How much do you need to invest in Cardano (ADA) to become a millionaire in the next bull market
Date: 2023-09-01 Author: Karina Ziganova Categories: BLOCKCHAIN
Cardano is one of the most famous blockchains based on the Proof-of-Stake algorithm, written in the Haskell programming language and designed to create decentralized applications (dApps). At the moment, the native token of the ADA project is trading 91.7% below the historical maximum reached in September 2021.
A large-scale market crash often causes newcomers to panic and hastily sell their assets. However, experienced traders regard such events as an opportunity to form a reliable medium-term or long-term portfolio and purchase the coins they are interested in at a discount.
We figure out how much you need to invest in Cardano now to become a millionaire during the next bull run.
Prospects for Cardano
Work on Cardano has been going on since 20114 - that's when Charles Hoskinson began to assemble a team to realize his vision of a fast and secure blockchain that would be convenient to make transactions and build applications. The project was released 3 years later, in September 2017, and a few days after that, trading in ADA tokens started.
Thanks to a large research community, Cardano has implemented a number of unique architectural solutions. Its representatives publish a large number of peer-reviewed scientific papers on the development of the blockchain project.
At the moment, the asset occupies the 8th place in the list of the most capitalized cryptocurrencies.
Interestingly, Cardano users show a high level of activity even during the long bear market. In July, the total value of assets locked in smart contracts of the platform (TVL) reached an annual high of $209 million, and the volume of transactions exceeded $274 million. This means that more market participants are working with decentralized applications built on the network.
How much ADA do you need to buy to become a millionaire
To calculate the amount of ADA you need to buy to become a millionaire when the price returns to its all-time high of $3.09, you can use the following formula:
Amount of ADA = Target Amount / Expected Future Price,
Where:
Target amount — $1 million
Expected future price is an all-time high of $3.09
Thus, in order to see a round amount of $1 million on your account, you need to purchase 323,625.20 ADA. At the current price of $0.256658, the value of the coins will be about $83,060.
However, it should be understood that the crypto market can be extremely volatile and subject to the influence of “black swans”. The above calculations are based solely on current data and assumptions. Always remember to follow risk and money management and only trade with money that you can afford to lose.
