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Cardano (ADA) is struggling to keep pace with crypto market growth so far in 2024, with the once-promising ecosystem trailing behind rival layer-1 blockchains like Solana and Ethereum, but what happened to Charles Hoskinson’s pet project? What’s the outlook for ADA price in the years ahead?
May 13, 2021, was the most important day in Cardano’s history – on that fateful day 3-years ago Cardano (ADA) bucked the trend and surged to all-time highs, breaking the $2 barrier and outperforming other top-ten cryptocurrencies despite a broader market sell-off.
Cardano bulls appeared on parade, and the creator of Cardano, Charles Hoskinson, amid bullish fervor asked Tesla to partner with them after Elon Musk’s public diss against Bitcoin.
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In 2021, Cardano was the fourth most valuable token in the world. It’s now the ninth, at $0.66, with stagnant overall price performance in 2024 compared to Bitcoin, Ethereum, and especially Solana. So what happened to Charles Hoskinson and Cardano price?
Charles Hoskinson and Cardano Price: What’s Going On?
Ethereum was originally founded by five people, with three more co-founders added later – one of those original squad members was Cardano founder and mathematician Charles Hoskinson.
Charles, 33, is a controversial figure – some see him as an affable polymath who has become a Steve Jobs in the crypto world.
Others, like Bloomberg journalist Matthew Leising, are on the other side -in his book “Out of the Ether,” Leising writes that “other Ethereum co-founders describe Charles as a pathological liar, a sociopath, and someone to ‘not trust in the company of your girlfriend.”
Regardless, Charles and his blockchain company, IOHK, have made Cardano a crypto mainstay and a direct competitor of Ethereum.
Cardano was one of the first popular proof-of-stake protocols, meaning transactions are much more fluid by not rewarding miners with a block reward but with the transaction fee.
There are no complex mathematical equations in POS like with Bitcoin mining. This is why the individuals are called forgers, not miners in this system.
The Future of Cardano In The 2024 Bull Market
Cardano’s scaling project, Hydra, recently faced rumors of abandonment, which Hoskinson dismissed – despite heavy criticism from YouTubers.
However, Charles shot back at the wave of FUD, stressing that the Hydra project’s development efforts continue.
As for recent updates that are important to the ADA ecosystem, here are a few:
- Cardano’s Top DApps: Cardano aims to attract more developers to build DApps and smart contracts on its platform by improving their experience and providing better tools and resources. The most popular DApps on ADA today are Spectrum Finance (open-source DEX), JPG Store (NFT Marketplace), and Indigo Protocol (RWA trading)
- Chang Hard Fork: The Chang hard fork, planned for early to mid-2024, will allow the Cardano community to vote on decisions directly on the blockchain, guided by a set of rules. Some say it’s Cardano’s biggest update, but ADA’s Reddit community is rather dead about the news.
- Increased DeFi Integration: Cardano plans to expand its DeFi integration and ecosystem through partnerships and launching new protocols.
Cardano Price Prediction 2025: Can Cardano Rebuild?
Cardano doesn’t have the electricity it once had in 2021, and the ecosystem remains in desperate need of a major catalyst – such as meme coins – in order to capture a sector of the crypto market like other L1s such as Solana.
Currently, ADA price is trading at around $0.67, with bulls targeting a continued upside move to higher support at $1.25.
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However, with the RSI over-extended and momentum slowing on the MACD – it seems this could become an uphill struggle for holders unless a bullish fundamental triggers an influx of significant fresh capital (which would fuel further ADA price growth).
If ADA price is able to unlock this type of growth, it could undertake a Solana-style move from its current $23Bn market cap up to around $85Bn – as much as a 3.5x return from current levels – a target price at $2.36.
However, it remains to be seen how Cardano could unlock growth to match Solana’s recent performance, and already at a $23Bn market cap; there is little incentive for late entrants to buy.
That said, ADA will still rise with the Bitcoin halving happening soon and will probably end 2024 above $1.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
