thecryptobasic.com
Cardano (ADA) could record astronomical surges to higher prices if it reclaims the 5,960% rally in 2018 or the 16,620% rally in 2021.
The market is currently in an indecisive phase following the recent turbulence which dropped prices to shocking levels. Interestingly, Cardano has so far displayed greater resilience against the downtrend than most assets.
ADA’s Rollercoaster Ride
For instance, Bitcoin (BTC) is down 7.84% in July, while Ethereum (ETH) has collapsed by a massive 10.94%. In addition, BNB is currently witnessing an 11.11% drop within the same timeframe. Meanwhile, Cardano is only down 3.70% during this period after posting a more substantial 12.21% loss in June.
ADA’s lower drop rate is due to the impressive performance it recorded over the past two days. The token saw an intraday 6.49% increase on July 8, the largest in nearly two months. The gains extended to July 9, with a subsequent intraday rise.
Despite this, Cardano is still down 53% from its yearly peak of $0.8104, attained in March. However, optimism remains high, evidenced by the bullish price projections. IntoTheBlock on July 6 suggested that ADA could increase by 130% following the Chang hard fork. Meanwhile, analyst FieryTrading sets a $24 target for ADA in this bull run.
Cardano Price if It Repeats History
Some market watchers have pointed to Cardano’s historical performances. Some expect a repeat of these historical upsurges. Amid these projections, The Crypto Basic recently assessed how much ADA would be worth if it actually repeated these performances to their full extent, especially the 2018 rally and the 2021 upsurge.
For instance, Cardano changed hands at $0.0217 as of October 2017, shortly after it began trading. However, it spiked to a peak of $1.3151 in January 2018, marking a 5,960% increase. If ADA repeats this 5,960% increase from the current $0.3799 price, it will spike to a massive $23.02 value.
In addition, Cardano experienced a more substantial price rally during the 2021 bull run. Notably, the asset had collapsed 98% from the $1.3151 high to $0.01854 in March 2020. However, following this price slump, ADA recovered in a 16,620% spike to the $3.1 all-time high in September 2021.
Multiple analysts have referenced this impressive performance in an attempt to point out Cardano’s potential. If this upsurge materialized again, ADA’s price could pump from $0.3799 to $63.5. At this price, Cardano would feature a $2.77 trillion market cap, making such a rally highly improbable.