This year has been a difficult one for investors, as the S&P 500 is down almost 19%. The market for cryptocurrencies has fared worse, going from a peak of nearly $3 trillion in November last year to a current value of about $1 trillion. Aggressive tightening by the Federal Reserve in response to soaring inflation has caused investors to flee risky assets.
Amid the market turmoil, there is a popular cryptocurrency network that warrants attention despite falling prices. Known as an "Ethereum killer," Cardano (CRYPTO: ADA) promises to solve some key issues around speed and scalability. The price of ADA, its native token, has dropped about 85% from its peak, creating a potential buying opportunity.
Is a turnaround likely? Let's take a closer look at what Cardano is and if it can hit $1 per token in the future.
Source Fool.com