Cardano price could break free from its extended consolidation after Cardano Founder Charles Hoskinson said ADA would be ‘bigger then BTC’ in the recently concluded summit in Argentina. This statement has fueled speculation and enthusiasm among investors who wonder if Cardano could reach new all-time highs.
Technical analysis shows that the ADA price could surge to such heights, as price action seems to repeat a key historical pattern. The ADA price hovered around $0.3466 on October 24 after dropping 4.8% in the last 24 hours.
Despite the decline, technicals suggest Cardano is still bullish, as analysts call for a $0.80 -$1 target for December. The predictions are pegged on the success of Bitcoin’s price breaking its all-time high and surging to $80,000-$100,000 within the same duration.
Can Cardano Price Outperform Bitcoin?
According to Hoskinson, Cardano has the potential to outperform Bitcoin as it already has the largest developer network of all other crypto networks. However, without outside help, ADA has almost zero chance of becoming bigger than Bitcoin because the latter has more users.
According to Santiment, Cardano had 24,031 active addresses as of October 23, with an average of 28,261 users over the last four months. This figure is small compared to other major blockchain networks like Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and XRP (XRP).
However, if the Cardano network were to bolster its user base, the price would automatically skyrocket.
While in Argentina, Hoskinson met with President Javier Milei to discuss blockchain’s potential to revamp Argentina’s economy. While Hoskinson clarified that the conversation wasn’t “Cardano-only,” the potential for ADA adoption in Argentina has fueled investor speculation.
If Cardano were to harness the 45 million Argentinian citizens as new network users using a linear growth model, the ADA price would surge to $544. Accounting for the discrepancy between active users and daily active users, the price drops down a realistic $14. Even at this 40X price mark-up, ADA would only have a market cap of $525 billion, almost more than 50% lower then Bitcoin’s current valuation.
Why Charles Hoskinson Is Eyeing Argentina
Argentina has been in the headlines because of its economic downturn. The Argentine peso has been dropping consistently for the past 5 years due to political tensions, slow farm sales, and high interest rates.
The newly elected president, Javier Milei, has shown support for cryptocurrency, including Bitcoin, and plans to adopt the El Salvador route. If Hoskinson can corner the Argentinian market, Cardano could gain 45 million new users, a userbase that would bolster ADA price.
ADA Price Analysis: Can Cardano Hit $14?
Cardano price action mirrors a key macro pattern observed in the bull cycle. After hitting a new high in January 2018, ADA entered a prolonged bear market.
The flash crash right before the 2021 bull run raises the possibility of a similar event occurring before another price surge in 2024 and 2025.
A flash crash could see ADA price drop to $0.14, a level not experienced since 2020. However, after this dip, the price could rally as much as 4,000%, potentially reaching $14 or more if 45 million Argentinians join the network.
Frequently Asked Questions (FAQs)
If 45 million Argentinians were to join Cardano, the price could reach as high as $544, based on linear growth models. However, with only around 3% of those users being active daily, a more realistic target would be $14.
Argentina’s economic challenges, such as a devaluing peso and political instability, make it a potential candidate for blockchain adoption.
There is a possibility of a flash crash before any major price surge. Historically, Cardano has experienced sharp declines before bull runs, which could bring ADA down to $0.14 before a rise to higher levels.
Related Articles
Evans Karanja
Evans Karanja is a crypto analyst and journalist with a deep focus on blockchain technology, cryptocurrency, and the video gaming industry. His extensive experience includes collaborating with various startups to deliver insightful and high-quality analyses that resonate with their target audiences. As an avid crypto trader and investor, Evans is passionate about the transformative potential of blockchain across diverse sectors. Outside of his professional pursuits, he enjoys playing video games and exploring scenic waterfalls.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source: https://coingape.com/markets/will-cardano-price-hit-new-ath-14-as-founder-says-ada-will-be-bigger-than-btc/
✓ Share: