Despite showing glimpses of a remarkable run in 2024, Cardano (ADA), the tenth-largest crypto asset by market capitalization, has struggled to maintain the momentum with which it began in January
According to Cardano’s price readings on Coincodex, ADA is changing hands at about $0.44, having witnessed a 1.03% decline in the past 24 hours. In addition, the coin boasts a market capitalization of approximately $15.8 billion.
Compared to Cardano (ADA), other relevant market statistics revealed that 70% of the top 100 crypto assets have a better market performance. The digital asset is trading below the 200-day Simple Moving Average (SMA) and has recorded just 12 green days in the past 30 days
Considering the variables above, it is safe to say that ADA’s future has little or nothing to hope for, except something drastic happens, which is not uncommon in the crypto space
Moreover, some renowned market experts are still hell-bent on a bullish Cardano future, making it tricky to downplay its potential for price appreciation.
With the above facts in mind, we shall be assessing the rare possibility of ADA’s potential price if its market capitalization ascends to that of Ethereum (ETH)
Price If It Clinches Ethereum’s Market Capitalization
Per Ethereum data on CoinMarketCap, ETH is trading at approximately $2,920, with a market capitalization of roughly $350 billion.
On the other hand, Cardano (ADA) has a circulating supply of about 35.6 billion coins, equating to roughly $9.83 with a $350 billion market cap value. ADA at $9.83 would imply a new all-time high (ATH), roughly thrice the current $3.10 ATH.
Possibility Of Hitting $9.83
While a potential $9.83 price ascent might appear relatively high, it is safe to say that it is still a reasonable bargain, considering its current ATH.
Notably, several price predictions and analyses by expert crypto analysts seem to support the claims of a possible $9.83 price target and even beyond.
Among market experts advocating a bullish sentiment for Cardano (ADA), Ali Martinez is renowned for sharing the most bullish sentiments. In one of his most recent analyses, the market watcher cited a previous bullish cycle that would drive ADA toward $10 if replicated.
Similarly, Altcoin Daily, a crypto news channel with 1.6 million followers on X, predicted a $9 price target for ADA in 2024. This corroborates earlier assertions about the possibility of the estimated price playing out despite the digital asset’s current poor performance.
⚠️Disclaimer
This content aims to enrich readers with information. Always conduct independent research and use discretionary funds before investing. All buying, selling, and crypto asset investment activities are the responsibility of the reader.