Cardano’s Could Soar, In case it Matches Tesla’s Market Cap
Cardano (ADA) has shown significant growth over the weekend, experiencing a 7.14% surge in the past 24 hours, according to CoinMarketCap data. At present, Cardano stands as the second-best performing token among the top 10 cryptocurrencies by market cap, trailing behind XRP, which has seen a daily gain of 15.4%.
With its current price at $0.4253, Cardano has increased by 20.03% over the past seven days, and its market cap has also seen a similar rise during this period. Ranked as the 10th-largest token, Cardano now boasts a market cap of $15.25 billion.
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Tesla Market Cap to Impact Cardano Rising
Considering Cardano’s remarkable surge, there is growing speculation about its potential price should it reach the market cap of Tesla, one of the leading electric car companies in the United States. Tesla currently holds a market capitalization of $772.82 billion, indicating that Cardano would need to surge by 4,965.24% or 49.65 times from its current market cap of $15.25 billion to reach Tesla’s valuation.
It’s important to note that an increase in market cap also results in a corresponding spike in the asset’s price. Therefore, with Cardano currently trading at $0.4253, a 49.65x increase would propel its price to $21.54, assuming that the coin’s circulating supply remains stable. According to CoinMarketCap, Cardano’s circulating supply is 35.88 billion ADA, representing 79.74% of the asset’s total supply of 45 billion ADA.
Cardano Price Action
While an ambitious target, many experts believe that Cardano could reach the $21.54 price level in the foreseeable future. For instance, Changelly market analysts forecast that Cardano could hit the $21.54 price level between 2033 and 2040. Similarly, the prediction platform Telegaon projects that Cardano may reach the $21.54 target in 2040, with minimum and maximum price targets of $19.23 and $24.31, respectively, and an average price of $21.05 by 2040.
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Meet Daniel Abang: Crypto guru, content creator, and analyst. With a deep understanding of blockchain, he simplifies complex concepts, guiding audiences through the ever-changing crypto landscape. Trusted for his insightful analysis, Daniel is the go-to source for staying informed and empowered in the world of cryptocurrency.
