Skip to content

Investing $100/week into Cardano in 2023 would be this worth today

Investing $100/week into Cardano in 2023 would be this worth today

The largest part of the cryptocurrency sector has begun to consolidate the gains with which it had opened the week, including Cardano (ADA), and data suggests using the dollar-cost averaging (DCA) strategy by investing $100 per week in 2023 would not have been profitable for this digital asset.

As it happens, this method refers to spreading out one’s investments by purchasing assets in specific intervals and in roughly equal amounts of money, regardless of the asset’s price at the time. It is popular because it removes some of the psychological barriers of other investing strategies.

DCA-ing ADA

That said, DCA is not always ideal, as it sometimes fails to protect the investor from declining market prices or prevent them from buying during prolonged periods of bull markets when the asset is more expensive as opposed to shorter bearish periods, which can be avoided by timing the market.

Its shortcomings are also evident in the case of Cardano, as purchasing $100 worth of ADA each week since January 1, 2023, i.e. making a total investment of $3,800 spread across 38 weeks, would today be worth $2,952.99, or as much as 22.29% less than the amount invested, as per the data obtained from cryptoDCA on September 21.

ADA portfolio value vs. money invested by DCA-ing in 2023. Source: cryptoDCA

Furthermore, the above results are similar to the earlier data shared by cryptocurrency expert and CEO/founder of Into The Cryptoverse newsletter, Benjamin Cowen, who noted that the investor DCA-ing Cardano by investing $100 per week by August 3 would be at a loss of 25.64%, according to his X post shared on September 19.

Cardano weekly $100 dollar-cost averaging in 2023. Source: Benjamin Cowen

On the other hand, sometimes this investing strategy can pay off, as is the case with Bitcoin (BTC), which would have brought a 4.52% return on investment for the trader purchasing $100 worth of Bitcoin every week since the year’s turn, as the most recent information suggests.

Cardano price analysis

As things stand, Cardano is presently trading at the price of $0.2495, which represents a 1.37% drop in the last 24 hours, an increase of 0.71% across the previous seven days, as well as a decline of 4.53% in the past month, as the charts demonstrate.

Cardano 30-day price chart. Source: Finbold

Meanwhile, it is also important to note that crypto analyst Kara Szabo has earlier shared her expectations of Cardano rising as much as 1,900% from its current price, seeing it peaking at $5 during the next bull run, as she specified in her detailed analysis shared in an X post on September 9.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

Best Crypto Exchange for Intermediate Traders and Investors

  • Invest in 70+ cryptocurrencies and 3,000+ other assets including stocks and precious metals.

  • 0% commission on stocks - buy in bulk or just a fraction from as little as $10.

  • Copy top-performing traders in real time, automatically.

  • Regulated by financial authorities including FCA and FINRA.

2.8 Million Users
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk. eToro USA LLC does not offer CFDs, only real Crypto assets available. Don’t invest unless you’re prepared to lose all the money you invest.

Read Next:

Weekly Finance Digest

By subscribing you agree with Finbold T&C’s & Privacy Policy

Related posts