As a major blockchain network, Cardano is currently underexposed to the market. Although it was launched in 2017, Cardano has been lagging behind its Ethereum competitors like Polkadot, Solana, and other layer 1 blockchain networks, receiving no major traction from the crypto community.
Now that the Bitcoin Halving 2024 ensued last weekend, experts are speculating whether Cardano would reach $5 in the post-halving crypto rally, which would be a 900% surge from its current dismal value of $0.51.
Recent developments have turned out to be significant for Cardano, as in 2023, its Total Value Locked (TVL) rose to 166% Quarter over Quarter (QoQ) and 693% Year over Year (YoY), according to the Q3 report by Messari. Cardano currently has a TVL of $335 million, which is an increase of 570% from its lowest level of nearly $50 million in early January.
However, it is still far behind leading blockchain ecosystems due to hardly any major dApps, DeFi integrations, and the lack of any key-performer assets that could drive massive activity. Despite these odds and its wild-west ecosystem, Cardano’s native currency has gained 30% throughout the past year. The ADA price is expected to break the previous all-time high of $3.10 and reach above $5 in the upcoming uptrend.
Price Analysis of Cardano (ADA)
According to Coinmarketcap data, ADA is trading near $0.51, which is down 83% from its all-time high recorded in September 2021. While most of the leading crypto assets have managed to surge over 100% in the past year, ADA has roughly gained 30% in the meantime.
Another bearish indicator for the ADA price is that most of the altcoins have recovered from the cycle lows, while ADA is still struggling to break the previous all-time high of $3 recorded in 2021. On the other hand, Ethereum and the native currency of other competitor blockchain networks are already approaching the highs of the past cycle.
Also read: Will Ethereum Reach $10,000 After Bitcoin Halving 2024?
Will ADA Hit $5 in the Post-Halving Rally?
The anticipation around the ADA price is expectedly cold due to several factors, but it could still spike to a new high by coinciding with the gains in the post-Bitcoin halving price uptrend in 2024. If altcoins soar to new highs during the next few months, ADA will surely march towards approaching the $1 price mark, but reaching $5 seems impractical considering its current price. ADA will need to surge approximately 900%, or 10X, from the current market price to attain the target.
The current all-time high for ADA is $3.10, and in order to acclaim another high, it will even need to surge more than 500%. Although the current high is merely a 210% surge from its previous high recorded in 2018, so the potential high can be $6 in the hypothetical scenario.
Whether or not ADA is going to hit $5 in this much anticipated upcoming cycle, what is certain is that the current alt season will bring back focus on Cardano. Cardano has a $18 billion market cap, and its current negligible standing suggests that things are soon going to get better.
FAQs
How far ADA price could reach after Bitcoin halving 2024?
ADA price is expected to break its previous all-time high and reach $5 in the post-halving rally.
Could ADA price reach a new all-time high in 2024?
ADA price could potentially break to an all-time high in the upcoming Altseason around the end of 2024 and starting in 2025.
