Cardano ADA/USD ranks as one of the 10 largest cryptocurrencies by market cap. The cryptocurrency has seen a sharp rise over the last week. Here’s a look at how much a $100 investment could be worth if the coin returns to all-time highs.
What Happened: Charles Hoskinson, the co-founder of Ethereum ETH/USD, founded blockchain competitor Cardano after leaving his former project in 2014.
Cardano was launched in 2017 and is now the seventh most valuable cryptocurrency by market capitalization.
Cardano uses a proof-of-stake model for the blockchain and competes with Ethereum and other cryptocurrencies. The cryptocurrency uses less energy than Bitcoin BTC/USD and is considered one of the top energy-efficient blockchains.
After spiking in 2021, Cardano and other cryptocurrencies were hit hard in 2022 as the result of several cryptocurrency trading platforms and companies declaring bankruptcy.
The cryptocurrency market has started strong in 2023, with leading cryptocurrency Bitcoin up over 80% year to date and recently topping the $30,000 level. Cardano and other cryptocurrencies have been gaining in recent weeks thanks to Bitcoin’s surge, concerns over inflation and the collapse of several banks.
Related Link: How To Buy Cardano (ADA)
Investing $100 in Cardano Today: At the time of writing, Cardano traded at $0.4466, gaining 14% over the last seven days.
The cryptocurrency has traded between $0.2404 and $0.9747 over the last 52-weeks, a far cry from the all-time high of $3.10 hit in September 2021.
A $100 investment in Cardano today could buy 223.91 ADA.
If Cardano goes back to its all-time high of $3.10, the $100 investment would be worth $694.12.
While it’s not guaranteed that Cardano will ever return to the levels seen in September 2021, this look back and forward shows that a small investment can have large gains given the high volatility of the cryptocurrency market.
Read Next: Cardano’s ‘Head And Shoulder’ Technical Indicator Signals 44% Price Breakout, Says Analyst
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