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TheCryptoBasic

07/04/2024

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Here is Cardano Price if Bitcoin Hits $500K or $1M as Forecasted by Bloomberg and Bernstein

While growing by 774% to $500K will mark a new history for Bitcoin, Cardano may just be reclaiming its previous peak value if it replicates a similar surge.  Today, Bitcoin hit a low of $56,770, causing...

Here is Cardano Price if Bitcoin Hits $500K or $1M as Forecasted by Bloomberg and Bernstein

While growing by 774% to $500K will mark a new history for Bitcoin, Cardano may just be reclaiming its previous peak value if it replicates a similar surge. 

Today, Bitcoin hit a low of $56,770, causing significant pressure on major altcoins like Cardano (ADA), which has dropped to $0.3757. Despite this decline, Bitcoin’s long-term outlook remains bullish, with industry experts projecting it could reach between $500,000 and $1 million in the coming years.

Consequently, this analysis explores potential valuations for Cardano if Bitcoin achieves these targets.

Bloomberg and Bernstein Projection of Bitcoin Hitting $500,000 and $1M

A December report from Bloomberg cited predictions from industry experts that Bitcoin could surpass $530,000. This projection came as Bitcoin initially reclaimed the $42,000 price point, igniting widespread enthusiasm in the crypto community and marking the onset of this bull market cycle.

More recently, analysts have set even higher targets for Bitcoin. For example, analysts at Bernstein, one of America’s largest asset managers, projected that Bitcoin could reach $1 million by 2033. Meanwhile, Bernstein’s near-term projection is for Bitcoin to hit $200,000 by 2025.

Cardano Price if Bitcoin Hits $500,000 and $1M

Notably, Bitcoin at $500K implies a market cap of at least $9.86 trillion, while $1 million suggests a valuation of about $19.71 trillion. Bitcoin typically controls half the broader market, implying the altcoin market would have a valuation of about $20. 

Cardano ranks among the top ten assets by market cap. As a result, ADA is expected to be among the top beneficiaries of Bitcoin’s $1 million price surge. Moreover, data from the intelligence platform IntoTheBlock suggests that Cardano has an 82% correlation with Bitcoin’s price movement.

With Bitcoin’s current market value at $57,216, a surge to $500,000 would represent a 774% increase. Applying a similar growth rate to Cardano would imply a value of $3.28 for ADA, which is close to its 2021 all-time high. 

In other words, while Bitcoin reaching $500,000 would mark unprecedented growth, ADA would merely reclaim its past peak. Meanwhile, ADA could set a new ATH alongside Bitcoin when it advances by 1,647% to $1 million. In particular, a similar growth rate puts ADA’s price at $6.56.

When consulted, OpenAI’s ChatGPT agreed with these price outlooks of Cardano in relation to Bitcoin.

Cardano price projection ChatGPT
Cardano price projection ChatGPT

However, bullish sentiment within the crypto community suggests that Cardano could be worth more than even $10 by next year, a notably ambitious estimate compared to the projection of only $6.56 by 2033, when Bitcoin is expected to reach $1 million.

It is worth noting that altcoins like Cardano have a history of outperforming Bitcoin in bull runs. Essentially, Cardano could be worth a lot more by the time Bitcoin attains $500K and $1 million.

Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

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Disclaimer: Cardano Feed is a Decentralized News Aggregator that enables journalists, influencers, editors, publishers, websites and community members to share news about the Cardano Ecosystem. User must always do their own research and none of those articles are financial advices. The content is for informational purposes only and does not necessarily reflect our opinion.


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