Launched in 2017 by one of Ethereum’s co-founders, Cardano is a research-driven proof-of-stake blockchain designed for running smart contracts and building decentralized applications. It consumes less energy than proof-of-work blockchains and already has some interesting use cases. The project, along with its native cryptocurrency ADA, has generated enthusiasm in the community, which can be seen at times in its price history.
If you want to know why then you’re in the right place. We’ve compiled everything you need in order to get a better understanding of the intricacies of ADA price, as well as the factors that influence it.
Cardano Price History
Cardano burst onto the scene in September 2017 and its native ADA began trading at around $0.02. Its first major price shift came at the end of November 2017 when ADA’s market cap surpassed $1 billion for the first time – and after a couple of sharp upsurges, the price had jumped about 4,000% to peak at $1.21 on 4 January 2018. At that point, ADA had a market cap of over $31 billion.
This was immediately followed by a crash and a month later ADA was worth little more than a quarter of its peak value, dipping below $0.15 by March 2018. There was a renewed push in April 2018 but this time it didn’t have the momentum to break $0.40, and by the end of the year, prices had dropped back as low as $0.03.
The next year, 2019, didn’t bring much in the way of exciting price action. There were a couple of mini surges between March and June, but each time the price of ADA failed to break through heavy resistance at $0.10, and by the end of 2019, Cardano was back to trading at $0.03.
2020 was more interesting – Cardano made steady gains towards $0.07 in January and February but lost them in March when the price of ADA fell 45% in a single day and then bottomed out at around $0.02. This marked the start of a period of growth though, and by August 2020, Cardano was back up to $0.14. After a drop at the start of September, the gains resumed and ADA ended the year strong, closing above $0.17.
This was followed by even sharper growth in 2021, and in the first quarter, the price of ADA rallied almost 700% to set a new all-time of $1.43 – reaching a market cap of more than $45 billion.
Analyzing Cardano Price History
Like many cryptocurrencies, Cardano (ADA) tends to follow a boom-and-bust cycle, in which a period of growing excitement and adoption leads to a sudden surge before doubt and disillusionment set in and cause a just as sudden crash.
The overall price chart for ADA shows a familiar pattern of two major spikes, the first surge happening at the end of 2017 and into the start of 2018, and then the second surge beginning at the end of 2020 and continuing into 2021. This is because its price movement is similar to many other cryptocurrencies which experienced dramatic rallies on the back of the hype around Bitcoin’s 2017/18 and 2020/21 bull runs.
The crash after the first surge was only to be expected as such a sharp increase was unsustainable. There were a few developments for Cardano in 2019, such as the release of Cardano 1.5 in March and the announcement in June of the rollout of the Cardano Shelley testnet – the second phase in Cardano’s five-stage evolution plan. This progress could have been a major driver of ADA’s attempts to rally in the second quarter of 2019.
In 2020, ADA was influenced by some of the movements in the wider markets. The dramatic crash in March came as economies and borders were shutting down around the world in response to the COVID-19 pandemic. This was felt by the rest of the crypto economy and the entire stock market, which suffered the greatest single-day fall since 1987.
The drop at the start of September was also common across the rest of the crypto market, as was the period of growth at the end of the year and into 2021 on the heels of Bitcoin’s latest bull run. For Cardano, however, this growth may also have been encouraged by the release of the Shelley mainnet in the middle of 2020, which brought staking rewards and moved the network closer to decentralization. In addition to this, ADA’s surge to new highs could be motivated by mounting anticipation of the 2021 release of the Goguen mainnet, Cardano’s third stage of development, which will provide a whole host of features such as the ability to build decentralized apps (dApps).
Factors Influencing The Price of Cardano (ADA)
A myriad of different factors can affect the price of Cardano (ADA), including project updates, sentiment, and trends in the broader markets. Like Bitcoin, Cardano has a fixed total supply, meaning it is not subject to inflation and debasement like fiat currencies.
The outstanding ADA not yet in circulation is due to be issued as staking returns, which means that many holders may want to move their ADA off exchanges and into stake pools. This would restrict the supply of ADA on the market, thereby boosting its price as long as demand is maintained or increased. In addition to staking rewards, demand for ADA is driven by its utility for facilitating transactions on the Cardano network and participating in its governance.
Cardano’s price is ultimately likely to grow alongside its adoption and use cases as the protocol become more valuable the more developers are building on it. As the Goguen update brings smart contract functionality to the blockchain, this could inspire an influx of new development which could drive ADA price improvement in a major way.
Live Cardano Value and Market Cap
The live price of Cardano varies from moment to moment as it’s dictated by the balance of buyers and sellers on exchanges, which is in constant flux.
Given Cardano’s volatility, its live price can change by a large amount in a very short space of time. The market cap of Cardano is equal to the price of Cardano multiplied by the number of ADA in circulation.
The current price of Cardano is EUR. It has changed by EUR in the last 24 hours and ADA has a 24-hour trading volume of EUR. Cardano current Kriptomat ranking is , with a market cap of EUR. It has a circulating supply of .
Cardano Price FAQ
What was Cardano’s lowest price?
Cardano reached a low of $0.018932 on 6 October 2017.
What was Cardano’s highest price?
Cardano reached an all-time high of $1.43 on 18 March 2021, propelled by the 2020/21 bull run and project developments.
How is the price of Cardano calculated?
Cardano’s price at any given time is decided by the balance of supply and demand on exchanges. When more people are buying ADA than selling it, the price goes up, and when more are selling than buying, the price goes down.
Why is the price of Cardano different on different cryptocurrency exchanges?
Cardano price is based purely on trading as there is no standard global Cardano price, so no one knows what it is “supposed” to cost. The trading volume and liquidity are different for each exchange and those differences are what affect the price.
What will Cardano be worth in the future?
It’s impossible to make price predictions with any kind of certainty as a whole host of different factors could impact the future price of ADA. However, it seems likely that the successful launch of future Cardano updates would be positive for ADA price. Also, any delays to the rollout of ETH 2.0 could lead developers and users to turn to Cardano instead to avoid high gas costs, which would drive demand for ADA.
Cardano has had an exciting journey, from being worth $0.02 when it launched in 2017 to making gains of around 7,000% to reach over $1.40 a few years later. It wasn’t a smooth ride, however, with a few surges and crashes along the way.
Cardano’s trading history has been affected by various factors including updates to its mainnet and movements in the wider economy. Its current valuation is derived from the balance of supply and demand on the market and constantly changes.
If you want to get started with the most user-friendly trading experience on the market, register with Kriptomat today to begin your journey into the world of Cardano and cryptocurrencies!