thecryptobasic.com
Cardano’s price could rise to unprecedented levels if its market cap equals the valuation of premier crypto assets- Bitcoin and Ethereum.
Cardano (ADA) has been one of the recipients of the ongoing market bloodbath, which has continued to wreak havoc on crypto prices. Notably, Cardano has recorded a double-digit loss of 11.38% in the past seven days. Also, Cardano has recorded more losses in the monthly charts, totaling 14.03%.
Despite Cardano’s recent underperformance, investors and market observers have not lost confidence in the asset. They believe Cardano could embark on a remarkable rally someday, equaling the valuation of Bitcoin (BTC) and Ethereum (ETH). These proponents speculate that Cardano is highly undervalued and could achieve this goal if it attracts institutional and corporate clients.
Although this speculation may seem ambitious, we decided to estimate how much ADA would trade at if it achieved this goal.
Cardano’s Price If It Equals Bitcoin Market Cap
For context, ADA is currently trading at $0.3485, reflecting a decline of 1.73% over the past 24 hours. The coin ranks as the 11th largest asset in the global crypto ranking, with a market cap of $12.5 billion.
On the other hand, Bitcoin remains the world’s largest cryptocurrency, boasting a $1.17 trillion valuation. For Cardano to equal Bitcoin’s market cap, its valuation must surge 9,230%. Supposing Cardano’s circulating supply remains stable at 35,960,643,044 ADA, a 9,230% rally would take its price from $0.3485 to a jaw-dropping $32.5150.
Notably, several analysts have previously projected that Cardano could surge to the $32 range in its lifetime. In particular, top crypto expert Jason Appleton predicted that ADA’s price would soar to $32 at the peak of this season’s bull cycle.
Cardano’s Price if it Equals Ethereum Market Cap
Meanwhile, we also assessed Cardano’s price if the asset’s market cap equaled Ethereum’s. At press time, Ethereum boasts a market cap of $303.6 billion, making it the second-biggest cryptocurrency globally. This suggests that Cardano must rally 2,328% to equal Ethereum’s market cap.
Applying this 2,328% growth to ADA’s price would see it rise from $0.3485 to $8.46, supposing Cardano’s circulating supply remains stable.
Cardano community members are not new to the $8 price target as veteran market analyst Ali Martinez made a similar projection earlier this year.