Cardano (ADA) seems to be having a lucky day. Its luck is turning around, at least. In the past 24 hours, its price has gained 7% and reached $0.804. Compared to the past week, during which ADA lost 20% of its value, today’s boost is a welcome piece of news for anyone who’s been worried about the recent Cardano coin price drop.
During the first week of January, this coin surged like crazy. The “Ethereum of Japan” soared to a peak price of $1.29 on January 4th. But it quickly dipped back below a dollar, and continued to sink from there. It’s kind of like what happened to TRON (TRX).
ADA bottomed out (for the week) at 65 cents yesterday – but is now showing early signs of a comeback. Check out its chart this week:
So, why is the Cardano coin price look like it may be starting to rally? Well, there may be a couple reasons.
The Cardano Coin Price Rebound – Why Is It Happening?
We’re just spit balling, but it’s most likely because Finder.com predicted in their Cryptocurrency Predictions Survey that ADA will be the third most valuable coin on the market by the end of 2018. Finder.com is a personal finance comparison hub that publishes the survey once per month.
Specifically, the survey sees Cardano hitting $4.17 on February 1, 2018. By December 31, it forecasts ADA to hit $68.18. Bitcoin (BTC) and Bitcoin Cash (BCH) are forecast to be in 1st and 2nd place by the end of the year, respectively. In 4th place is Ethereum (ETH) which will be worth around $4,666.67 by the end of December if this survey gets it nearly correct.
Another positive media blip for this coin is the fact that ADA futures were launched on BitMex, although this happened on Monday:
— Cardano Foundation (@CardanoStiftung) January 8, 2018
Either way, it looks like the Cardano coin price might be making a comeback. It seems like it’s the beginning of a rally – like it’s picking up steam.
Do you have any ADA in your portfolio?
Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.