After facing a brief resistance, Cardano price trades today at $0.376. With the crypto market expectation of a green October, ADA also looks ready for a quick uptrend. Let’s explore Cardano price if Ripple CEO’s bold prediction of a $5 trillion crypto market cap comes true this cycle.
Cardano Price If the Crypto Market Cap Hits $5 Trillion
In an interview on Fox Business, Ripple CEO Brad Garlinghouse predicted that the crypto market will double in size and hit $5 trillion by the end of 2024.
🚨 Brad Garlinghouse predicts the total crypto market cap will hit $5T by the end of this year.#XRP alone will reach over $1T market cap!
🔊⤵️🍿 pic.twitter.com/g5RZoRR6Ve
— JackTheRippler ©️ (@RippleXrpie) September 30, 2024
This is a massive feat for the crypto market, but Ripple CEO Garlinghouse believes it is possible. He cited increasing demand from ETFs and decreasing supply from Bitcoin halving as reasons why the current crypto market cap doubling to $5 trillion isn’t a long call.
Only three months remain until the end of 2024, and with the crypto market turning green in October, this prediction may age well.
ADA’s 2024 Performance Shows Promise
Cardano has remained in the top 10 for some time now and has a market dominance of 0.61%, a 53% drop year-to-date (YTD). The asset has a current market cap of $13.7 billion, which comprises 0.57% of the entire crypto market cap of $2.363 trillion.
If the crypto market cap were to rise to $5 trillion, and assuming the ADA circulating supply remains the same, Cardano’s market cap would swell to $28.9 billion. This means the price of ADA would jump to $0.80, representing a 110% increase from the current price of $0.3842. Cardano price could reach these levels if the network gains more users. According to data from ADAScan, Cardano’s active address count has been dropping lately.
This is despite the numerous technological developments such as Voltaire and Hydra. Nevertheless, perhaps a general market upswing could push ADA price higher.
Will ADA Price Reach $1?
The ADA price has risen by about 3.13% in the last 24 hours, continuing its bullish breakout from a falling wedge pattern. This suggests a potential for further upside, supported by a recent uptrend in which the Cardano price gained around 5.89% over the past week.
The breakout suggests a potential shift from a downtrend to an uptrend, with a high probability of reaching higher levels around $0.80. The most recent candle shows a strong bullish move, confirming the breakout of the falling wedge. This indicates increasing buying pressure, potentially driving the price higher.
Key Levels to Watch
- $0.80: This is the next major target, a psychological level that could be tested if the bullish momentum continues.
- $0.31: The immediate support, a critical level that could be revisited in case of a pullback.
Buying ADA near current levels with a target around $0.50 to $0.60 could be a reasonable strategy. However, accumulating ADA with an extended target of $0.80 or higher might offer a favorable risk-reward ratio for long-term investors, given the potential for further gains based on the bullish breakout.
Cardano price is slowly building a bullish case for itself. If Garlinghouse’s prediction comes to pass, $0.80 per ADA will be realized.
Frequently Asked Questions (FAQs)
Brad Garlinghouse predicted that the overall cryptocurrency market cap will double, reaching $5 trillion by the end of 2024. He cited growing demand for ETFs and Bitcoin’s halving reducing supply as the key drivers for this increase.
Yes, Cardano has recently broken out of a falling wedge pattern, which is a bullish reversal signal. This breakout, coupled with a 5.89% weekly gain, indicates increasing buying pressure and a potential shift to an uptrend.
Yes, it is possible for Cardano to reach $1, especially if the overall crypto market experiences strong bullish momentum as predicted. The current breakout from a bullish reversal pattern could push ADA towards $0.80, and further bullish sentiment could drive it closer to $1.
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/heres-cardano-price-crypto-market-cap-hits-5-trillion/
✓ Share: