The post Here’s Why Cardano (ADA) Could Be “Altcoin Of The Year” In 2023 appeared first on Coinpedia Fintech News
Cryptocurrencies are trying to gain stability, but Cardano, the ninth largest, is facing challenges in maintaining bullish momentum.
Despite a difficult year in 2022, altcoins like Cardano, Ethereum, and Polygon have seen significant developer activity and partnerships, which market experts believe will drive the price of the currency. Currently, Cardano is selling at $0.25 with a 3.27% increase over the past 24 hours.
Despite being one of the busiest blockchains in terms of developer activity, Cardano has seen a decline of over 80% since January 2022.
Crypto influencer Dan Gambardello is optimistic about Cardano’s performance in 2023, citing its developer activity as a key factor in expected gains.
Currently, Cardano is seen as a major competitor to Ethereum due to its proof-of-stake blockchain. Cardano reached an all-time high of $3.101 in August 2021, but fell to a low of $0.241 in December 2022. However, the fact that Cardano has passed the $0.25 mark suggests that it may experience a bull run in the near future.