Could Cardano (ADA) Hit $5 In Post-halving Crypto Rally?

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Cardano, a significant player in the blockchain world, isn’t as well-known as it could be in the cryptocurrency market. Launched in 2017, Cardano has yet to gain substantial attention from the community, lagging behind rivals such as Polkadot and Solana, plus other layer 1 networks, in terms of popularity.

After the Bitcoin Halving 2024 occurred last weekend, there’s been much discussion among experts about whether Cardano could hit $5 in the aftermath, representing a significant gain of nearly 9 times its present low price of $0.51.

In the past few months, Cardano has experienced notable growth. As indicated in Messari’s Q3 report, the platform’s Total Value Locked (TVL) surged by 166% compared to the previous quarter and skyrocketed by 693% year-over-year. Currently, the TVL for Cardano stands at $335 million – a massive jump from its record low of nearly $50 million recorded in early January, representing an impressive increase of over 500%.

Although Cardano trails behind leading blockchain platforms with few major decentralized applications (dApps), limited DeFi integrations, and a lack of notable asset performers, its native currency, ADA, has surged by 30% over the past year. Defying the challenges of its developing ecosystem, experts anticipate that the ADA price will shatter its previous record high of $3.10 and ascend above $5 during the upcoming bull run.

Price Analysis of Cardano (ADA)

Based on information from Coinmarketcap, the current price of ADA is around $0.51. This represents a significant decrease of approximately 83% compared to its peak value recorded back in September 2021. In contrast, many other major cryptocurrencies have experienced impressive growth of over 100% during the past year. Meanwhile, ADA has managed to increase by roughly 30%.

A bearish sign for the price of ADA is that most alternate coins have bounced back from their lowest points during the cycle, leaving ADA behind as it continues to struggle in attempting to surpass its previous all-time high of $1, which was reached in 2018. On the contrary, Ethereum and the native currencies of rival blockchain networks are currently approaching past cycle peaks.

Will ADA Hit $5 in Post-Halving Rally?

Expectations for ADA‘s price are relatively subdued, given several factors at play. However, there’s a possibility that ADA could hit new highs by aligning with the post-Bitcoin halving price surge in 2024. If altcoins perform well over the next few months, ADA may inch closer to the $1 mark. Reaching $5, however, seems unlikely given its current price and would require an unprecedented surge of around 900% or 10 times its current value.

The record-breaking price of ADA currently stands at $3.10, but if it aims to reach new heights again, it would require a significant jump of over 500%. This is more than double the previous price peak from 2018, which represented a surge of approximately 210%. Consequently, a potential hypothetical high could be around $6.

It’s unsure if ADA will reach $5 during this upcoming cryptocurrency cycle, but what is certain is that the ongoing altseason will bring renewed attention to Cardano. With a market capitalization of $18 billion and currently underperforming, improvements for Cardano are imminent.

FAQs

How far ADA price could reach after Bitcoin halving 2024?
ADA price is expected to break its previous all-time high and reach $5 in the post-halving rally.
Could ADA price reach a new all-time high in 2024?
The cost of ADA may reach a new peak during the anticipated altcoin boom, projected towards the end of 2024 and continuing into early 2025.

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2024-04-23 10:45