Cardano (ADA) has breached a three-month down-trending resistance level, signaling that an uptrend is about to kickstart. If this is the start of the bull run, how high can Cardano price hit if it captures 113% of Ethereum’s market cap?
ADA/USDT 1-day chart
Cardano Price if ADA Capture 113% of Ethereum Market Cap
Cardano, also known as the Ethereum-killer, shot up nearly 3000% between 2020 and 2021. This rally caused ADA to hit an all-time high of $3.101 with market capitalization reaching a staggering $95 billion. With the entry of institutions, this bull run has high expectations, so, what would cardano price be if it captured 113% of Ethereum’s market cap??
Let’s break it down; the Cardano price trades at $0.396 with a market capitalization of $14.06 billion and circulating supply of 35.68 billion ADA. If the so-called Ethereum-killer were to capture 113% of Ethereum’s market capitalization, which stands at $315.16 billion, it would put Cardano’s market cap at $356.90 billion. If the circulating supply of Cardano were to remain at $36.68 billion, it would put the price of Cardano at $10.
From Cardano’s current price, the $10 target is roughly 25 times higher, ie., ADA needs to pull a 25x to hit the $10 target. However, from the ATH of $3.101, the $10 per ADA target is 3.22x away.
Will Cardano Price Hit $10?
If the same question was posed in 2021, the chances for Cardano price to hit $10 were pretty good. As of September 26, 2024, the chances are slim for ADA to hit $10. On the other hand, there is a good chance ADA price could reach $1 during this cycle. To achieve $1, Cardano price would need to rally 155% from the current price, which is not unlikely of old coins such as ADA.
The crypto market tends to prefer newer coins as opposed to coins of the previous cycles. Popcat, for example, a top meme coin that was birthed in 2024, ran up 130% in the past 20 days. Another fun-themed crypto MOG also shot up 117% in 20 days. Such a price action wouldn’t be surprising considering the relevance of the asset. Therefore, investors that have high expectations need to turn their heads toward newer cryptocurrency tokens.
To conclude, this Cardano price prediction that expects ADA to hit $10 if it captures 113% of Ethereum’s market capitalization is highly unlikely.
The post Here’s Cardano Price if it Captures 113% Ethereum’s Market Cap appeared first on CoinGape.
