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10/18/2023

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Analyst Predicts ADA Market Cap to Peak $500 Billion in Next Bull Market - ELEVENEWS

Longtime Cardano advocate and founder of Crypto Capital Venture Dan Gambardello, in a recent tweet on X, made a bullish prediction that ADA could boost beyond present market cap levels in the near...

Analyst Predicts ADA Market Cap to Peak $500 Billion in Next Bull Market - ELEVENEWS

Longtime Cardano advocate and founder of Crypto Capital Venture Dan Gambardello, in a recent tweet on X, made a bullish prediction that ADA could boost beyond present market cap levels in the near future.

Gambardello, renowned for his many optimistic takes on ADA, said the token could hit new highs in the next crypto bull market. The crypto analyst drew a line between Cardano and Ethereum to drive home his argument.

According to Gambardello, Ethereum topped out around $100 billion in the 2017 bull market. He continued that the integration of Decentralized Finance projects came in the 2018 bear market. “Next bull market, ETH topped out at around $500B,” he said.

Elaborating more on how that applies to ADA, Gambardello said ADA peaked at around $100B in the 2021 bull market. He stated that Cardano DeFis came online during the 2022 bear market, thus suggesting that the token could reach what would be an impressive $500 billion.

The tweet, which has since garnered the attention of Cardano community members, comes at a time when ADA advocates have accused founder Charles Hoskinson of stagnating growth on the blockchain. Last month, ADA dropped to one of its lowest levels seen this year.

Data from CoinMarketCap shows that the token is currently exchanging hands at $0.2471, a 1.55% decline in the past 24 hours. So far this week, the token has seen high volatility, rallying as high as $0.2524 and dropping down to lows of $0.2458.

ADA’s trade volumes have also plummeted, registering a 27.88% drop in the last 24 hours. The token has a market cap of $8.7 billion, making it the 8th-largest cryptocurrency network in the world.

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