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Why Cardano (ADA) Could Be A Rewarding Altcoin To Hold In 2023?

Cardano Price News: Amid an unfavorable macroeconomic environment, certain altcoins continued to make progress in terms of development in 2022. Cryptocurrencies like Cardano (ADA), Ethereum (ETH) and Polygon (MATIC) displayed high developer activity and institutional partnerships in recent times. Experts rate this activity as crucial for pumping of prices when the right time comes for the crypto market. However, the price trend for most cryptocurrencies has been stagnant in the last two months.

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Cardano (ADA) To Have Good 2023?

Compared with January 2022 price, ADA is currently down by more than 80%. It was recently found that Cardano was among the busiest blockchains in terms of developer activity since the far end of 2021. When the GitHub repository activities since 2021 November is considered, Cardano is ranked fourth. Whereas the second ranked Ethereum ranked third and Solana at sixth rank.

Meanwhile, Dan Gambardello, a crypto influencer, is highly bullish about the altcoin’s performance in the year 2023. He said Cardano has an upper hand in 2023 owing to the developer activity from a foundational perspective. The influencer cited the blockchain’s consistency for growth prospects. Cardano has proven itself as a blockchain that has stamina, reliability and consistency, he said. Gambardello added that like all cryptocurrencies, Cardano is going through the test of times in the market.

“Cardano will be a top altcoin to hold in 2023 and most people won’t realize it until it is 1,000%+ again”

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The Cardano platform operates as a proof of stake (PoS) blockchain which considers itself as a replacement for Ethereum. Cardano is currently ranked ninth with a market cap of $8.78 billion. As of writing, ADA price stands at $0.2543, up 3.43% in the last 24 hours, according to price tracking platform CoinMarketCap.

Anvesh reports major developments around crypto adoption and trading opportunities. Having been associated with the industry since 2016, he is now a strong advocate of decentralized technologies. Anvesh is currently based in India. Follow Anvesh on Twitter at @AnveshReddyBTC and reach him out at [email protected]

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

Read More: Why Cardano (ADA) Could Be A Rewarding Altcoin To Hold In 2023?

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