Cardano’s price has the potential to skyrocket by as much as 21 times its current value to reach $9.86 if it were to achieve Ethereum’s market capitalization. Despite a significant drop in Cardano’s price, market observers have maintained optimistic price targets for ADA, which would greatly increase its market value. To assess this, we looked at how much Cardano’s price would need to surge in order to match the market capitalization of Ethereum.
According to data from a market analytics tool, Ethereum currently has a market cap of $348.6 billion, making it the second-largest cryptocurrency after Bitcoin, which has a valuation of $1.198 trillion. Ethereum’s market cap also played a role in the recent market downturn, as the asset itself fell below the crucial psychological support level of $3,000.
At its current valuation, Ethereum has a market cap that is 21.97 times larger than Cardano. If Cardano were to reach this valuation of $348.6 billion, its price would need to increase significantly to $9.86, setting a new all-time high. This calculation takes into account a relatively stable circulating supply of over 35 billion ADA tokens.
While a price of $9.86 may seem unrealistic to many, some market analysts have recently presented price targets in this range. Analyst Ali Martinez predicted on May 3 that Cardano has the potential to reach a price of $9.9, citing historical patterns from the previous bull run. Additionally, multiple market watchers, including the crypto YouTube channel Altcoin Daily and notable crypto chartist Lucid, have projected Cardano to reach a price around the $10 mark at various timeframes, as reported by The Crypto Basic.
Although some expect a lower price for Cardano, the overall projections remain bullish. Analyst Jake Gagain predicted in March that ADA would reach $7.5 next year. Chris O’Connor, founder of Cardano Ghost, suggested that ADA could reach anywhere between $6.66 and $7.77 depending on its trajectory in the current market cycle.
It is important to note that this article is for informational purposes only and should not be considered financial advice. The opinions expressed herein are those of the author and do not necessarily reflect the views of The Crypto Basic. Readers are advised to conduct thorough research before making any investment decisions, and The Crypto Basic assumes no responsibility for any financial losses incurred.
