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The majority of the top 50 cryptos by market cap have seen their prices rise over the last 24 hours according to CoinMarketCap. As a result, the total crypto market cap has risen 2.02% in the same time period.
In addition, the price of Bitcoin (BTC) has risen 1.12% to take the market leader’s price to $16,659.11. Meanwhile, the price of Cardano (ADA) has risen 0.36% over the last 24 hours, pushing the altcoin’s price up to $0.3181 at press time.
Before the collapse of FTX and other crypto projects such as Celsius and Terra Luna, there was speculation that BTC’s next target was $100k. Although this bear market has quietened down any talks of BTC reaching $100k, it may not mean that it will not happen in the future. Should it happen, ‘what will it mean for ADA’s price,’ asks the community.
Given BTC’s current price, reaching $100k would constitute just over a 6x gain. If this gain was applied to ADA’s current price, it would mean that the altcoin would eventually trade at around $1.9. This would also take ADA’s market cap to 65,403,551,250.9 if the $1.9 price was applied to ADA’s current circulating supply.
Given BTC’s dominance in the market and its significantly lower supply compared to ADA, it’s fair to say that ADA will most likely target around $1.5 if BTC were to ever reach $100k. If market hype and FOMO plays a factor in ADA’s price movement during the next bull run, ADA’s price may reach a peak just above $2.
Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.