Cardano has the potential to carve out a new narrative if ADA were to achieve Ethereum’s market capitalization. Recently, ADA, among the leading cryptocurrencies, has experienced notable underperformance. Just yesterday, ADA plummeted to $0.321, a level unseen since Q4 of 2023. This downtrend mirrors broader market sentiment, which currently favors bears.
As of the latest update, ADA has marginally recovered to $0.3532, marking a 7.5% increase over the past 24 hours and securing a market cap exceeding $12.63 billion.
In light of these developments, The Crypto Basic delves into what Cardano could achieve hypothetically with a market cap comparable to Ethereum’s.
Cardano’s Potential with Ethereum’s Market Cap
Ethereum itself has not been immune to recent market downturns, revisiting the $2,800 range after a steep decline of over 15%. However, at present, Ethereum has rebounded to trade above $3,000, resulting in a substantial market cap surpassing $362 billion.
Remarkably, Ethereum’s market cap currently stands more than 28 times higher than that of Cardano, the tenth-largest cryptocurrency. Therefore, ADA would need to surge by 2,765% to match Ethereum’s valuation.
Given Cardano’s circulating supply of approximately 35.76 billion ADA tokens, achieving a $362 billion market cap would equate to a price of around $10.12 per ADA. This estimation aligns closely with projections made by OpenAI’s ChatGPT, which forecasted a value of $10.1 under the same circumstances.
Cardano’s Historical High and Future Potential
Cardano reached its peak price of $3.10 back in September 2021, setting a benchmark that ADA holders would aspire to surpass if ADA were to reach Ethereum’s market cap.
When Could ADA Reach $10?
Various market analysts have offered differing timelines for ADA potentially reaching $10. Ali Martinez, for instance, drew parallels between Cardano’s current market behavior and patterns observed in Q4 of 2020, initially predicting a peak price of $7 for ADA in this cycle. However, subsequent analysis prompted Martinez to revise his forecast upward to above $8, potentially achievable by January 2025.
Others, like Dan Gambardello, have even more optimistic projections, suggesting ADA could hit $11 by next year. Conversely, analysts at Changelly argue that reaching $10 might only be feasible for Cardano by 2032.
Disclaimer: This article serves as informative content and should not be construed as financial advice. The opinions expressed herein are those of the author and do not necessarily reflect those of The Crypto Basic. Readers are strongly advised to conduct their own research before making any investment decisions, as The Crypto Basic assumes no responsibility for financial losses incurred.
