Can Cardano (ADA) Hit $1 After Bitcoin Halving?

Nicholas Otieno -

Cardano (ADA)’s slight recovery has been catapulted by the upcoming Bitcoin halving event that has drawn attention to the crypto market and an influx of funds entering the ADA market.

The crypto community is abuzz with speculation about the halving’s potential impact on various cryptocurrencies.

However, with Cardano’s performance capturing attention recently, many market observers and investors are wondering where ADA will take its price in the aftermath of the halving.

Bitcoin halving effect

Cardano is ready to rally after the next fourth Bitcoin halving event scheduled for April 19 to 21. That is the sentiment of some market observers.

The Bitcoin halving event tends to generate heightened interest across the cryptocurrency market, benefiting established projects like Cardano. Analysts expect the event to propel Bitcoin to witness minor price volatility before climbing to a new all-time high. However, such events can also catalyst bullish trends in altcoins, signaling a surge or a recovery in investor confidence.

With the upcoming Bitcoin halving event, Cardano can experience a massive price surge during that time. The crypto platform Analyticsinsight anticipates that Cardano will notice a 30% uptick by April 22.

Historically, bitcoin halving has been associated with substantial price appreciation not just for Bitcoinbitcoin but also for altcoins. This phenomenon, which happens about every four years, involves reducing the rate at which new coins are created by half. At each halving, the reward for mining bitcoin transactions is cut in half, meaning miners receive 50% fewer bitcoins for validating transactions on the Bitcoinbitcoin network.

As a result of halving, the reduced supply of new bitcoins entering circulation leads to increased scarcity, leading to further bitcoin price appreciation and even drawing attention to the crypto market, including altcoins.

Investors normally become more optimistic about the potential price growth of other crypto tokens, resulting in increased investment in altcoins, causing their prices to soar.

Is Cardano price ready to explode?

Cardano price is currently trading at $0.575, down 2.18% in the last 24 hours, at 10.59 AM on April 4. With a current market cap of $19.48 billion, ADA is ranked the 10th largest cryptocurrency on Coinmarketcap market aggregator.

Currently, the Cardano price prediction sentiment is bearish, according to Coingecko. The trading volume of ADA is $472,418,324 in the last 24 hours, representing a drop of 26.60% from the previous day and signaling a recent fall in market activity. With a price decrease of 10.90% in the last seven days, ADA is currently underperforming the global crypto market, which is down 6.20%.

However, market observers consider April a significant month for Cardano, as the blockchain is poised to generate a lot of attention in the crypto market and recoup its recovery.

As highlighted above, Analyticsinsight projects that ADA price will hit $0.748 after the halving. Coindcx crypto analytics platform anticipates a favorable environment for Cardano traders this month, signaling a broader bullish market sentiment. The analyst predicts that ADA price will rise by 40%-75% due to overall excitement after the Bitcoin halving, meaning that Cardano is likely to trade between the ranges of $0.8 to $1 after April 22.

The latest data from CoinShares shows that Cardano recently emerged as a key focus for investor attention, experiencing a notable rise in investment activity, with a $1.1 million inflow into its products over the past week. The influx propelled Cardano to the forefront of investors interested in crypto investment products, reflecting a rising prominence for cryptocurrency within the digital asset investment landscape.

The surge of demand in Bitcoin ETFs has also led to a wider rise in crypto investment activity, with total cryptocurrency investment inflows surpassing $13 billion since the start of the year.

What is Cardano (ADA?)

Cardano is a Proof of Stake (PoS) public blockchain platform whose aim is to offer a more interoperable, sustainable, and scalable solution than its predecessors – Bitcoin (first-generation blockchain) and Ethereum (second-generation blockchain). Cardano is commonly referred to as a third-generation blockchain, meaning it aims to address the challenges its predecessors face.

  • Founded in 2017 by Charles Hoskinson and his team, Cardano has gained immense attention due to its research-driven approach.
  • ADA is the native token of the Cardano network and is used for various purposes, including transactions, staking, store of value, etc.
  • Cardano blockchain enables the tokenization of real-world assets like real estate and precious metals, helping to lower barriers to entry, improve liquidity, and reduce friction.
  • Cardano plays a crucial role in the DeFi services, bringing advantages like multi-chain support, native liquid staking, and efficient UTXO processing in the DeFi landscape.
  • Cardano also executes a huge role in supply chain management, charity initiatives, public sector partnerships, and scalability solutions.

Conclusion

While Bitcoin halving and other favorable factors could supercharge ADA prices this month, users must remain vigilant and informed in navigating the dynamic crypto landscape.