Cardano has the potential to retest its 2021 all-time high if its market cap increases to the coveted $100 billion mark.
The crypto market has embarked on an impressive run of momentum, with Cardano one of the biggest beneficiaries after months of underperformance. It is worth noting that the latest market-wide surge occurred on the back of Bitcoin’s surge to new highs following Donald Trump’s victory in the US presidential election on November 5.
Despite Cardano’s bearish performance from March to October, market analysts remained confident in the altcoin’s potential. For example, more recently, market watcher Javon Marks predicted a potential Cardano rally to $8.
Meanwhile, earlier this month, another analyst, Madmaudo, claimed that a surge in ADA to the $3 level was long awaited. Furthermore, analyst Dan Gambardello projected a possible increase to $15. However, while Experts believe most of these goals are within reach, with some saying a goal like $15 might not be achievable.
Cardano price if its market cap reaches $100 billion
The main reason for this skepticism is market capitalization resulting from higher price targets. As a reminder, the $15 price level would bring Cardano’s valuation to $525 billion, much higher than Ethereum’s current market cap of $365 billion. This would make ADA the second largest crypto asset, a significant feat.
Notably, ADA’s peak market cap was $93 billion, a valuation it reached when it surpassed $3 during the 2021 bull run. However, with the current circulating supply of over 35 billion tokens, Cardano would trade at $2.77 if it reclaims the $93 billion peak during this bull run.
Meanwhile, if ADA breaks this level to claim the coveted $100 billion market cap level, its price could reach the previous ATH. Notably, with a market cap of $100 billion, Cardano would trade at $2.85. While this would represent an impressive 551% increase from current prices, ADA would still be 5% away from its 2021 high of $3.1.
ADA up 27% in November
Notably, the likelihood of this recovery becomes clearer as the market advances. Cardano has leverage the latest uptrend to register an impressive 22% increase over the past seven days, making it the second biggest gainer among the top 20 assets during this period, only behind Dogecoin (DOGE).
Previously, ADA performed poorly after collapsing from the yearly high of $0.8104 in March. Significantly, from March to October, Cardano collapsed by 48%.
Interestingly, ADA has regained most of this value, up 27.88% in November, while the altcoin season is still ahead. With a current market capitalization of $15.3 billion, Cardano has NOW is reinstated in the top 10 of the largest assets after to fall from this region in August when its market capitalization collapsed to $11 billion.
DisClamier: This content is informational and should not be considered financial advice. The opinions expressed in this article may include the personal opinions of the author and do not reflect the opinions of The Crypto Basic. Readers are encouraged to conduct thorough research before making any investment decisions. Crypto Basic is not responsible for any financial losses.
