How High Can Cardano Go if the Crypto Market Cap Reaches $5 Trillion?

The Cardano price plunged 4% during the U.S. trading hours on Monday, currently trading at $0.358. The bearish turnaround followed the broader market pullback as Bitcoin broke below $65000. Can ADA buyers counterattack and analysis if Ripple CEO’s bold forecast of a $5 trillion crypto market cap comes to fruition 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.

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.

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