Could The Price Of Cardano (ADA) Reach $1 Soon?

Written by

Eddie Mitchell

Cryptocurrency Writer

Cardano (ADA) is set to have a huge year ahead in terms of ecosystem development, and many analysts are expecting it to rally beyond the $1 mark very soon.

ADA price today

ADA is the eight largest cryptocurrency by market capitalization, commanding a $19billion market share. But, this token has been a bit of a disappointment for investors as its price hasn’t topped $3 since its current all-time high in 2021.

Just like many other cryptocurrencies today, the price of ADA has jumped a few percentage points, climbing from a low of $0.47 at the start of February, to a high of $0.54 today (9 February 2024).

Cardano (ADA) seven-day chart

This has also seen over $2bn added to its market cap in the past 48 hours, which is largely down to the increased total value locked (TVL) within the Cardano decentralized finance (DeFi) ecosystem.

As per data from DeFi Llama, Cardano now has $369.5m locked in TVL, a figure which spiked in late 2023.

ADA TVL DeFi Llama

Many are setting short-term goals of $1 for the token. Considering that ADA spent roughly a year above the $1 mark between February 2021 and February 2022, it may seem a little lackluster for the veteran token, but some analysts see the “slow and steady” approach as a sign of great things to come.

The Voltaire Era

In 2024, Cardano is set to go through major updates including the Chang Hard Fork. Cardano is presently in the final stages of its roadmap which it calls “Voltaire”. This is the era when the network becomes truly decentralized through the introduction of community governance.

Cardano Community tweet
The Chang Hard Fork will be the first of the Voltaire era, and it brings a major update to the Cardano blockchain. Somewhere between the end of Q1 and the beginning of Q2 2024, the hard fork will introduce minimum-viable community-run governance on the Cardano blockchain, meaning that users will be able to participate in Cardano’s future direction.

As per a tweet from Cardano's founding entity, EMURGO, 2024 roadmap plans also include increased tokenization, setting fertile ground for decentralized applications (dApps), DeFi, and non-fungible tokens (NFTs) within the ecosystem.

This also involves more third-party developers onboarding to Cardano. With over 150 projects live on the network, and a further 1,300 in development, Cardano looks poised to give ADA holders a significant boost in utility, which is likely to contribute to future price gains.

ADA tweet