Here’s Cardano Price Crypto Market Cap Hits $5 Trillion

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As a seasoned crypto investor with a decade of experience navigating the volatile digital asset market, I have learned to take predictions like Brad Garlinghouse’s with a grain of salt, but I can’t help but be intrigued by the prospect of a $5 trillion total market cap. If that were to happen, Cardano (ADA) could potentially see its price skyrocket.

Following a short period of opposition, today’s trading price for Cardano stands at approximately $0.376. Given the general optimism surrounding the cryptocurrency market for October, it appears that ADA is poised for a swift upward movement. Let’s delve into what Cardano’s price might be if Ripple CEO’s daring prediction of a $5 trillion total crypto market cap materializes during 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.

According to Brad Garlinghouse, the overall value of the cryptocurrency market could surge to an astounding $5 trillion before the year’s end. Moreover, he believes that the market capitalization of XRP could soar even higher, potentially exceeding $1 trillion!

— JackTheRippler © (@RippleXrpie) September 30, 2024

It’s quite an impressive development in the cryptocurrency sector, and Ripple’s CEO, Garlinghouse, thinks it could even become reality. He based this opinion on the growing interest from Exchange-Traded Funds (ETFs) and the reduced supply due to Bitcoin‘s halving, which suggests that a doubling of the current crypto market cap to $5 trillion might not be too far-fetched.

With just three months left in the year 2024, and the crypto market showing signs of growth in October, it’s quite possible that this forecast could prove accurate.

ADA’s 2024 Performance Shows Promise

For quite some time now, Cardano has held a place among the top ten cryptocurrencies and currently accounts for approximately 0.61% of the overall crypto market share. However, its value has decreased by around 53% compared to the start of the year. At present, its total market capitalization stands at roughly $13.7 billion, which equates to about 0.57% of the current total crypto market cap, which is approximately $2.363 trillion.

If the total value of all cryptocurrencies reaches $5 trillion, keeping ADA‘s circulating supply constant, Cardano’s market capitalization would grow to approximately $28.9 billion. This would cause the price of ADA to spike to around $0.80, marking a substantial increase of 110% from its current value of $0.3842. For Cardano’s price to reach these heights, the network needs to attract more users. However, as per ADAScan data, the number of active addresses on the Cardano network has recently been decreasing.

Here’s Cardano Price Crypto Market Cap Hits $5 Trillion   

Despite multiple advancements in technology like Voltaire and Hydra, it’s worth noting that these factors might not necessarily prevent an increase in the ADA price. In fact, a broader market uptrend could potentially drive up the cost of ADA.

Will ADA Price Reach $1?

In the previous 24 hours, the price of ADA has increased approximately 3.13%, marking a continuation of its bullish surge from a falling wedge formation. This could indicate a possible continuation towards higher prices, bolstered by a recent upward trend where the value of Cardano rose roughly 5.89% over the last seven days.

The strong upward trend indicated by the latest candle suggests a possible transition from a decline to an increase, with a high likelihood of reaching approximately $0.80. The recent candle’s powerful bullish action underscores the breakout of the falling wedge, indicating growing buying interest that could potentially push the price upwards further.

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.

Here’s Cardano Price Crypto Market Cap Hits $5 Trillion

Considering the current price, it’s sensible to think about purchasing Cardano (ADA). A potential profit zone could be around $0.50 to $0.60 in the short term. However, strategically amassing ADA with a future goal of $0.80 or more may present an appealing risk-reward scenario for long-term investors, taking into account the possibility of additional gains due to the bullish breakout.

The price of Cardano is gradually forming a strong argument for an upward trend. If Garlinghouse’s forecast materializes, we may see the value of ADA reach approximately $0.80.

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2024-10-01 17:32