Cardano Corrects to $0.20 - But What is Fueling the ADA Downturn?

• Cardano pulls-back to $0.20 amid significant cryptocurrency market price correction
• Regardless of falling ADA prices, Cardano is still a favorite among cryptocurrency and blockchain technology innovators
• Cardano (ADA) is still on track with the digital currency's 2018 development schedule

In 2017, the announcement that Ethereum co-founder Charles Hoskinson was heading a new cryptocurrency project, sent Cardano prices soaring on Binance. In fact, at one point investors were so confident in Cardano, that the digital currency started being flagged as a potential Ethereum killer in the making.

Sadly, with Cardano prices pulling back sharply to $0.20, many early ADA investors are starting to have doubts about the digital currency. The only question is, should investors really be worried? Or might Cardano be about to rebound spectacularly this summer, as development of the ETH-like digital currency continues?

Why is Cardano Going Down in Value?

Did you buy Cardano in November but suddenly wish you hadn’t? If so, you might not want to lose faith in Cardano just yet. This is because if anything, Cardano might just be a victim of its own popularity.

In early December, Litecoin founder Charlie Lee took to Twitter to warn people to be careful when investing in Cardano:

“I just noticed Cardano (ADA) is #6 on CoinMarketCap. How did it become a $10B coin when it's only 3 months old and the only major exchanges trading it is Bittrex and Binance and without even any fiat trading pairs?”

Needless to say, many interpreted Charlie Lee’s comments as a direct attack on Cardano. In reality, however, Lee was making a very salient point.

In December 2017, Cardano had barely just completed its initial ICO token sale. What is more, Cardano today is still months away from completed development. Many investors, however, simply didn’t realize just how far away Cardano’s completed development date still was. Instead, many simply saw that Charles Hoskinson was involved with ADA, and went all in on the digital currency.

How Long Until the Cardano Launch Date?

At present, the Cardano mainnet is already live. This means that Cardano as a cryptocurrency already benefits from proof of concept. At the same time, however, Cardano is still only 50% of the way through the ADA blockchains full development schedule.

As of March 2018, Cardno devs are still busy working on key features such as opensource community wallet support, quantum computing network resistance, and immutable ADA paper wallet token storage. What investors need to remember in this case, is that Cardano prices likely won’t peak until development is complete and real users start transacting and building blockchain applications on Cardano, just like businesses currently do on Ethereum.

How High Will Cardano Prices go When Development is Complete?

Despite the current loss of investor confidence in Cardano, it is safe to say that ADA will likely still rise to over a dollar in value as development continues.

Key Cardano Features & Benefits

• Cardano will eventually enable fast (and near free) cross chain transactions of other cryptocurrencies like Bitcoin
• Cardano will allow businesses to build more complex and scalable blockchain applications on ADA than will ever be possible with Ethereum
• Cardano will be the world’s first (and only) cryptocurrency designed to be secure against quantum computer hacking
• Plans are already underway to release a Cardano fiat currency payment card built directly into the ADA blockchain (and not issued by a transaction fee charging third party like LitePay)
• Cardano is designed to be infinitely scalable
• Cardano will hold value better than other cryptocurrency offerings, thanks to it being impossible to fork the ADA blockchain

Of course, it is impossible to predict just how high Cardano might go in value once development of the cryptocurrency is complete. It is worth remembering, however, that Ethereum (which ADA is purposefully designed to supersede), went from less than a dollar in value to over $1,000, in the space of just 12-months after bringing its own blockchain technology to market.