As the interest in artificial intelligence (AI), triggered by the invention of ChatGPT by OpenAI, is yet to wane, other big names have joined the generative AI text-based chatbot space, including Google Bard, which has already shown capable of analyzing the cryptocurrency market and assets like Cardano (ADA).
Indeed, with the majority of assets in the cryptocurrency sector finally making a stronger bullish rally, Cardano is no exception, recording significant increases on all of its charts. With this in mind, Finbold has consulted Bard for insights on the possible price of this asset at the start of 2024.
Bard’s estimations for Cardano
As it happens, according to the observations shared by the chat-based AI tool, a potential price range for this cryptocurrency at the start of 2024 could vary between the low of $0.4242 (based on Binance Research prediction) and a high of $0.90 (based on Cardano’s informative channel Cardano 360 prediction).
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Specifically, to arrive at these estimations, Google Bard relied on experts’ predictions, including that by Binance Research, the analytics platform by crypto trading platform Binance, which set the average price of Cardano at $0.4767 in 2024, with a minimum of $0.4242 and a maximum of $0.5344.
Additionally, it used the crypto market monitoring website CoinMarketCap, which “predicts an average price of $0.515 in 2024, with a minimum of $0.43 and a maximum of $0.61.” Finally, Cardano 360 “predicts an average price of $0.70 in 2024, with a minimum of $0.55 and a maximum of $0.90.”
Factors at play
As Google Bard highlighted, the price of this crypto asset at the start of 2024 could be subject to different factors, including “significant volatility throughout its history, reaching an all-time high of $3.10 in September 2021,” only to decline from that point and trade at its current price. However, as it added:
Furthermore, the AI tool referred to Cardano’s “large and active community of supporters, known for their long-term vision and commitment to the project,” which could “act as a positive catalyst for price appreciation, especially during periods of market uncertainty.”
Finally, Bard offered its views on the development efforts of the Cardano network, starting with the Vasil hard fork in September 2022, and continuous work of the Input-Output Global (IOG) team directed by co-founder Charles Hoskinson:
Cardano price analysis
As things stand, Cardano is currently changing hands at the price of $0.4953, indicating a strong upward move of 13.07% in the last 24 hours, adding up to the 29.30% gain across the previous seven days, and an advance of 39.84% on its monthly chart, as per the latest data on December 8.
Overall, this digital asset has the capacity to meet the bullish expectations shared by Google Bard, particularly considering its recent moves, that crypto expert Ali Martinez noted were “echoing its 2018-2020 trajectory,” and preparing it for a “potential rally to $0.75 by late December.”
On the other hand, the crypto market can often make surprising twists (for better or for worse), which is why it is important to carry out one’s own research and weigh the risk associated with investing into such an asset, before spending any significant amount of money on it.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
