Chris, one of the co-founders of the Cardano Ghost Fund, recently shared two potential price scenarios for ADA in the current bull market. These scenarios suggest that ADA could reach prices of $7.77 and $9.71.
In a recent post, Chris emphasized that these price scenarios should be taken as “fun” and not as investment advice. He explained that the first scenario is more conservative and depends on the overall direction of the crypto market as a whole.
According to Chris, the global cryptocurrency market cap is currently at $2.61 trillion, which is $390 billion away from its peak valuation of $3 trillion in November 2021. The reason for the lower valuation is that altcoins, including Cardano, have not yet reached their previous highs despite Bitcoin reaching new all-time highs.
However, some experts believe that the upcoming Bitcoin halving could trigger a new altcoin season and lead to a significant increase in the crypto market. If this happens, Chris predicts that the global crypto market cap could double to a range of $6 trillion to $7 trillion. In this scenario, Cardano could reclaim its peak dominance and achieve a market valuation of $240 billion with a 4% dominance rate. With a $280 billion market cap, the price of ADA could reach $6.6 and $7.7, respectively.
In a more ambitious scenario, Chris analyzed Cardano’s previous performance and compared it to Bitcoin’s price and Ethereum’s dominance in the market. Based on this analysis, he concluded that if Cardano reaches its previous high against Bitcoin and achieves a 4.5% dominance with a global market cap of $5.8 trillion, the price of ADA could soar to $8.28.
Furthermore, considering Ethereum’s gains in the last market cycle, Chris suggested that if Cardano replicates Ethereum’s 6,000% gain in this cycle, its price could reach $13.42.
Taking these factors into account, Chris determined that the average price for ADA in this bull market could be around $9.71, with a range of $7.45 to $13.42.
It’s important to note that these price scenarios are merely speculative and should not be considered as financial advice. Readers are advised to conduct their own research before making any investment decisions.