This article highlights the price Cardano (ADA) could trade at if its market cap rises to the same level as that of American electric car company Tesla.
Cardano (ADA) is having a fantastic weekend, with its price skyrocketing 7.14% over the past 24 hours, according to data from CoinMarketCap. At press time, Cardano ranks as the second-best performing token among the top 10 cryptocurrencies by market cap, trailing XRP, which boasts a daily gain of 15.4%.
At the current price of $0.4253, Cardano is up 20.03% over the past seven days. Cardano’s market cap has witnessed a similar increase in the same timeframe. The token, which is ranked as the 10th-biggest, boasts a market cap of $15.25 billion.
Cardano’s Price if it Reaches Tesla Market Cap
Following Cardano’s impressive surge, investors have set ambitious targets for it. Speculations revolve around the token’s potential price if it reaches Tesla’s market cap.
Tesla is currently one of the top electric car companies in the United States, with a market capitalization of $772.82 billion. This suggests that Cardano must surge by 4,965.24% or 49.65x from its current market cap of $15.25 billion in order to hit Tesla’s $772.82 billion valuation.
It bears mentioning that a rise in the market cap also translates to an equal spike in the asset’s price. Therefore, with Cardano currently trading at $0.4253, a 49.65x increase would push its price to $21.54, assuming the coin’s circulating supply remains stable.
Data from CoinMarketCap shows that Cardano’s circulating supply is 35,881,047,082 (35.88 billion), representing 79.74% of the asset’s total supply of 45 billion ADA.
Potential Timeline for ADA’s Surge to $21.54
Although $21.54 is an ambitious target, several experts still think Cardano could reach this level in its lifetime. Changelly market analysts forecast that Cardano could hit the $21.54 price level between 2033 and 2040.
Similarly, top prediction platform Telegaon marked 2040 as the year Cardano would hit the ambitious target of $21.54. Telegaon sets Cardano’s 2040 minimum and maximum price targets at $19.23 and $24.31, respectively. According to Telegaon, Cardano would have an average price of $21.05 by 2040.
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.
