Investors who hold 100,000 Cardano (ADA) tokens could potentially become millionaires if the price of ADA surges by 2,054% during this bullish market. Despite experiencing a dip to $0.4195 on May 1, Cardano has managed to maintain its position as one of the top cryptocurrencies. However, its performance has been lackluster compared to the first quarter of the year. Nevertheless, many investors still see ADA as a valuable asset that could lead them to millionaire status.
To understand when this milestone could be achieved, let’s consider the current price of ADA, which is $0.4642. With this value, a wallet holding 100,000 ADA tokens would only have a balance of $46,420, a long way from the desired $1 million target. In order to reach this goal, the market value of ADA would need to increase by 2,054%, meaning it would need to surge to $10 per token.
Reaching $10 is a significant milestone for Cardano, as it has never come close to this level before. Although market analysts have debated its feasibility, it remains uncertain whether ADA will reach this threshold. In the previous bull market, ADA reached a peak of $3.10, but it is currently 85% below that mark. Therefore, hitting $10 would be uncharted territory for Cardano.
Despite this, there is still optimism surrounding Cardano’s potential to reach unprecedented price levels in a full-blown bull market. Some market observers, like Ali Martinez, believe that $10 is possible by next year based on Cardano’s historical performance. After the surge in 2017, ADA remained at low values for a while before rallying in late 2020. It reached $1 by February 2021, $2.3 in May 2021, and an all-time high of $3.10 by September 2, 2021. This trajectory represented a 3,700% increase from its low of $0.08 in September 2020.
If Cardano follows a similar trajectory, reaching $20 could be possible. However, the likelihood of this scenario remains uncertain.
Please note that this article is for informational purposes only and should not be considered financial advice. The views expressed in this article are solely the author’s opinions and do not reflect the opinions of The Crypto Basic. Readers are advised to conduct their own research before making any investment decisions, and The Crypto Basic is not responsible for any financial losses incurred.