Cardano is a prominent proof-of-stake blockchain supporting decentralized apps. Its native token, ADA, is trading at 91.7% below its all-time high.
While new crypto investors can panic during a market downturn, experienced traders use them to buy coins they think will add value to their investments in the medium to long term. We estimate how much longer-term traders must invest for maximum ADA returns in the next bull run.
Cardano’s Decentralized Finance Ecosystem Boosts ADA Prospects
Ethereum co-founder Charles Hoskinson started assembling a team in 2014 to develop a fast and secure blockchain that would become Cardano. The team released the project in September 2017, with ADA trading starting a few days later.
Decentralized finance can sometimes seem like a minefield. Read our breakdown here.
Cardano has made some significant architectural choices thanks to a large research community. Its members have published many peer-reviewed papers documenting novel research.
Currently, ADA ranks eighth on the list of the top 10 cryptocurrencies by market capitalization. In July, the total value locked on decentralized application smart contracts exceeded $274 million.
This means that, despite the bear market, the network is seeing high traffic through engagement with decentralized applications.
How Much Cardano (ADA) Do You Need to Become a Millionaire?
Assuming ADA reaches its record price of $3.09 during the next bull market, you can calculate how many ADA you need to buy using the following formula: ADA Quantity = Target Amount / Expected Price. The “Target Amount” would be $1 million, while the expected price would be $3.09.
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Using the formula, we find that, to earn $1 million, you would need to purchase 323,625.20 ADA. At the current price of $0.256658, the coins will be worth about $83,060.
Still, it bears repeating that the crypto market can be very volatile and influenced by black swan events like the collapses of major exchanges. These calculations are based on current data and the assumption that ADA’s price will reach $3.09 during the next bull run.
Please exercise risk management and only invest money you can afford to lose.