Cardano (ADA) price – EUR & USD

The price of Cardano (ADA) has historically fluctuated between $0.01735 (October 2, 2017) and $3.10 (September 2, 2021). Cardano is a cryptocurrency that utilizes blockchain technology and provides a platform for smart contracts and decentralized applications.  The ADA token derives its value from its position as the native currency of the Cardano blockchain, the development of the Cardano ecosystem, and the overall cryptocurrency market. The price development of the ADA token looks quite promising as the Cardano ecosystem is growing.

Cardano price (ADA): Historical Development

The price of Cardano (ADA) has historically fluctuated between $0.01735 (October 2, 2017) and $3.10 (September 2, 2021). Cardano’s price history started in December 2013. This information is based on data from Coinmarketcap.

The ADA token of Cardano was created through an initial coin offering (ICO) in 2017. During the ICO, the price of one ADA was only $0.0024. Despite not having a finished product, Cardano attracted investors from the early stages. Cardano gained public attention immediately after its release, unlike many other cryptocurrency projects.

The crypto boom in 2017 pushed the ADA token’s price up to $1.33 in January 2018, representing over a 550-fold increase compared to the ICO price.

Like many other cryptocurrencies, the ADA token’s price declined in 2018. Cardano’s price remained relatively stable in 2018, 2019, and 2020 without significant changes. It was a quiet period for the project.

The graph below illustrates Cardano’s historical price development.

cardano price

In the summer of 2020, Cardano’s price rose above ten cents. The Shelley upgrade introduced staking capabilities to the Cardano blockchain, a significant development that also caught the attention of investors.

At the beginning of 2021, Cardano’s price started a remarkable upward trend along with the rest of the market. During the spring months, Cardano’s price surpassed the $1 milestone, and at the end of May, it saw a rapid spike above $2. In addition to the general crypto hype, the rise was influenced by the Mary Hard Fork, which enabled token creation and the NFT market on the Cardano platform.

With the Alonzo hard fork, Cardano’s price peaked at $3.10 in September 2021, finally bringing smart contracts to Cardano. However, the price quickly plummeted after the update due to the “buy the rumor, sell the news” phenomenon.

During 2022, Cardano’s ADA token price dropped to around $0.245, representing a 91.5% drop from the 2021 all-time high. The reason for the decline was the general cryptocurrency bear market, which caused most cryptocurrencies to fall by more than 90 percent from the previous year’s peaks.

At the beginning of 2023, Cardano’s price was $ 0.25. The start of the year was promising, with the ADA price rising to over $0.40 in the first quarter. After this, however, a long decline followed, which ended at the end of October. At that time, Cardano’s price had returned to its starting point of the year.

Eventually, 2023 was good for Cardano, as the ADA price skyrocketed to $0.62 during November and December. The most significant movement was seen in December when the price made a 50 percent increase. Cardano’s price did not increase as much as Bitcoin’s, but it did increase significantly more than many other major cryptocurrencies.

What is Cardano?

Cardano is a cryptocurrency that utilizes blockchain technology and provides a platform for smart contracts and decentralized applications. Cardano falls into the category of smart contract platforms, and its competitors include Ethereum, BNB Chain, and Solana.

Cardano is known for its academic approach to technology development. It is based on a scientific approach to improving blockchains’ scalability, security, and sustainability.

Charles Hoskinson founded Cardano, and IOHK (Input Output Hong Kong), a company founded by Hoskinson, leads the project’s development. The image below is taken from the IOHK website.

iohk.io

Cardano aims to create an intelligent blockchain that enables fast and secure value transfer and the development of decentralized applications. It utilizes a Proof-of-Stake (PoS) consensus algorithm called Ouroboros, which allows for more efficient and environmentally friendly operation than the Proof-of-Work (PoW) system.

The native currency of Cardano is called ADA. In colloquial terms, the currency is still called Cardano, for example, “I’m buying Cardano” or “Cardano’s price.” However, it practically means buying ADA tokens or the price of ADA.

ADA tokens are used in the Cardano ecosystem for transaction fees and staking (PoS). The price of ADA is determined by market demand and supply. Various factors influence the price fluctuation, such as the overall development of the cryptocurrency market, Cardano’s technical updates, news, and investors’ expectations for Cardano’s future.

To learn more about Cardano’s history and technology, read our Cardano beginner’s guide.

What gives value to Cardano’s ADA token?

The ADA token derives its value from its position as the native currency of the Cardano blockchain, the development of the Cardano ecosystem, and the overall cryptocurrency market. Let’s take a closer look at these factors.

Cardano is known for the technical features of its blockchain, such as scalability, security, and sustainability. The developers of Cardano have heavily invested in technological research and innovations. These characteristics attract developers, companies, and other stakeholders to the Cardano platform. The interest in Cardano creates a foundation for the value of the ADA token.

ADA functions as the native currency of the Cardano blockchain, used for transaction fees and staking. The Cardano ecosystem also includes various applications and services that utilize the ADA token. The higher the demand for ADA tokens, the higher their value.

The value of the ADA token is also linked to the overall development of the cryptocurrency market. Favorable market trends and broader acceptance of cryptocurrencies can create a favorable environment for ADA and increase its value. It isn’t easy to envision Cardano increasing its market capitalization if the cryptocurrency sector as a whole is experiencing a downturn. The years 2018 and 2022 serve as good examples of this.

The Future of Cardano

The price development of the ADA token looks quite promising as the Cardano ecosystem is growing. ADA has solidified its position among the top 10 cryptocurrencies in the market. It has been in the market for over five years.

In addition, significant updates have been made to the Cardano ecosystem in recent years. The Vasil hard fork in September 2022 addressed many of Cardano’s bottlenecks that hindered the development of the DeFi ecosystem, among other things.

The more applications, users, investors, wallets, and transactions in the Cardano ecosystem, the higher the demand for the ADA token. Consequently, the higher the Cardano price or ADA price rises. Let’s not forget about staking, either.

Staking locks ADA tokens out of the market, reducing the supply. This has a long-term positive effect on the price.

In our opinion, Cardano is finally ready to challenge Ethereum, Solana, BNB Chain, and other smart contract platforms! It is one of the major players in the market, and over the years, Cardano has built a broad community.

According to our assessment, Cardano’s ADA token will reach its 2021 price peak in the next crypto bull market. Even a price of $5 would not be unrealistic during a broader crypto boom.

If you are interested in buying Cardano, you can find a separate article on the website about how to buy Cardano. It provides step-by-step instructions on how to buy Cardano’s ADA token and how to store it securely.