TL;DR
- Cardano’s ADA rallied substantially last year, with potential for more growth in 2024 due to multiple factors.
- Analysts point to further catalysts such as recent developments and the outcome of Coinbase’s lawsuit involving ADA for potential price increases.
Considering ‘Various Factors’
Last year has been highly successful for Cardano’s ADA, which rallied over 140%, reaching the $0.60 mark on New Year’s Eve. We decided to ask the popular AI-powered chatbot – ChatGPT – whether its price could surge even more in 2024, eventually surpassing $1.
It claimed that such a scenario is not out of the cards but relies on certain elements that need to take place. The first is a favorable market trend that could impact the value of many cryptocurrencies, including ADA.
Technological developments on the Cardano network are next on the list. One such update scheduled for the first half of 2024 is the Chang hard fork, which “will start the bootstrapping period of the Cardano governance model.”
ChatGPT estimated that regulatory changes and a potential increase in the adoption of ADA could also boost the value toward the aforementioned milestone.
Investor sentiment was outlined as the last factor. “The perception of Cardano’s potential and value by investors plays a crucial role in its price movement,” ChatGPT stated.
What Are Analysts Saying?
According to some experts, including the host of the educational YouTube channel – Guy Turner – and the founder of Crypto Capital Venture – Dan Gambardello – there are other catalysts that could fuel ADA’s upswing.
The former outlined several Cardano developments from last year, such as the collaboration between Cardano Spot and the decentralized exchange Minswap Labs. He also observed ADA’s recent price trajectory, claiming that an approaching “bull flag” could push the asset above the $1 level.
Gambardello touched upon the lawsuit between Coinbase and the US Securities and Exchange Commission (SEC), suggesting a potential victory for the firm could be highly bullish for Cardano’s coin. Recall that the agency sued the exchange last summer, accusing it of breaching certain laws and offering trading services with unregistered securities such as ADA, MATIC, SOL, and others.
Those willing to observe additional price forecasts could take a look at our latest video below:
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