Cardano price could skyrocket to by as much as 21x to clinch a price of $9.86 if it had Ethereum’s current market capitalization.
Cardano Price at Ethereum’s Market Cap
Despite the drastic drop in Cardano price, market watchers have persisted in their lofty price targets for ADA, which would drastically increase its market valuation. Amid these projections, we assessed how much Cardano price would need to skyrocket for it to clinch the market capitalization of a cryptocurrency such as Ethereum (ETH).
Data from a market analytics tool confirms that ETH boasts a market cap of $348.6 billion, making it the second largest crypto asset, only behind Bitcoin with a $1.198 trillion valuation. Ethereum’s market cap also had an impact during the market drop, as the asset itself collapsed below the pivotal $3,000 psychological support.
However, at its current valuation, Ethereum has 21.97x the market cap of Cardano. Should Cardano spike to claim this valuation of $348.6 billion, its price would have increased remarkably to $9.86, marking a new all-time high. This assessment factors in a fairly stable circulating supply of over 35 billion ADA tokens.
Can Cardano Hit $9.98?
While this $9.86 price might appear unfeasible to most, some market analysts have recently presented price targets around the region. Analyst Ali Martinez predicted on May 3 that Cardano has the potential to spike to a $9.9 price, citing historical patterns from the previous bull run.
Moreover, this Wednesday, The Crypto Basic presented a list of several market watchers that have projected Cardano to reach a price around the $10 threshold at multiple timeframes, including the crypto YouTube channel Altcoin Daily and notable crypto chartist Lucid.
Meanwhile, others expect a lower price for Cardano, but the projections remain bullish. For instance, analyst Jake Gagain predicted in March that ADA would reach $7.5 next year. Chris O’Connor, founder of Cardano Ghost, asserted that ADA could hit $6.66 to $7.77 depending on its trajectory during this current cycle.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
