Cardano: Here's How to be a Millionaire When ADA Hits $5
Cardano (ADA) recently saw a surge in price, reaching a new yearly high of $0.66. However, the popular cryptocurrency has faced over 7% correction in the daily charts and a 3% drop in the last 14 days....
Cardano (ADA) recently saw a surge in price, reaching a new yearly high of $0.66. However, the popular cryptocurrency has faced over 7% correction in the daily charts and a 3% drop in the last 14 days. However, ADA is green in the monthly charts, rallying by over 58% in the previous 30 days. Moreover, since the beginning of this year, the asset’s price has surged by nearly 150%, similar to Bitcoin’s (BTC) growth in the same time frame.
Also Read: Cardano (ADA) Rallies 77%, Hits Yearly High: Can It Hit $1 Next?
How much Cardano (ADA) is needed to be a millionaire if it hits $5?
If ADA reaches $5, you will need 200,000 to be a millionaire. The price of 200,000 ADA right now is about $122,000. The profit in such a situation will be about 720%.
However, reaching a price of $5 is no easy task. Nonetheless, it is not an impossible one either. Cardano (ADA) is currently down by over 80% from its all-time high of $3.09, which it attained in September 2021. If ADA reclaims its 2021 peak, it needs to rally for another 61% to hit $5.
Also Read: Cardano (ADA) Eyeing a 20% Surge to End 2023?
There is a chance that the cryptocurrency market will enter a bull run in 2024, fuelled by the possibility of a spot Bitcoin (BTC) ETF (Exchange Traded Fund) approval by the SEC (Securities and Exchange Commission) and BTC’s halving event in April. If the market rallies like it did in 2021, many projects could surpass their previous all-time highs. In such a scenario, Cardano (ADA) could easily hit a price of $5.
However, a lot depends on the SEC’s decision on a spot BTC ETF. If the financial watchdog does not approve one or more applications, the market might not rally like many hope. There is also a possibility that a spot BTC ETF approval will be a “sell the news” event, which does not impact the market much.
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