Cardano’s price has been growing in recent weeks while the rest of the cryptocurrency market has been falling. This trend has encouraged some in the crypto community to be optimistic about its future price and make it a bright light among digital coins and tokens.
According to the most recent predictions made using CoinMarketCap’s Market Estimation tool, which allows users to make crypto price predictions and check their average score, the community expects this crypto to trade at roughly $1 by the end of June.
Related Reading | Crypto Analyst Says Cardano, Avalanche and Two Others Have Potential To Perform Well In Bear Trend
CoinMarketCap Price Estimation Pool Figures
Cardano hit a price of $0.4 on May 12 and then quickly reversed to $0.59 on May 13. The price then gradually dropped to $0.44 over the next few weeks. The price was still 10% higher than the low before, but we could call this a test of the bottom. ADA surged almost 50% since the test happened.
ADA price estimates show an average price of $1.034 on June 30, 2022, which is $0.423 up from the current price or a 69.23% increase. As per the data obtained on May 31 from the analytics portal CoinMarketCap, Cardano was trading at $0.6698, a gain of 28.77% on the day and a gain of 29.10% compared to seven days earlier.
ADA is currently trading at $0.59 | Source: ADA/USD price chart from Tradingview.com
According to the poll, there are about 24,430 people who have voted on May 30. 15,911 votes predicted that the price of ADA will rise relatively less by July 31- to $0.9399.
Meanwhile, under statistics acquired on May 31 from Cardano Blockchain Insights, Cardano is back to having close to $500 million in its treasury or exactly $498,403,802.47. Through a voting procedure, the Cardano treasury is utilized to provide funds for the development of Cardano activities.
Other Cardano Developments
Like the hardfork approaches, other developments include the average Cardano blockchain load lasting reasonably high, at 64% on average in May. This implies that roughly 64% of blocks were utilized during this month.
In other good news for the chain, in the month leading up to May 20, it gained more than 2,000 new wallets every day, for a total of 70,211 between April 19 and May 19. According to data from Cardano Blockchain Insights, it had 3,357,509 user’s wallets as of May 30.
Related Reading | TA: Bitcoin Price Resumes Decline, Can The Bulls Save This Support
In addition, the successful introduction of ADACash gives Cardano a boost. On the other hand, developers aren’t slowing down when it comes to new ADA-USD projects. They market these projects as a third-generation blockchain after Bitcoin and Ethereum.
Cardano is working on new projects, such as a marketplace for NFTs and a DeFi transaction exchange. These projects will take time to launch, but they demonstrate the value and capability of the Cardano blockchain. Which could lead to future growth in the ADA/USD price.
Featured image from Pixabay, and chart from Tradingview.com