Will Cardano Price Hit New ATH $14 as Founder Says “ADA Will be Bigger Than BTC”

by

As a seasoned researcher with years of experience in the cryptocurrency market, I must admit that the potential growth of Cardano (ADA) has always intrigued me. The recent statement by Charles Hoskinson at the summit in Argentina has certainly added fuel to the fire of speculation and excitement among investors. While I remain cautious about making bold predictions, the technical analysis does suggest a bullish outlook for ADA.

The potential price of Cardano, as suggested by its founder Charles Hoskinson at a recent summit in Argentina, might surge beyond its current consolidation period due to his claim that ADA could surpass Bitcoin in value. This statement has ignited discussions and excitement among investors, leading some to speculate whether Cardano will reach unprecedented new peak prices.

Based on technical analysis, it appears that the price of ADA may increase significantly due to a recurring significant historical trend in its price action. At the time of October 24, the ADA price was approximately $0.3466, having experienced a 4.8% decline over the preceding 24 hours.

Regardless of the current dip, technical indicators point towards a bullish outlook for Cardano, with analysts anticipating prices could reach between $0.80 and $1 by December. This optimism is based on speculation that Bitcoin’s price may exceed its previous record high and climb to $80,000-$100,000 during the same period, which would potentially boost Cardano’s value as well.

Can Cardano Price Outperform Bitcoin?

As per Hoskinson’s perspective, Cardano boasts a substantial potential to surpass Bitcoin, given that it currently hosts the most extensive developer community among all cryptocurrency networks. Yet, without external assistance, ADA faces virtually no prospects of eclipsing Bitcoin in terms of size, as Bitcoin enjoys a larger user base.

As per Santiment’s data, Cardano counted approximately 24,031 active users as of October 23. Over the past four months, the average number of users has been around 28,261. However, this number is relatively low compared to other prominent blockchain networks such as Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and XRP (XRP).

If the number of users on the Cardano network increases significantly, it’s likely that the price will surge on its own.

During his time in Argentina, Hoskinson had a discussion with President Javier Milei about the possibility of blockchain technology reshaping Argentina’s economy. While Hoskinson stressed that this meeting wasn’t solely focused on Cardano, the prospects of ADA adoption in Argentina have sparked excitement among investors.

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 making news recently due to its prolonged economic struggle. Over the last five years, the value of the Argentine peso has gradually decreased, largely as a result of political unrest, sluggish agricultural transactions, and excessive interest rates.

The newly appointed president, Javier Milei, has indicated his backing for digital currencies such as Bitcoin and is considering following El Salvador’s approach. If Charles Hoskinson manages to tap into the Argentinian market, Cardano could potentially attract 45 million new users, which would significantly boost the value of ADA.

ADA Price Analysis: Can Cardano Hit $14?

As an analyst, I’ve noticed that the price movement of Cardano (ADA) appears to align with a significant trend often seen during a bull run. Following its peak in January 2018, Cardano experienced an extended downtrend, which is characteristic of a bear market.

Before the 2021 market rally, there was a sudden, significant drop in prices (a “flash crash”). This could potentially hint at a repeat of such an occurrence preceding another bull run in the years 2024 and 2025.

A sudden, rapid decrease in the Cardano (ADA) price might take it down to $0.14, a level not seen since 2020. But following this drop, there’s a possibility of an astronomical increase, up to 4,000%, which could propel the price to $14 or higher if approximately 45 million Argentinians were to join the network.

Read More

2024-10-24 18:33