Cardano (ADA 7.43%) is not an easy cryptocurrency to engage with. It isn't the fastest, or the first, or the most dominant. It's known as the crypto that looks before it leaps, with peer-reviewed research and rigorous stress testing. Unfortunately, that's a double-edge sword as it can slow innovation and adoption.
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Cardano closed at $0.42 on Nov. 25, down over 85% from its 2021 all-time high. At that price, the question is less about whether it's your last chance to buy and more about whether the smart-contract crypto can ever retake the $1 mark again.
CRYPTO: ADA
Key Data Points
Cardano is struggling to gain momentum
One of the biggest challenges Cardano faces is organizational. While it boasts a blueprint for decentralized on-chain governance, in the real world, infighting between the Cardano Foundation and founder Charles Hoskinson frequently overshadows its achievements.
Zooming out, Cardano hasn't yet managed to get a foothold in the burgeoning markets for stablecoins or real-world asset tokenization, which could be crypto's bridge to the mainstream. Some project the stablecoin industry could be worth as much as $4 trillion by 2030. Cardano, in spite of its reputation for compliance and security, lags behind its competitors.
Midnight could be powerful
Issues aside, Cardano continues to have potential. It has a broad community and a solid mission. The SEC may soon approve the first spot Cardano exchange-traded fund, which could drive increased institutional investment. Cardano's also pursuing RealFi -- a way of using decentralized finance to help people, particularly in developing countries.
The privacy-focused Midnight sidechain could be a game changer. Midnight combines the reliability of Cardano, the transparency of many blockchains, and the privacy that individuals and businesses may need. Hoskinson believes it will drive increased Cardano adoption and inject value into its decentralized finance applications. The Midnight NIGHT token is scheduled to launch on Dec. 8.
This is certainly not your last chance to buy Cardano. However, don't wait too long if you want to get in under $1. Once Midnight is up and running, it could seriously boost Cardano's price.
