Cardano’s ADA Could See a Massive 2,800% Increase to $11 After Bitcoin Halving, Says Crypto Analyst
The price of Cardano’s native token ADA could surge to a new all-time high of around $11 after Bitcoin’s upcoming halving event – which will cut in half the supply of BTC miners receive per block – to hit a $400 billion market capitalization in 2025.
In a recently published video the founder of Crypto Capital Venture Dan Gambardello noted that he believes Cardano is gearing up for a bull run, predicting a dramatic increase in its value which would see it surge nearly 2,800% from its current $0.38 price tag to $11 following the Bitcoin halving event scheduled for the upcoming spring.
Other analysts have been bullish on the price of Cardano’s ADA, with popular analyst Ali Martinez recently noting that ADA’s current consolidation trend “eerily mirrors” that of 2018-2020, without the COVID-19 crash.
Per the analyst, if the trend is to repeat itself, the price of ADA could break through the $0.45 resistance in early December, which would set it up for a surge to $0.75 by the end of next month.
As CryptoGlobe reported, Cardano’s percent price performance has seen 38% of ADA holders be in a state of profit on their investment, in a rise that came amid growing adoption, which is clear by the growth of its decentralized finance (DeFi) ecosystem.
Data from DeFiLlama shows that the total value locked (TVL) on Cardano’s DeFi protocols has grown from around 200 million ADA at the beginning of the year to now stand above 670 million tokens. In USD terms, the TVL grew from $50 million to $56 million at the time of writing.
Moreover, Cardano has also maintained its top stop in cryptocurrency development activity after surpassing the “blockchain of blockchains” Polkadot ($DOT) and its public pre-production environment Kusama ($KSM).
More bullish price predictions suggest the price of Cardano will explode over the next year to reach the $30 mark, with crypto analyst Lucid basing this prediction on global inflation acting as a catalyst for the cryptocurrency market’s total capitalization to grow past the $10 trillion mark.
It’s worth noting that institutional investors are showing interest in Cardano. According to CoinShares’ latest Digital Asset Fund Flows report, Cardano-based investment products attracted over $800,000 last week, bringing the total investment for the year to $8 million.
Featured image via Unsplash.
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