Cardano (ADA) enthusiasts have reason to cheer, with Chris, co-founder of Cardano Ghost Fund, outlining two potential price scenarios for ADA during the ongoing crypto bull run. These scenarios paint a rosy picture, with targets ranging from $7.77 to a more ambitious $9.71.
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Playing it Safe: $7.71 Target
Chris emphasizes that these predictions are for entertainment purposes only and shouldn’t be taken as financial advice. His first scenario, considered conservative, hinges on the overall crypto market’s direction.
Currently, the global crypto market cap sits at $2.61 trillion, significantly below its November 2021 peak of $3 trillion. This discrepancy is largely due to altcoins lagging behind Bitcoin’s (BTC) recent highs. ADA, for instance, trades at $0.5957, a far cry from its 2021 all-time high of $3.10.
However, some experts anticipate a surge in altcoins following the upcoming Bitcoin halving, potentially leading to a long-awaited altcoin season. Chris envisions a scenario where the global market cap reaches $6 trillion to $7 trillion as the bull run progresses.
https://twitter.com/TheOCcryptobro/status/1766117111112634437
In this scenario, Cardano regains its peak market dominance of around 4%. With a $6 trillion market cap, this translates to a valuation of $240 billion for ADA. At a $7 trillion market cap, ADA’s valuation could reach $280 billion.
Considering Cardano’s current supply of 36 billion tokens, a $240 billion market cap would translate to a price of $6.6 per ADA. If the valuation reaches $280 billion, the price per ADA could hit $7.71.
A More Optimistic Outlook: $9.71 Target
Chris delves into a more bullish scenario based on a previous analysis he conducted on ADA. This analysis considered three factors: the ADA/BTC pair, Cardano’s market dominance, and Ethereum’s (ETH) gains in the last bull run.
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Historically, ADA has reached a high of 0.00006 sats against BTC. If ADA recaptures this level with Bitcoin reaching $138,000, its price could climb to $8.28.
#Cardano community, a thread on my Price prediction for $ADA next Bull is based off the avg of 3 different calculations.
1. ADA/BTC
2. Total MC/ADA % Dominance
3. Comparing ETH % gain 2021Based on this $ADA = $9.71
Let’s breakdown I got there…..@Cardano @ShillMoBaggins… pic.twitter.com/lBnPqMDcOY
— Chris O (@TheOCcryptobro) July 8, 2023
Furthermore, Chris points out that ADA experienced a more significant price surge (15,400%) compared to Ethereum’s 6,000% gain in the last market cycle. Even with a conservative approach, assuming a 6,000% gain for ADA in this cycle (from its bottom of $0.22), the price could reach $13.42.
By averaging these three values ($8.28, $7.45, and $13.42), Chris arrives at a target range of $7.45 to $13.42 for ADA. Currently, Cardano trades at $0.5957, inching towards the $0.60 mark.