A double-digit price awaits Cardano if the token successfully captures 10% of the total global crypto market cap.
Like most cryptocurrencies, Cardano (ADA) has had its fair share of the ongoing bloodbath across the crypto market. The token, which came close to reclaiming the $1 mark earlier this month, has plummeted significantly, currently trading at $0.6273.
Cardano Positioning Among Top 10 Cryptos Reignites Confidence
At its current level, ADA has dropped 31.34% over the past month, though its weekly decline has been relatively modest at 4.73%. In the last 24 hours alone, Cardano has shed an additional 3.71% of its value.
Despite the recent downturn, it still ranks among the top 10 biggest cryptos by market cap and holds the 10th position. Cardano’s resilience has reignited optimism within the community, with enthusiasts predicting a potential surge that could drive the market cap into the hundreds of billions of dollars.
Riding on this renewed optimism, we examined how ADA’s price would respond if Cardano were to secure 10% of the total global crypto market cap.
ADA Price if Cardano Captures 10% of Total Crypto Valuation
As stated earlier, the prices of major assets, including Bitcoin, have plummeted significantly over the past few weeks. This decline has dragged the valuation of the global crypto market cap from its last week’s figure of over $4 trillion to $3.61 trillion in the hours leading up to press time.
Currently, the total value of all cryptocurrencies, including Cardano, now stands at $3.61 trillion, according to CoinMarketCap data. 10% of the $3.61 trillion global crypto market cap equates to $361 billion. Therefore, Cardano would have a valuation of $361 billion if it were to capture 10% of the global crypto market cap.
While this estimated valuation surpasses the current market cap of XRP, it still lags behind Ethereum and Bitcoin. Nonetheless, the valuation could significantly impact ADA’s price, potentially driving it to a new all-time high. Dividing the estimated $361 billion market cap by Cardano’s circulating supply of 35.84 billion tokens translates to a unit price of $10.07.
This would mark a remarkable 1,494% increase from its current price of $0.6273 and a 222% surge from its previous all-time high of $3.10.
The $10 ADA Prediction
Interestingly, several market pundits have framed the $10 prediction as a realistic target. Referencing his conversation with an AI chatbot earlier this year, Cardano community figure Dan Gambardello predicted ADA could rally to $10 in the future.
In addition, renowned stake pool operator Ssebi sees ADA reaching the price milestone this year, potentially driven by factors such as Midnight and the upcoming Cardano ETF. Despite the promising outlook, investors should exercise caution, as there is no guarantee that ADA will achieve this ambitious price target.
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.
