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Is the Cardano (ADA) price going to US$100?

Much to the delight of cryptocurrency traders, crypto markets have continued to push higher during trade on Thursday.

In fact, Bitcoin (BTC), Ethereum (ETH), and Bitcoin Cash (BCH) are all up over 10% since this time yesterday as confidence returns to the market.

Whilst it isn’t up as much as the others, the Cardano (ADA) price has managed to climb higher once again.

At the time of writing the Cardano price is up 3.5% over the last 24 hours to 35.3 U.S. cents according to Coin Market Cap.

This means that the fifth-largest cryptocurrency has climbed 32.7% since dropping as low as 26.6 cents earlier this week. As a result, its market capitalisation now stands at US$9.1 billion.

What’s next for Cardano?

These gains may be the start of something much greater according to some crypto experts, who have predicted that the Cardano price could rise to US$100 in 2018.

CryptoDaily believes this is possible due to the cryptocurrency’s advantage over its peers. This is largely down to it being a third-generation technology, which essentially means it has been designed to excel where bitcoin and Ethereum fail.

As many readers will be aware, bitcoin’s technology is antiquated and has little chance of being a currency in its current form. This is due to the time it takes to process a transaction and the fees associated with this transaction.

For example, if you bought a coffee with bitcoin you might have wait 40 minutes for the transaction to clear, pay $4 for your coffee, and then a further $30 in transaction fees. Cardano, on the other hand has negligible transaction fees and processes transaction almost instantly.

In light of this, I can certainly see why Cardano could have a bright future ahead of it. But US$100? I doubt it.

Given that there are almost 26 billion ADA in circulation, Cardano would have a market capitalisation of approximately US$2.6 trillion if the Cardano price reached US$100. That seems highly unlikely in my opinion.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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