ADA is gaining some attention in the crypto market. Charles Hoskinson, Cardano’s founder, claims it’s now the top blockchain. Are these statements baseless? We’re about to find out.
This bold statement comes as Cardano prepares to reveal its new roadmap at the upcoming summit in Buenos Aires.
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Charles Hoskinson’s Vision: Cardano’s Path to a $2.52 ADA Price Target
Source: Charles Hoskinson, YouTube
Hoskinson’s Faith in Cardano’s Tech
Hoskinson bases his claim on Cardano’s tech advances, especially the upcoming Leios upgrade. This update aims to boost Cardano’s speed, potentially outpacing Solana.
Hoskinson stated, “Leios will be the fastest single shard protocol (…) you can’t really get much faster than that, without sharding the system and trading-off decentralization and security.”
Sharding Debate
Vini Barbosa, a Finbold editor, challenged Hoskinson’s views. He pointed out that MultiversX uses sharding while maintaining security and decentralization. Hoskinson countered, “No sharding forces the network to operate in an asynchronous mode. Even if you put it back together using a centralized serializer, you lose the security at the edges.”
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ADA’s Market Performance
Despite Hoskinson’s optimism, ADA’s price growth has been slow compared to rivals. As of October 7, 2024, ADA trades at $0.3655. It’s up 4.52% in 24 hours but down 6.17% over the week.
Long-term predictions for ADA remain positive. Telegaon forecasts:
“Cardano prices can be at a peak in 2030 after such a long journey. As per our price prediction, the average price of Cardano can be around $8.16 in 2030. There are signs that the crypto market may enter a new age and real project-based cryptos like Cardano may gain more market adoption. If current growth continues, the maximum price of Cardano is expected to be trading around $9.08 in 2050. However, if the market turns bearish, the minimum price of Cardano can be around $7.38 this year. If there are some good movements in the market the prices of Cardano may skyrocket and surpass our prediction in 2030. “.
CoinCodex offers a more conservative outlook:
“According to our current Cardano price prediction, the price of Cardano is predicted to rise by 16.73% and reach $ 0.42492 by November 6, 2024. Per our technical indicators, the current sentiment is Bearish while the Fear & Greed Index is showing 50 (Neutral). Cardano recorded 19/30 (63%) green days with 6.00% price volatility over the last 30 days. Based on the Cardano forecast, it’s now a bad time to buy Cardano.”
Cardano’s Future Plans
The crypto world eagerly awaits Cardano’s new roadmap. The Leios upgrade could be a turning point for Cardano’s speed. It might cement Cardano’s position as a leading blockchain platform.
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While debates continue about Cardano’s top status, its focus on improvement is clear. As blockchain technology evolves, many will watch Cardano’s progress closely.