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Cardano could relish a new history in the hypothetical scenario in which ADA attains Ethereum’s market cap.
In recent times, Cardano (ADA) has been one of the worst-performing crypto assets among the most prominent crypto projects. Yesterday, ADA hit a new bottom at $0.321, a price level last seen eight months ago in Q4 2023. The discouraging performance is not unique to ADA, as the broader market is bearish.
At press time, Cardano has slightly recovered, trading at $0.3532, which marks an over 7.5% price gain in the last 24 hours. ADA commands a market cap of over $12.63 billion at this price.
In light of this, The Crypto Basic explores Cardano’s potential value in a hypothetical scenario where it attains a cap similar to Ethereum’s current valuation.
Cardano Price with Ethereum’s Market Cap
Notably, Ethereum was not spared in the latest round of market dumps. In particular, ETH revisited the $2,800 range after crashing by over 15%. The altcoin market leader has also recovered slightly, trading above $3,000 at press time. This value puts its market cap at over $362 billion.
Interestingly, Ethereum boasts a market cap over 28 times the valuation of Cardano, the tenth-biggest crypto. Effectively, ADA must surge by 2,765% to attain a market cap similar to Ethereum’s.
Considering Cardano’s supply of approximately 35.76 billion ADA tokens, a $362 billion cap translates to a market price of $10.12 for the asset. OpenAI’s ChatGPT also accurately estimated $10.1 as Cardano’s value with Ethereum’s $362 billion cap.
Notably, Cardano established an all-time high at $3.10 in September 2021. Essentially, Cardano holders would relish a new history in a scenario where ADA attains Ethereum’s market cap.
When Can ADA Soar 2,765% to $10?
In separate analyses, various market analysts have forecasted that this ambitious $10 price for ADA will be achievable by next year. The projections mostly took inspiration from historical patterns.
According to analyst Ali Martinez, Cardano’s current market pattern is reminiscent of Q4 2020, leading him to initially predict a peak price of $7 for ADA in this cycle. However, in an updated analysis, Martinez revised his projection upward to above 8, which he believes can be reached by January 2025.
Other market experts, like Dan Gambardello, have gone even further, suggesting that ADA could reach $11 next year. However, Changelly analysts argue that $10 is only attainable for Cardano by 2032.