Markets
Cardano will reach this price if it reaches Tesla’s market cap
This article highlights the price at which Cardano (ADA) could trade if its market capitalization reaches the same level as that of American electric car manufacturer Tesla.
Cardano (ADA) is having a fantastic weekend, with its price surging 7.14% over the past 24 hours, according to data from CoinMarketCap. At press time, Cardano ranks as the second-best performing token among the top 10 cryptocurrencies by market cap, behind XRP, which is posting a daily gain of 15.4%.
At the current price of $0.4253, Cardano is up 20.03% over the past seven days. Cardano’s market cap has seen a similar increase over the same period. The token, which is ranked 10th, has a market cap of $15.25 billion.
Cardano Price If It Reaches Tesla’s Market Cap
Following the impressive increase in Cardano’s price, investors have set ambitious targets. Speculations are swirling around the potential price of the token if it reaches Tesla’s market cap.
Tesla is currently one of the largest electric car companies in the United States, with a market capitalization of $772.82 billion. This suggests that Cardan needs to increase by 4,965.24%, or 49.65 times from its current market cap of $15.25 billion, to reach Tesla’s valuation of $772.82 billion.
It is worth noting that an increase in market cap also translates into an equivalent increase in the asset’s price. Therefore, with Cardano currently trading at $0.4253, a 49.65x increase would take its price to $21.54, assuming the coin’s circulating supply remains stable.
Data from CoinMarketCap shows that Cardano’s circulating supply is 35,881,047,082 (35.88 billion), which represents 79.74% of the asset’s total supply of 45 billion ADA.
Potential Timeline for ADA Rate Hike to $21.54
Although $21.54 is an ambitious target, several experts still believe that Cardano could reach this level during its lifetime. Market analysts at Changelly predict that Cardano could reach the $21.54 price level between 2033 and 2040.
Similarly, leading prediction platform Telegaon has indicated that 2040 will be the year when Cardano reaches the ambitious target of $21.54. Telegaon sets Cardano’s minimum and maximum price targets for 2040 at $19.23 and $24.31, respectively. According to Telegaon, Cardano would have an average price of $21.05 by 2040.
Disclaimer: This content is informational and should not be considered financial advice. The opinions expressed in this article may include the personal opinions of the author and do not reflect the opinion of The Crypto Basic. Readers are encouraged to conduct thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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