Cardano (ADA) Price Prediction: ADA Could Hit $21.54 if Its Market Cap Reaches Tesla\'s Level

This article highlights the price Cardano (ADA) could trade at if its market cap rises to the same level as that of American electric car company Tesla.

Cardano (ADA) has enjoyed a remarkable 7.14% price surge in the last 24 hours, making it the second-best performing token among the top 10 cryptocurrencies by market capitalization, as reported by CoinMarketCap. At press time, ADA ranks below XRP, which boasts a daily gain of 15.4%.

Over the past seven days, Cardano has seen a significant price increase, currently trading at $0.4253, up by 20.03%. This impressive price rally has sparked enthusiasm among investors, who are now setting ambitious targets for the cryptocurrency.

One of the speculations that have surfaced is regarding ADA’s potential price if it reaches the market capitalization of American electric car company Tesla.

As of August 2023, Tesla holds the title of one of the top electric car companies in the United States, with a market cap of $772.82 billion. To achieve Tesla’s market cap, Cardano must experience a surge of 4,965.24% or 49.65x from its current market cap of $15.25 billion.

This implies that Cardano’s asset price would also increase proportionally with the rise in market cap. Currently trading at $0.4253, a 49.65x increase would push ADA’s price to $21.54, assuming the coin’s circulating supply remains stable.

According to data from CoinMarketCap, Cardano’s circulating supply is 35,881,047,082 (35.88 billion), which is approximately 79.74% of the asset’s total supply of 45 billion ADA.

While $21.54 is an ambitious target for ADA, several experts believe that the cryptocurrency could potentially reach this level within its lifetime.

Changelly market analysts have projected that ADA could hit the $21.54 price range between 2033 and 2040. Similarly, top prediction platform Telegaon has also marked 2040 as the year Cardano would hit the ambitious target of $21.54.

Telegaon sets Cardano’s 2040 minimum and maximum price targets at $19.23 and $24.31, respectively. On average, the platform predicts that Cardano could reach an average price of $21.05 by 2040.

The above is the detailed content of Cardano (ADA) Price Prediction: ADA Could Hit $21.54 if Its Market Cap Reaches Tesla\'s Level. For more information, please follow other related articles on the PHP Chinese website!