TL;DR
- ADA has seen a substantial rise, reaching over $0.31, with predictions from analysts like John Morgan suggesting a possible 40% increase due to surging transaction volumes.
- More optimistic forecasts, such as from Lucid, project ADA could reach $30 amid global inflation driving the cryptocurrency market cap to $10 trillion over the next decade, highlighting Cardano’s active development community.
- ADA’s recent spike may be attributed to the general bullish crypto market trend and Cardano’s wallet Nami integration into the IOG ecosystem.
How High Can ADA Go?
Cardano’s native token – ADA – has been on a significant uptrend lately and one of the best-performing crypto assets for the past 24 hours. Its valuation surpassed $0.31 (per CoinGecko’s data), representing the highest level since the end of July.
Some analysts believe the asset could chart additional gains in the near future, with the X (Twitter) user John Morgan being one of them. They shared research that estimated that ADA might spike by over 40% based on the rapid surge of transaction volume involving the coin.
Others have not been so modest in their forecasts. For example, X user Lucid envisioned that ADA could explode to the astonishing $30 in the future. The analyst thinks that global inflation could act as a catalyst for the cryptocurrency market and push its capitalization to $10 trillion within the decade.
In addition, Lucid claimed that Cardano had the most active development community of all other projects for October 2023.
$ADA is going to $30!👑
Bitcoin proved to the whole world that a $1 Trillion market cap is attainable! Even Ethereum with all its issues hit $500 billion! With inflation the crypto market as a whole will be worth $10 Trillion within the decade! Cardano is going for the 100x!👻🔱
— Lucid (@LucidCiC) October 31, 2023
It is worth noting that the envisioned market cap is over three times higher than the peak observed in 2021 when BTC was trading at almost $70,000.
Why is ADA Spiking?
The asset’s positive momentum might be stimulated by several factors, such as the overall bullish sentiment in the cryptocurrency sector that has been reigning in the past few weeks.
Another element possibly contributing to the surge could be the addition of the Cardano wallet Nami into the Input Output Global (IOG) ecosystem.
“Lots of amazing people are building and bringing new users, capabilities, and experiences into the ecosystem. IOG is a builder. We aren’t different from any DApp company in Cardano. We have products and services and are here to bring millions into the ecosystem,” Cardano’s founder – Charles Hoskinson – commented.
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