🔥🔥🔥 #cardano To Reach $9.86 If it Touches #Ethereum Market Cap

Despite the significant decline in Cardano's price, analysts continue to hold optimistic price targets for ADA, aiming for a substantial increase in its market valuation. Amidst these projections, we examined the extent to which Cardano's price would need to surge to match the market capitalization of a #cryptocurrency like Ethereum ($ETH ).

According to data from a market analytics tool, ETH currently boasts a market cap of $348.6 billion, positioning it as the second-largest crypto asset after Bitcoin, which holds a valuation of $1.198 trillion. Ethereum's market cap also played a role in the recent market downturn, as the asset dipped below the critical $3,000 psychological support level.

At its current valuation, Ethereum's market cap is approximately 21.97 times higher than that of Cardano. To reach a market cap of $348.6 billion, Cardano's price would need to soar to $9.86, marking a significant increase & establishing a new all-time high. This calculation takes into account Cardano's relatively stable circulating supply of over 35 billion ADA tokens.

Can Cardano Achieve $9.98?

- While a price of $9.86 may seem ambitious to many, some market analysts have recently presented forecasts in this range. Analyst Ali Martinez suggested on May 3 that Cardano could potentially surge to a price of $9.90, citing historical patterns from previous bull runs.

- Additionally, The Crypto Basic recently highlighted several market observers who have projected Cardano's price to approach the $10 threshold across various timeframes, including the crypto YouTube channel Altcoin Daily & renowned crypto chartist Lucid.

- However, other analysts anticipate a slightly lower price for Cardano, but the overall sentiment remains bullish. For instance, analyst Jake Gagain forecasted in March that ADA could reach $7.50 next year. Chris O'Connor, founder of Cardano Ghost, suggested that ADA might reach anywhere from $6.66 to $7.77 depending on its trajectory during the current cycle.

Source - thecryptobasic.com