Is the Cardano blockchain and its native cryptocurrency ADA dead? Prominent crypto analysts and enthusiasts don’t think so. In fact, they are calling for a potential 400% rally that could take ADA’s price above $3 in the coming months.
The optimism stems from analysis of previous market cycles, particularly around the time of Bitcoin’s halving events when new BTC issuance is cut in half. Historically, altcoins like ADA have significantly outperformed Bitcoin in the 6 months following a halving.
“After the halving, altcoins started to outperform Bitcoin with a 200% difference after 6 months,” tweeted OnnoCouwenberg, pointing out the next Bitcoin halving is just a week away. “I expect altcoins to do really well the coming year.”
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Show more +OnnoCouwenberg highlights Cardano’s outperformance versus Ethereum and Bitcoin after the 2020 halving once money started flowing into smaller cap cryptocurrencies. With Cardano’s ecosystem expanding through native tokens, he expects trading volume and interest will drive ADA higher.
My base case for ’24/’25 is that Cardano will do extremely well once the money flows down to small cap coins,” he stated, recommending investors look at native tokens issued on Cardano in addition to ADA.
The DApp Analyst account on X points to ADA’s previous cycle peaks following Bitcoin’s price tops as a signal ADA could rally as much as 400% to over $3 this time around. “Last time Bitcoin hit an all time high…90 days later Cardano ADA hit an all time high. Cryptocurrency has predictable market cycles.”
Whether these lofty predictions play out remains to be seen, but the Cardano faithful certainly seem undeterred by the recent crypto winter. For investors looking to diversify beyond just Bitcoin and Ethereum, keeping an eye on Cardano’s ecosystem could prove profitable.
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