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The local cryptocurrency ADA of Cardano may surpass the $20 price level. Hopes and voices claiming that bears have lost their power and the winter that has been dominant in cryptocurrencies for a long time is coming to an end continue to increase. As a result, many analysts seem to be generating new predictions.
One of these predictions, perhaps the most optimistic among them, suggests that ADA could reach a peak of $24 in its recently started long-term rally. To put it in perspective, when ADA had a market value of over $91 billion in the past, it could only reach slightly above $3 all-time high.
Is $24 Realistic?
First of all, it may be useful to note that some crypto price predictions that were once considered impossible became meaningless until they became true. Therefore, we can discuss what it would take for ADA, which is the subject of these predictions, to reach the mentioned price level of $24.
First and foremost, the biggest obstacle to ADA’s price reaching $24 seems to be market capitalization. To achieve such a price in today’s conditions, it needs to have a market value of over $870 billion, just like a market volume.
It may be useful to note that the mentioned $870 billion is 9.5 times the peak reached in the last bull market. Although this level is a challenging target for Cardano, it will definitely not be impossible in an environment where cryptocurrencies are widely adopted.
As of the current date, Cardano has a market value of $10 billion. It seems that there are many obstacles it needs to overcome before reaching the mentioned market capitalization target of $870 billion. Some individuals may consider these values as unrealistic targets, at least for now.
The Future of ADA Coin
Similar trends have been observed in the prices of major cryptocurrencies. In cryptocurrencies, each cycle after the previous bull run tended to double or even triple at the following peak.
If the same scenario repeats in the next bull run, investors can expect the next peak to be around $6 to $8, if not $24. This level can exceed expectations.
Considering the short-term price performance of ADA, it already shows parallelism with the price point it has already achieved after bouncing back from the long-existing support level. As of the time of writing, ADA was trading at $0.293, which meant an increase of about 22% from the mentioned support level.
