How high can Cardano reach in market cap if it matches Ethereum?

If Cardano can reach the market value of Ethereum, it will have the opportunity to set a new historical record.

In recent times, Cardano (ADA) has been one of the worst performers among many well-known crypto projects. Yesterday, the ADA price hit $0.321 per coin, an eight-month low since the fourth quarter of 2023. This dismal performance is not unique to ADA, with the overall market showing a bearish trend.

As of reporting time, Cardano prices have recovered slightly and are trading at $0.3532 per coin, with an increase of more than 7.5% in the past 24 hours. At this price, ADA’s market cap exceeds $12.63 billion.

With this in mind, The Crypto Basic explores a hypothetical scenario where Cardano potentially reaches a value similar to Ethereum’s current market cap.

Cardano price measured against Ethereum market cap

Notably, Ethereum was not immune to the latest market crash. In particular, the price of ETH plummeted by more than 15% and returned to the $2,800 range. The market-leading altcoin has also recovered slightly, trading above $3,000 at press time with a market cap of over $362 billion.

Interestingly, Ethereum’s market cap is 28x higher than Cardano, the tenth-ranked cryptocurrency, so ADA would need to gain 27,65% to reach a similar market cap to Ethereum.

Considering that Cardano’s supply is approximately 35.76 billion ADA tokens, a market cap of $362 billion implies a market value of $10.12 per coin. OpenAI’s ChatGPT also accurately estimated Cardano’s value at $10.1 based on Ethereum’s $362 billion market cap.

In particular, Cardano hit an all-time high in September 2021, reaching $3.10 per coin. In the event that ADA reaches the market value of Ethereum, Cardano holders will be able to enjoy this new history.

When will ADA rise by 2765% and reach $10?

In their analysis, multiple market analysts predicted that ADA could reach this ambitious price of $10, which could be achieved within the next year. These forecasts are largely inspired by historical patterns.

According to analyst Ali Martinez, Cardano’s current market trend is similar to that of the fourth quarter of 2020, and he initially predicted that the peak price of ADA in this cycle would be $7. However, in his latest analysis, Martinez revised his forecast to over $8, which he believes could be reached by January 2025.

Other market experts like Dan Gambardello went a step further and suggested that ADA could reach $11 within the next year. However, analysts at Changelly believe that Cardano will not reach $10 until 2032.

Disclaimer: This content is for informational purposes only and should not be considered financial advice. The opinions expressed in this article may contain the personal opinions of the author and do not necessarily reflect the views of The Crypto Basic. Readers are advised to conduct thorough research before making any investment decisions and The Crypto Basic is not responsible for any financial losses.