Cardano (ADA), has experienced a resurgence as a result of Bitcoin’s recent bounce, which can largely be attributed to Jerome Powell’s announcement that the balance sheet reduction, or quantitative tightening, that the government was hoping for will not take place.
Notably, the cryptocurrency market seems to be being pulled further forward by the sustained low-interest rates, which is also having an impact on ADA’s price. Cardano has seen an increase of more than 11% in the previous 24 hours, reflecting the renewed confidence in the market.
In tandem with the bullish sentiment, a NeuralProphet’s PyTorc-based price prediction model, also known as a hybrid forecasting framework trained with standard deep learning methods, forecasted ADA would reach $3.60 by March 1, 2022.
The price prediction model is for each day from July 1, 2021, to July 1, 2022, and although it is not an accurate indicator of future prices, it is a bold forecast for the decentralized asset, since the movement of the anticipated price wave has similarly tracked the fluctuations of the actual ADA price, including the recent bottom for Cardano. Historically, the predictions were relatively accurate.
CoinMarket Community predicts $2.28
In contrast to the algorithm, the price prediction by the Cardano community for the end of February has ADA at $2.28, a 78% increase from its current price but a long way off from the $3.60 algorithmic forecast.
Crypto data statistics platform CoinMarketCap’s ‘Price Estimates’ tool allows users to make price predictions for the next six months and see what other people think about them in real-time. At the time of publication, 58,020 individuals have voted to arrive at an estimate of the median price.
Currently, the price of Cardano is $1.27, up 10.26% in the last 24 hours and down 4.08% in the previous week with a total market cap of $42.6 billion.
Cardanos reaches goal of 1 million planted trees
Recently we reported, the Cardano Foundation, a non-profit organization that keeps track of advancements on the Cardano network, said over the weekend that a restoration effort utilizing the cryptocurrency ADA has met its original goal of planting more than 1 million trees.
The Cardano Forest effort is part of a bigger endeavor by Cardano to establish a blockchain that is climate-positive.
Cardano, for example, is a proof-of-stake blockchain technology that is used to maintain the blockchain. It relies on network “stakers” who lock up their tokens on public nodes in order to keep the blockchain functioning. Compared to typical mining processes, this has been shown to be more environmentally friendly.
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