thecryptobasic.com
Cardano could double its 2021 all-time high price if it witnessed a price increase of up to 1,000% following the U.S. presidential election.
The broader crypto market has reacted favorably to the just-concluded U.S. presidential election following the victory of pro-crypto candidate Donald Trump. As the early vote count suggested a Trump win, Bitcoin (BTC) quickly clinched a new ATH, triggering a massive run across the market, with ADA benefiting.
Cardano Sees Post-Election Rally
Now, days after the GOP candidate’s victory, Bitcoin has set a new ATH above $93,000. Despite Cardano kicking off its upsurge later than the rest of the market, it appears to be catching up.
For context ADA is up 41.79% over the past week, making it one of the largest gainers among the top 20 crypto assets by market cap. Amid the rally, Cardano touched an 8-month peak of $0.6599 on Sunday before facing a pullback.
Now trading for $0.6171 at the reporting time, ADA has the potential to breach its all-time high if it sustains this rally. Max Maher, a notable market analyst, argued in August that Cardano was looking to record an impressive 1,000% rally.
Cardano Price if It Rallies 100%, 500% or 1,000% After US Election
Should this rally materialize, ADA could be setting itself up for massive gains. From its current position, if Cardano witnesses another 100% rally, this will be sufficient to allow the altcoin to reclaim the $1 mark, taking it to a price of $1.2342. ADA last saw the $1 territory in April 2022 and has continued to trade below it since then.
However, if this rally extends further, and Cardano secures a possible 500% increase from the current price, it will break above the all-time high price of $3.1, reaching a value of $3.7, a new all-time peak. At this price, ADA’s market cap would soar to $129.56 billion, placing it among the top 4 largest crypto assets.
Meanwhile, the 1,000% rise projected by Maher could allow Cardano to reach double the previous market peak. With a 1,000% increase after the U.S. election, Cardano’s price would skyrocket to $6.78. Interestingly, in October, market analyst Ali Martinez predicted a possible Cardano rally to the $6 mark.
Cardano’s Performance in Previous Elections
These projections are not without context, as ADA also secured an impressive rally following the November 2020 US elections. In the month of the 2020 election, Cardano spiked 85% from $0.0930 to $0.1720. ADA sustained this rally in subsequent months until it clinched the $3.1 all-time peak in September 2021.
This represented a massive 3,459% rally. Notably, following the latest US elections, Cardano is already up 89%, with 15 days before the close of November. If it sees only a third of the previous post-election rally, it can easily reach the $6 mark.