What to Know:
- Cardano (ADA) would need to reach $5.10 to enter the top three cryptocurrencies by market capitalization, surpassing Tether (USDT).
- This target represents a 684% increase from its current price, exceeding its 2021 peak and setting a new all-time high.
- Analysts predict Cardano could reach between $5 and $8 this cycle, urging investors to ignore negative sentiment.
Cardano (ADA) currently trades at $0.65 with a market capitalization of $23.4 billion, positioning it tenth among cryptocurrencies. For Cardano to climb into the top three, it would need to experience unprecedented growth. This surge would require it to overtake Tether (USDT), which currently holds the third position with a market cap of $182.5 billion.
To sustainably rank above Tether, ADA would need to achieve a market cap of at least $183 billion, assuming market conditions remain stable. Maintaining its circulating supply of 35.85 billion ADA, this market cap would translate to a price of $5.10 per ADA. This would mark a new all-time high, surpassing its 2021 peak.
Enthusiasts believe Cardano could return to its previous high ranking. In August, Cardano briefly flipped Dogecoin and Tron to enter the eighth position, sparking optimism. At one point, its market cap nearly touched $100 billion, surpassing BNB, before losing ground in early October 2021.
The $5 price target for Cardano is a common prediction among market analysts. Some analysts suggest Cardano could rally to between $5 and $8, advising investors to remain confident. These projections highlight the potential for significant growth in the current market cycle, driven by ongoing developments and increasing adoption of the Cardano blockchain.
Achieving a $5.10 price would represent a substantial milestone for Cardano, solidifying its position among the leading cryptocurrencies. Investors should monitor market trends and regulatory developments, including those surrounding Bitcoin ETFs and broader crypto regulations, which could influence Cardano’s trajectory. While the path to the top three is challenging, the potential rewards could be significant for Cardano holders.
Source: Original article
