In a speculative scenario where ADA reaches Ethereum’s market capitalization, Cardano could potentially carve out a new chapter in its history. Lately, Cardano (ADA) has lagged behind other major cryptocurrency projects in terms of performance. Just yesterday, ADA reached a new low at $0.321, a price level not seen since the fourth quarter of 2023, about eight months ago. This downtrend in performance is not unique to ADA, as the overall market sentiment remains bearish.
As of the latest data available, Cardano has made a modest recovery and is currently trading at $0.3532, reflecting a price increase of over 7.5% in the past 24 hours. At this price point, ADA boasts a market capitalization exceeding $12.63 billion.
Against this backdrop, The Crypto Basic delves into the potential implications for Cardano should it ever achieve a market value akin to that of Ethereum.
Imagining Cardano’s Value at Ethereum’s Market Cap
Even Ethereum did not escape the recent market downturn unscathed. Ethereum witnessed a significant drop, revisiting the $2,800 range after plummeting by over 15%. Nevertheless, the top altcoin has shown some signs of recovery and is now trading above $3,000. This price level translates to a market capitalization surpassing $362 billion.
It is worth noting that Ethereum currently holds a market cap that is more than 28 times greater than that of Cardano, which ranks as the tenth-largest cryptocurrency. To reach a market cap equivalent to Ethereum’s, ADA would need to surge by an overwhelming 2,765%.
Taking into account Cardano’s circulating supply of approximately 35.76 billion ADA tokens, a market capitalization of $362 billion would result in a price of $10.12 per ADA. ChatGPT by OpenAI has also accurately predicted a value of $10.1 for Cardano in the event of reaching Ethereum’s $362 billion market cap.
Cardano’s potential to exceed its all-time high of $3.10 from September 2021 would undoubtedly mark a significant milestone if ADA were to match Ethereum’s market capitalization.
When Could ADA Witness a 2,765% Surge to Touch $10?
Various market analysts have put forth predictions suggesting that achieving the ambitious $10 price target for ADA could be within reach by next year. These projections draw inspiration largely from historical trends.
For instance, analyst Ali Martinez drew parallels between Cardano’s current market behavior and that of the fourth quarter of 2020. Initially estimating a peak price of $7 for ADA in the current cycle, Martinez later revised his projection upwards to above $8 by January 2025.
On a more optimistic note, other experts like Dan Gambardello have pushed the envelope further by suggesting a potential $11 price for ADA in the coming year. However, analysts at Changelly argue that the $10 threshold for Cardano may only be attainable by 2032.
Note: The information provided is for educational purposes only and should not be construed as financial advice. The opinions expressed in this article are personal viewpoints and do not necessarily reflect those of The Crypto Basic. Readers are advised to conduct thorough research before making any investment decisions, and The Crypto Basic disclaims any liability for financial losses incurred.
