Cardano is unlikely to reach $100 due to its large circulating supply and already massive market cap of more than $10 billion at current market rates. If ADA were to change hands at $100 per coin, its total market cap would exceed $3.3 trillion, which is more than the peak value of all cryptocurrencies combined.
Cardano is a cryptocurrency and blockchain platform that was created to provide a more secure and sustainable infrastructure for the development of decentralized applications (DApps) and smart contracts. It was founded by Charles Hoskinson, one of the co-founders of Ethereum, and developed by the company IOHK.
In this article, we are going to examine factors that could help Cardano reach $100 and consult our algorithmic predictions for ADA to see where the coin could be headed in the future.
Can Cardano reach $100?
While Cardano could theoretically reach $100, the reality is that such a price level is likely out of reach. At $100 per coin, the total market cap of Cardano would be more than that of any publicly traded company in history, including Apple ($3.1 trillion) and Microsoft ($2.5 trillion).
For additional context, check the table below, which showcases different hypothetical ADA prices and their respective implied market capitalization figures:
|ADA Price||Implied Market Cap|
We’ve hopefully established that ADA reaching $100 is all but impossible, at least at the current stage of crypto industry development and the level of Cardano adoption. However, it is safe to assume that Cardano will continue to make strides toward greater scalability and adoption in the future, as will the broader crypto market.
One of the most exciting developments taking place in the Cardano ecosystem at the moment is the work being done on Hydra. Hydra is a layer 2 scalability solution for the Cardano blockchain that aims to increase the transaction processing capacity of the network by allowing multiple heads or channels to be opened between participants for off-chain transactions.
Hydra is designed to fit well with the stake pool model of Cardano and uses an extended UTxO model that allows sharding of stake space without the need to shard the ledger itself. Hydra was launched on the mainnet in May 2023 after several months of testing, with the expectation to enable low latency, high throughput, and low transaction costs for a broad range of applications on Cardano.
The hope is that Hydraw could eventually support 1 million transactions per second (TPS), up from Cardano’s base layer 1, which is able to process around 100 TPS.
Cardano price prediction for 2023-2024
According to our Cardano price prediction algorithm, ADA is expected to grow beyond $0.80 between now and mid-October 2023 rapidly. After that, ADA is forecasted to continue its rally to $1.27 by February next year, after which the cryptocurrency is expected to retrace back below $0.70 in May.
Going forward, Cardano is expected to rally from $0.70 to $1.50 between May and July 2023, more than doubling in value in roughly two months. If the algorithm turns out to be correct, we could see Cardano change hands about +378% above its current price level at the same time next year.
However, that would still be far removed from the $100 goal as ADA would need to increase by more than $98 in absolute terms, or +6.567% in relative terms, to achieve that price level.
The bottom line: Cardano has a lot of upside but don’t count on it to reach $100
Cardano is one of the most actively developed blockchain ecosystems in the world. However, that doesn’t mean that we can expect its native token to 300x its price in the short to medium term. Still, given the project’s academic background and strong community, Cardano is clearly one of the best long-term crypto investments in the market right now.
If you want to read more about the long-term prospects of other crypto assets with active communities and active development cycles, we suggest you check our analysis on whether Shiba Inu can reach $1.
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