Saturday, May 25, 2024
HomeCryptocurrencyCardano Price Prediction: Analyst Illustrates A $7.7 or $9.7 ADA Price Scenario

Cardano Price Prediction: Analyst Illustrates A $7.7 or $9.7 ADA Price Scenario

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.

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.


Follow us on Twitter, Facebook, Telegram, and Google News.

Solomon Odunayo
Solomon Odunayo
Solomon is a trader, crypto enthusiast, and analyst with over four years of experience in the industry. He strongly believes that crypto assets and the blockchain will continue to gain prominence. At TimesTabloid.com, he focuses on news, articles with deep analysis of blockchain projects, and technical analysis of crypto trading pairs.
RELATED ARTICLES

Latest News & Articles