Can Cardano reach 1 dollar?

Can Cardano reach 1 dollar? - cardan 4Cardano (quotation ADA) had an impressive start to 2023, growing over 55% for the year. However, the digital token is still trading at a disappointing $0,39, and hasn't broken above $1 since April 2022, almost exactly a year ago. 

What can Cardano do to break the $1 threshold? There are two big growth areas where it could be able to capitalize on current momentum and more than double in value.

Decentralized finance

The first major area of ​​growth is in decentralized finance (DeFi), where Cardano has famously lagged behind market leaders like Ethereum. The primary metric used to measure DeFi prowess is Total Value Blocked (TVL), and Cardano is currently ranked 18th among all blockchains with a TVL of $150 million. 

That might sound like a respectable result, but Cardano is still a long way from Ethereum, which is in first place with a TVL of around $30 billion. Until Cardano climbs the TVL chart, investors will remain lukewarm towards this cryptocurrency.

Growth plans in emerging markets

One criticism of Cardano has always been that it doesn't grow fast enough to keep up with other blockchain competitors. He has always seemed to lag behind rivals like Ethereum when it comes to innovations.

For example, Ethereum introduced smart contracts in 2015, while Cardano only supported them in 2021. According to Cardano, it is better to be “best to market” than “first to market”. It has always prided itself on a slow, methodical and very academic approach to blockchain development. Obviously, this has frustrated investors, to the point that some have accused it of being a "ghost chain".

The road to Cardano's success, however, may be imminent. In a recent interview, Hoskinson explained that Cardano will focus much more on growth and development in emerging markets such as Africa and Latin America. These are places where traditional finance is underdeveloped and where hundreds of millions of people have no access to banks or are unbanked. Imagine the growth potential of all these people on the cryptocurrency blockchain.

How likely is the $1 price for Cardano?

The problem, from my perspective, is that Cardano has never been a major player in any segment of the cryptocurrency market that investors actually track and analyze. For example, take the recent NFT craze that swept the market. Even today, Cardano ranks only third in terms of average daily NFT trading volume. While some celebrities (such as Snoop Dogg) have minted NFTs on Cardano, investor attention remains focused on Ethereum, which has the Bored Ape Yacht Club and the CryptoPunks. 

If cryptocurrencies don't appear at the top of the charts or generate buzz through marketing and sponsorships, they won't attract investors' attention. Sadly this is the reality and that largely explains why Cardano's all-time high is only $3,10.