As the cryptocurrency market continues to evolve and mature, investors are constantly seeking the next big opportunity to capitalize on. Polkadot (DOT) and Cardano (ADA) have been popular choices among them, but there may be a new player in the game. Collateral Network (COLT) is garnering attention as they confidently predict a massive 3500% price increase.
In this article, we will explore the reasons behind COLT’s bold prediction and examine the potential impact on the cryptocurrency market.
The most devastating year on record for Polkadot (DOT) was 2022 when its price fell by more than 84%. Polkadot (DOT) dropped from its record high of $55 to an all-time low of $4.2. The decline was brought on by the general collapse of cryptocurrencies, high-interest rates, and the demise of significant crypto industry players.
First, it was negatively impacted by the largest crypto news of the year: the demise of Alameda Research and FTX. Due to the significant outflows that platforms like Coinbase saw as a result of this decline, the industry faced significant difficulties.
Following the fall of Terra and its ecology, which resulted in losses totaling more than $40 billion, Polkadot also experienced a decline. More individuals began to lose confidence in crypto tokens as a result of the collapse.
The Federal Reserve, which is notoriously hawkish, also affected Polkadot along with other cryptocurrencies. Rates were raised by 450 basis points, and the Fed indicated that they would raise them further in 2023. This occurred at a time when inflation reached a 40-year peak.
At the time of writing, Cardano (ADA) is currently trading at $0.368124 with a 24-hour trading volume of $597,298,072. It has gone down by 2.31% in the last 24 hours. The current CoinMarketCap ranking is #7, with a live market cap of $12,780,937,950.
As for predictions, according to Changelly’s technical analysis of Cardano prices expected in 2023, the minimum cost of Cardano will be $0.449955. The maximum level that the ADA price can reach is $0.509949. The average trading price is expected around $0.459954.
Along with Algorand, Solana, Tezos, and Luna, Cardano (ADA) was the best-performing cryptocurrency in the world of digital currencies for the past period, witnessing a bullish trend. On September 2, 2021, the price of Cardano (ADA) hit a new ATH or record high at $3.10.
As the bear market continues, the Cardano price assessment reveals warning signals. The Cardano market is no longer under the control of the bulls, which could mean fresh bottoms for the cryptocurrency. Analysts are upbeat about the market’s prospects going into 2023, and ADA might see a recovery along with the market as a whole.
Collateral Network (COLT)
Collateral Network (COLT) is a decentralized crowdlending platform that has reinvented peer-to-peer lending with the use of asset-backed NFTs. Collateral Network (COLT) aids borrowers in securing loans against their off-chain assets based on blockchain technology. When someone sends a physical asset to Collateral Network (COLT), its internal team authenticates and evaluates the value of the item. Collateral Network (COLT) has a native token, COLT, that will be used for governance and rewards. Holders of the Collateral Network (COLT) token will have access to staking rewards, reduced trading fees, and governance rights.
Collateral Network (COLT) is a cross-chain platform that mints fractionalised NFTs against tangible assets. According to some analysts, COLT has excellent long-term growth potential and a solid foundation. The presale of Collateral Network (COLT) has raised about $240k in just a few days. Market experts have already predicted that the price of the project will ascend by 35x in the upcoming months. The Collateral Network (COLT) price is predicted to grow by 3500% during the presale phase.
Read more about the COLT presale here: