Cardano has the potential to retest its 2021 all-time peak if its market cap rises to claim the coveted $100 billion mark.
The crypto market has embarked on an impressive run, with Cardano being one of the biggest beneficiaries after months of underperformance. Notably, the latest market-wide upsurge came on the back of Bitcoin’s push to new peaks following Donald Trump’s win in the Nov. 5 U.S. presidential election.
Despite Cardano’s bearish performance from March to October, market analysts remained confident in the altcoin’s potential. For instance, most recently, market watcher Javon Marks predicted a potential Cardano rally to $8.
Meanwhile, earlier in the month, another analyst, Madmaudo, argued that an ADA surge to the $3 level was long overdue. In addition, analyst Dan Gambardello projected a possible surge to $15. However, while pundits believe most of these targets are within reach, some argue that targets like $15 might not be feasible.
Cardano Price if Its Market Cap Hits $100B
The major reason behind this skepticism is the resulting market cap from loftier price targets. For context, the $15 price level would bring Cardano’s valuation to $525 billion, much higher than Ethereum’s current market cap of $365 billion. This would make ADA the second-largest crypto asset, a tall feat.
Notably, ADA’s peak market cap was $93 billion, a valuation it attained when it surpassed $3 during the 2021 bull run. However, at the current circulating supply of over 35 billion tokens, Cardano would trade at $2.77 if it reclaimed the $93 billion peak during this bull run.
Meanwhile, if ADA ever surpassed this level to claim the much-coveted $100 billion market cap level, its price could knock at the previous ATH. Particularly, with a $100 billion market cap, Cardano would trade at $2.85. While this would represent an impressive 551% increase from current prices, ADA would still be 5% away from its 2021 peak of $3.1.
ADA up 27% in November
Notably, the likelihood of this recovery becomes clearer as the market progresses. Cardano has leveraged the latest uptrend to record an impressive 22% increase over the past seven days, making it the second-largest gainer among the top 20 assets within this timeframe, only behind Dogecoin (DOGE).
Before now, ADA had performed poorly following the collapse from the $0.8104 yearly peak in March. Significantly, from March to October, Cardano collapsed 48%.
Interestingly, ADA had regained most of this value, up 27.88% in November with the altcoin season still ahead. At a current market cap of $15.3 billion, Cardano has now re-entered the top 10 list of largest assets after falling out of this region in August when its market cap slumped to $11 billion.
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