Cardano Ghost Fund co-founder Chris recently outlined two potential scenarios for ADA’s price during this bull market. These projections place ADA likely prices at $7.77 and $9.71. It’s important to note that this analysis is a mere viewpoint and should not be taken as direct investment advice.
Conservative Scenario: ADA Reaching $7.77
The conservative scenario hinges on the overall strength of the cryptocurrency market. The market capitalization of the entire market stands at $2.61 trillion, slightly below its peak of $3 trillion. This difference is due to altcoins, including Cardano (ADA), lagging behind Bitcoin’s price surge. ADA trades at $0.597, a substantial 80% decline from its all-time high.
However, analysts anticipate a potential resurgence in the altcoin sector following the Bitcoin halving event expected in 9 days. If the broader market experiences a significant uptick, reaching a valuation of $6-7 trillion, Cardano could see its dominance return to previous peaks. During the 2021 cycle, ADA briefly held 4.47% market dominance.
At a 4% dominance level and with a $6 trillion crypto market cap, Cardano could hit $240 billion in valuation. With a circulating supply of roughly 36 billion ADA, ADA could reach a price point of $6.6. If the market grows to $7 trillion, ADA’s valuation could jump to $280 billion, translating to $7.7 per coin.
#Cardano fam,
For fun, 2 price scenarios for $ADA this Bull cycle.
The 1st is conservative & based on some simple math:
This Bull even just a simple 2x or so of Total crypto MC will give us $6T-$7T. Accounting for historical $ADA.D highs of 4% & $ADA circulating supply at… https://t.co/LpxGccsIr1
— Chris O (@TheOCcryptobro) March 8, 2024
Optimistic Scenario: Cardano (ADA) Surging to $9.71
In the more ambitious scenario, Chris revisits an analysis conducted last July. He considers three variables: Cardano’s pairing with Bitcoin (ADA/BTC), its global market dominance, and historical parallels with Ethereum’s performance.
Previous bull cycles show ADA achieving 0.00006 sats in the ADA/BTC chart. If Bitcoin hits $138,000 and ADA repeats this trend, it could reach $8.28. Furthermore, with a $5.8 trillion total crypto market cap and 4.5% dominance (replicating its earlier peak), ADA could surge to $7.45.
Chris also draws attention to the difference between Ethereum’s 6,000% rise and Cardano’s impressive 15,400% increase in past cycles. Projecting conservatively and aligning with Ethereum’s gains, a 6,000% increase from ADA’s current cycle bottom of $0.22 would position it at $13.42.
By averaging the target prices ($8.28, $7.45, and $13.42), the analyst proposes a potential peak price for ADA at $9.71, ranging from $7.45 to $13.42. At the time of writing, ADA trades at $0.5957, showing a slight increase, with the possibility of revisiting the $0.60 mark.
These scenarios offer a speculative outlook within a volatile market. It’s crucial to remember that cryptocurrency investments come with inherent risks, and conducting thorough research is essential before making any decisions.
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