As we reported as kiptokoin.com, almost the entire cryptocurrency market spent the year 2022 in declines. Popular altcoin Cardano (ADA) also suffered from these declines, losing nearly 77 percent over the year. In terms of market cap, ADA risks losing its status as one of the top 10 cryptocurrencies in the world. Cardano may be ready to explode by the end of the year, according to financial advisory firm Motley Fool. Here are the details…
Popular altcoin metrics grow
Development activity in Cardano continues to be strong, according to the consulting giant. According to the latest developer metrics for November, Cardano has posted its highest development activity. Development activity in Cardano was 18 percent higher than its next closest competitor. As a result, there has been an increase in activity in Cardano. There are currently around 4,000 smart contracts on the Cardano blockchain, which represents a 300 percent increase over the past 12 months.
As Cardano noted at its recent developers conference in mid-November, some exciting new products are coming. Cardano has two stablecoins planned for early 2023. Given the importance of stablecoins in decentralized finance (DeFi), this will have a huge impact on the role Cardano can play in the future of DeFi. Engaging in DeFi is very important to Cardano because it is the easiest way to increase the amount of activity happening on the blockchain. Currently, Cardano ranks 29th among all blockchains.
Increasing number of Cardano skeptics
There are still plenty of high-profile Cardano skeptics. For example, billionaire Mark Cuban openly criticized Cardano earlier this year for the lack of activity occurring in blockchain. However, Sam Bankman-Fried, the former CEO of sunken crypto exchange FTX, refused to list Cardano. Also, there are many skeptics who are wary of these new Cardano stablecoin projects. Cardano already had a stablecoin project (Ardana) shut down. There are very serious concerns that the Cardano blockchain may not be ready for two new stablecoins in 2023.
According to the consulting giant, the altcoin price is very cheap right now. While some analysts believe that Cardano can drop to the $0.10 level, the number of people who think Cardano can regain the previous $0.50 level by the end of the year is quite high. Artificial intelligence (AI) algorithms made its prediction for the ADA altcoin price. The AI forecast says the price will be $0.42 as of December 31.
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