A Cardano (ADA) maximalist has given his opinion on the place ADA will rank by market cap within the subsequent bull market. Apparently, he predicts that the crypto token may rise to only behind the 2 foremost cryptocurrencies, Bitcoin and Ethereum.
Cardano To Flip Dogecoin And XRP
In a submit on his X (previously Twitter) platform, self-acclaimed ‘Cardano OG’ Chris O opined that ADA will flip tokens like Dogecoin (DOGE) and XRP on its approach to changing into the third largest cryptocurrency by market cap. In line with him, ADA and Solana (SOL) will battle it out for this place as he foresees them flipping one another “forwards and backwards.”
Primarily based on his predictions, The highest two cryptocurrencies by market cap will stay unchanged as Bitcoin and Ethereum will retain the primary and two spot respectively. Nonetheless, Chris O talked about that Ethereum is more likely to see a decline in its dominance as crypto customers will transfer to different protocols.
In the meantime, Binance’s BNB will drop to fifth within the rating, with AVAX, DOGE, and XRP on the sixth, seventh, and eighth positions, respectively. Chris O has talked about that he expects the modifications to happen with the following bull run on the best way. He additionally alluded to the truth that these modifications already appear to be underway, with SOL not too long ago flipping XRP.
ADA value at $0.61 | Supply: ADAUSD on Tradingview.com
How Excessive Can ADA Go?
One can even deduce from Chris O’s opinion that he expects Cardano to be among the many greatest gainers within the subsequent bull cycle. That is primarily based on the truth that a crypto token’s market cap is the product of its present value and circulating provide. The latest surge in ADA’s value occurs to be the explanation it has risen to eight by market cap not too long ago.
This latest rally appears to be the start of nice issues to return for the altcoin, as value predictions from completely different analysts recommend that they’re nonetheless going to hit unprecedented heights. For one, crypto skilled Jason Appleton predicts that ADA may rise to as excessive as $32 within the subsequent bull run. One other crypto analyst additionally gave a extra conservative value prediction of $11.
The rise in ADA’s value has been attributed to the burst of recent liquidity that’s flowing into its ecosystem. This has come from a rise in DeFi exercise on the community. Knowledge from DeFiLlama exhibits that there was a 25% weekly improve within the transaction quantity of DEXs on the chain.
On the time of writing, ADA is buying and selling at round $0.619, up over 3% within the final 24 hours, in keeping with information from CoinMarketCap.
Featured picture from Cardano Feed, chart from Tradingview.com