Cardano (ADA) has broken through a three-month down-trending resistance level, signaling the potential start of an uptrend. With talk of a bull run brewing, many investors wonder: How high can Cardano’s price go if it were to capture 113% of Ethereum’s market cap?
Cardano’s Historical Rally and Current Position
Between 2020 and 2021, Cardano, often dubbed the “Ethereum-killer,” skyrocketed nearly 3000%, hitting an all-time high of $3.101 and reaching a market capitalization of around $95 billion. As we look to the current market, ADA trades at $0.396 with a market cap of $14.06 billion and a circulating supply of 35.68 billion ADA.
What If Cardano Captured 113% of Ethereum’s Market Cap?
Ethereum’s market capitalization currently stands at $315.16 billion. If Cardano were to capture 113% of that, it would result in a market cap of approximately $356.90 billion. Given the current circulating supply of Cardano, this scenario would place ADA’s price at roughly $10 per token.
From its current price of $0.396, this target represents a 25x increase. However, when looking at its previous all-time high of $3.101, the $10 mark is about 3.22x away.
Is a $10 ADA Possible?
Back in 2021, the idea of Cardano reaching $10 seemed plausible due to the market dynamics at the time. However, as of September 2024, the likelihood of ADA hitting $10 appears slim. A more realistic short-term target would be $1, which would require a 155% rally from its current price—a challenging, yet not impossible feat for a well-established asset like Cardano.
Market Preference for Newer Coins
The crypto market tends to favor newer tokens over those from previous cycles. Recent examples include Popcat, a meme coin launched in 2024 that surged by 130% in just 20 days, and another fun-themed token, MOG, which shot up 117% in the same timeframe. Given this trend, investors looking for substantial gains might be better off focusing on newer cryptocurrencies.
