By any standard, 2022 has not been a good year for Cardano (CRYPTO: ADA), which is currently trading for just $0.31. The crypto is down nearly 77% year to date, and 90% from its all-time-high of $3.10 in 2021. Despite a series of positive news announcements in recent months, Cardano has been having real trouble gaining traction with investors in a market preoccupied with contagion from the collapse of crypto exchange FTX.

But I still think there's a lot to like about Cardano, which looks to be tremendously undervalued right now. Heading into 2023, Cardano is one cryptocurrency I would buy before the rest of the market wakes up to the value it offers.

First and most importantly, Cardano has been showing strong signs of organic growth, despite the onset of a crypto winter. According to the latest metrics, Cardano now leads all blockchains in terms of overall development activity. Moreover, Cardano has posted impressive gains in key metrics like daily active users.

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Source Fool.com