Cardano Price

Cardano Price

How does Cardano work?

Cardano aims to create a more secure, transparent ecosystem by allowing people to participate in the governance and operation of the network. It is created on the basis of evidence-based methods and uses a PoS protocol named Ouroboros to achieve high security and scalability. The native token, ADA, can be used for transactions, smart contracts, and decentralized apps on the platform.

The blockchain is divided into two layers, CSL and CCL. The CSL layer is responsible for conducting P2P transactions with ADA tokens. The computational layer, on the other hand, is for executing smart contracts. With the splitting, Cardano processes around 1 million transactions/second.

The consensus Cardano uses is drastically different from the PoW consensus of BTC. To create BTC, miners use specialized computers that are needed to create the next block. Cardano, on the other hand, uses staking to verify the transactions. So instead of miners, Cardano has validators. The winner is selected by the network based on the ADA tokens each validator has staked in the pool and is rewarded in ADA.

ADA price history

ADA, the native coin of the platform, was launched in 2017 after a public sale that had begun in 2015. A total of around 25 billion ADA tokens were sold.

  • In 2017, ADA was trading around $0.025 and closed the year at $0.71. From 2018 to 2020, the price of ADA was hovering around $0.050, where it crossed the $1 mark in early 2018.
  • In late 2021, the ADA price climbed to $3 and reached an all-time high, but it soon fell. ADA started 2022 at around $1.30 but fell below the $1 mark in the next month due to the Russia-Ukraine encounter. In March 2022, however, ADA again crossed the $1 benchmark but soon followed the "pattern" and fell back to around $0.70 in April.
  • For the rest of the year, ADA hovered around $0.4 to $0.5 until the FTX collapse. This caused the coin to drop and close the year at $0.2.
  • In 2023, as the entire crypto market is seeing an uptrend, Caradano is also showing a bit of a surge and reached $0.4 in April.

Cardano price today

Now if you ask, "How much is one cardano?" The answer would be $0.3755 as of early June 2023. The current cardano price is the result of quite a roller coaster ride. The market cap of cardano, on the other hand, is $13,090,535,017.

Price of cardano

When it comes to determining cardano value, there are a lot of things that play a role in it.

  • Capability: The network capabilities can influence the price of ADA as cardano enables an ADA-backed stablecoin. This feature impacted hugely on the ADA price.
  • Deployment of smart contracts: cardano has the capability of operating smart contracts better than Ethereum. This certainly has an influence on the ADA price.
  • The network: The seamless operation of the network is also a factor that determines the value of ADA. It is because the value of the network is always determined by the coin’s price and user adoption.
Browse other coins