The Bitcoin crash of 2022 and its shockwaves are still reeling investors who got caught up in bull run’s most promising cryptocurrencies. Altcoins along with the major cryptocurrencies like Bitcoin and Ethereum, were obliterated. Accordingly, Cardano, a once highly promising cryptocurrency, fell in lockstep with the larger stock and cryptomarkets.  Regardless of the negative trend in market sentiment many still believed heading into the new year that 2022 would be a promising year for the cryptocurrency industry.

That small glimmer of optimism, however, was shattered by the harsh realities of an unrelenting bear market. The experience was so harrowing that beginning in 2023, traders and investors remain hesitant with some going as far getting ready to modify their plans to take further market decline into account. Is it time to finally be optimistic about Cardano or did the bear market groundhog go back into its hole? In this article we are going to try and answer the question on many minds. Will Cardano ever recover to meet and surpass its All Time High or would it be wiser to invest in competing cryptocurrencies?

The Good Old Days: Cardano’s Glorious Backstory.

Charles Hoskinson is incredibly well-liked and well-known in the cryptocurrency field as the creator of the Cardano project and serves as its public face. Charles, widely regarded as one of the smartest people in crypto co-founded Ethereum and previously worked on Bitshares development. He started developing the Cardano in 2015, and in 2017, he made it public. There are truly incredible promises to Cardano that should be delved into and a great way to do so is by reading John Greene’s excellent paperback book: Cardano For The Masses.

Cardano is an ecologically friendly blockchain network that has its own mainnet. As a result, it's often regarded as being a really big deal. If Ethereum was a gas guzzling hemi, Cardano would be a Tesla motor. For those who may be unfamiliar, a mainnet is a blockchain system that has been entirely developed and put into real world use. Meaning that transactions not only happen in real time, but are transmitted, confirmed, and recorded in real time! Every single minute of the day, 365 days a year. 

Coinmarketcap shows that ADA has grown into ranking as one of the top 10 cryptocurrencies worldwide. It has attracted the curiosity of both investors and cryptocurrency enthusiasts during its exciting journey so far. Despite a significant decrease of more than 90% during the doldrums of 2022, it has been a major success for early investors. Those lucky enough to have gotten in extremely early managed to more than double their investment from where it started in early 2021 at a price of $0.18. Leading many people to wonder whether Cardano has the greatest return of any cryptocurrency.

This incredible success, according to CoinmarketCap, allowed Cardano to surpass the returns of Ethereum by 435% and Bitcoin by 75%. Doubling your return is impressive but what was undoubtedly more spectacular is when we take into account that it reached an all-time high of $3.03 in September 2021. That All-Time High for early investors represented an almost 20X return! This unprecedented market performance has garnered interest in far off corners of the world.

Possible Factors That Will Result In Potential Pricing Change For Cardano.

Generally, the main considerations for what constitutes wise cryptocurrency investments are the coin's useful applications. In regards to Cardano's projects, supported have been promised that Cardano can assist with real-world problems, and that its blockchain is now being looked into for a number of sectors, including education, healthcare, agriculture, retail, and finance.

It’s not an exaggeration to state that a few of the initiatives on the Cardano blockchain have the potential for viable future uses. The potential for these real-world use cases could serve as a future catalyst drawing in new investors. A savvy investor, knows however that the world of crypto moves in leaps and bounds. A great read that can help you make sense of all of this is Oberbrunner and Richter’s insanely interesting book!

Let’s consider Atala PRISM, which is being developed as an ID and credential project to help guarantee academic qualifications. The falsification of qualifications leads to a massive ongoing problem for foreign trained professionals. Due to safe document storage and availability, this application of Cardano's blockchain benefits all students and especially foreign educational institutions in developing parts of the world. Cardano has already begun to show potential in the finance industry as well, where it can help reduce the time spent verifying clients' documents by providing a secure identification portfolio for their clients.

Atala SCAN, a different initiative on the Cardano blockchain network, verifies the legitimacy of sold items. The healthcare industry could take advantage of this as it will help greatly reduce the spread of fake medicines in society and may make strong inroads in the fight to halt the sale of counterfeit drugs. Using the transparency of blockchain technology, projects like Atala Trace and EMURGO's solution can enable traceability in the supply chain for the agricultural industry. This is a major concern in countries like China where the population and sheer quantity of companies has eroded public health and safety mechanisms.

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Notwithstanding these revolutionary potentials, Cardano has continuously seen losses this year. Although, we should note that the overwhelming crypto market collapse may partially be to blame for this. Speaking of crashes, the demise of the FTX cryptocurrency exchange caused Cardano to lose most of the momentum that it displayed toward the tail end of 2022.

Given the high level of market uncertainty along with the volatile nature of the current market. Here is the question that you are probably still asking yourself.

Is it time to consider prospective alternatives that might, in theory, offer greater promise in the following year?

Even though there will always be an opportunity cost that must be fully appreciated. Let’s make the case that notwithstanding the recent setbacks Cardano has experienced, there still remain many reasons to be optimistic about its future.

First, is that Cardano's core team is continually working to develop the technology that underpins it. This is far from a dead ship. A sizable developer community that supports the network is actively working on several projects to improve its scalability, interoperability, and security.

Second, Cardano has already demonstrated that it is capable of offering useful solutions in a variety of sectors, including finance, healthcare, and agriculture. This provides a roadmap for the network to be adopted on a much larger scale, which should raise its value significantly. As more people become aware of Cardano's potential, we should see an uptick in interest. It’s wise to stay ahead of the game and to have additionally monetary liquidity in the event that happens and Chevon Patrick’s book has you covered.

Like with any investment, it's important to do your research and make your decisions on your personal risk tolerance and investing goals. Cardano although unlikely could very well go to zero but your portfolio never should!

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