano’s Voltaire age, including the implementation of on-chain governance, a treasury system, and further decentralization. He expects a price range of $0.45 to $1.55 by year-end, with an average of $0.95.
Finder Panel: $0.945 (Estimated): While Finder’s panel of 29 specialists didn’t provide a specific year-end 2024 prediction, their 2025 forecast of $1.57, combined with previous projections, suggests $0.945 for Solana (SOL) by the end of 2024.
Ben Armstrong (BitBoy Crypto): Armstrong presents a wider range, encompassing a bearish scenario of $1.75, a bullish prediction of $18, and a realistic expectation of $11 by December 2024. He draws parallels between Cardano’s potential growth and its 2021 surge from under $0.05 to nearly $3.
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Read Also: Crypto Capital Venture Founder: Cardano (ADA) Won’t Be Below $1 Much Longer
Current Status and Future Potential
As of today, March 19th, 2024, Cardano is trading at $0.6622 experiencing a slight daily loss of 2.10% and a weekly loss of 14.33%. However, it maintains a positive monthly gain of about 8.43%.
Considering these expert predictions and Cardano’s ongoing development efforts, the possibility of reaching one of these targets cannot be entirely discounted. Continued network development and positive market trends could propel ADA as high as 150% in the short term.
These are just predictions, and the actual price of Cardano by the end of 2024 could be higher or lower. The cryptocurrency market remains volatile, and unforeseen events can significantly impact prices. In this case, extensive research is recommended for investors before making any investment.
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