Ethereum
How High Can Cardano Go If It Matches Ethereum’s Market Cap
Cardano could enjoy a new story in the hypothetical scenario in which ADA reaches Ethereum’s market cap.
Cardano (ADA) has been one of the worst performing crypto assets among the top crypto projects lately. Yesterday, ADA hit a new low at $0.321, a price level last seen eight months ago in Q4 2023. The discouraging performance is not unique to ADA, as the market as a whole is bearish.
At the time of going to press, Cardan ADA stock has recovered slightly, trading at $0.3532, representing a price increase of over 7.5% in the last 24 hours. ADA has a market cap of over $12.63 billion at this price.
In light of this, The Crypto Basic explores Cardano’s potential value in a hypothetical scenario where it reaches a ceiling similar to Ethereum’s current valuation.
Cardano Price with Ethereum Market Cap
It is worth noting that Ethereum has not been spared from the latest wave of market drops. In particular, ETH revisited the $2,800 range after falling by more than 15%. The altcoin market leader has also recovered slightly, trading above $3,000 at press time. This value brings its market capitalization to more than $362 billion.
Interestingly, Ethereum has a market capitalization that is more than 28 times the valuation of Cardano, the tenth largest cryptocurrency. Indeed, ADA needs to increase by 2,765% to reach a market cap similar to Ethereum’s.
Given Cardano’s supply of around 35.76 billion ADA tokens, a cap of $362 billion translates to a market price of $10.12 for the asset. OpenAI’s ChatGPT also accurately estimated Cardano’s value at $10.12 with Ethereum’s cap of $362 billion.
Notably, Cardano set an all-time high at $3.10 in September 2021. Essentially, Cardano holders would be looking forward to a new story in a scenario where ADA reaches Ethereum’s market cap.
When can ADA surge 2,765% to $10?
In separate analyses, various market analysts have projected that this ambitious $10 price for ADA would be achievable by next year. The projections are mainly inspired by historical models.
According to analyst Ali Martinez, Cardano’s current market pattern is reminiscent of that of Q4 2020, which initially led it to predict a peak price of $7 for ADA in this cycle. However, in a update After analysis, Martinez revised his projection upwards to more than 8, which he says can be achieved by January 2025.
Other market experts, such as Dan Gambardello, went even further, suggesting that ADA could hit $11 next year. However, analysts at Changelly argue that $10 is not achievable for Cardano until 2032.
Disclaimer: This content is informational and should not be considered financial advice. The opinions expressed in this article may include the personal opinions of the author and do not reflect the opinion of The Crypto Basic. Readers are encouraged to conduct thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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