Cardano has the potential to retest its 2021 all-time peak if its market cap rises to claim the coveted $100 billion mark.
The crypto market has embarked on an impressive run, with Cardano being one of the biggest beneficiaries after months of underperformance. Notably, the latest market-wide upsurge came on the back of Bitcoin’s push to new peaks following Donald Trump’s win in the Nov. 5 U.S. presidential election.
Despite Cardano’s bearish performance from March to October, market analysts remained confident in the altcoin’s potential. For instance, most recently, market watcher Javon Marks predicted a potential Cardano rally to $8.
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Meanwhile, earlier in the month, another analyst, Madmaudo, argued that an ADA surge to the $3 level was long overdue. In addition, analyst Dan Gambardello projected a possible surge to $15. However, while pundits believe most of these targets are within reach, some argue that targets like $15 might not be feasible.
Cardano Price if Its Market Cap Hits $100B
The major reason behind this skepticism is the resulting market cap from loftier price targets. For context, the $15 price level would bring Cardano’s valuation to $525 billion, much higher than Ethereum’s current market cap of $365 billion. This would make ADA the second-largest crypto asset, a tall feat.
Notably, ADA’s peak market cap was $93 billion, a valuation it attained when it surpassed $3 during the 2021 bull run. However, at the current circulating supply of over 35 billion tokens, Cardano would trade at $2.77 if it reclaimed the $93 billion peak during this bull run.
Meanwhile, if ADA ever surpassed this level to claim the much-coveted $100 billion market cap level, its price could knock at the previous ATH. Particularly, with a $100 billion market cap, Cardano would trade at $2.85. While this would represent an impressive 551% increase from current prices, ADA would still be 5% away from its 2021 peak of $3.1.
ADA up 27% in November
Notably, the likelihood of this recovery becomes clearer as the market progresses. Cardano has leveraged the latest uptrend to record an impressive 22% increase over the past seven days, making it the second-largest gainer among the top 20 assets within this timeframe, only behind Dogecoin (DOGE).
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Before now, ADA had performed poorly following the collapse from the $0.8104 yearly peak in March. Significantly, from March to October, Cardano collapsed 48%.
Interestingly, ADA had regained most of this value, up 27.88% in November with the altcoin season still ahead. At a current market cap of $15.3 billion, Cardano has now re-entered the top 10 list of largest assets after falling out of this region in August when its market cap slumped to $11 billion.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.