Cardano price It has seen a significant increase in recent weeks, although not to the extent seen in other altcoins. Nonetheless, ADA has the potential to make significant gains in the coming months. The problem still remains. Could the price of Cardano potentially increase tenfold after 2024?
How has Cardano price moved in recent weeks?
The current Cardano (ADA) price is $0.591508, 24-hour trading volume of $410.21 million, market capitalization of $21.06 billion, and market share of 0.81%. ADA price increased by 1.64% in the last 24 hours.
Cardano achieved its highest price on September 2, 2021, reaching an all-time high of $3.10. Conversely, the lowest recorded price was recorded on October 1, 2017 at an all-time low of $0.017354. After reaching an all-time high, Cardano's price fell to a cycle low of $0.234392 before rebounding to a cycle high of $0.806108.
Sentiment on the Cardano price prediction is currently bearish, with the Fear and Greed Index sitting at 78, indicating extreme greed among investors.
As for supply metrics, Cardano's circulating supply is 35.6 billion ADA out of a maximum supply of 45 billion ADA. The current annual supply inflation rate is 5.26%, with 1.78 billion ADA created over the past year.
Why haven't ADA prices exploded this much?
Cardano (ADA) price has seen significant growth. However, it has been overshadowed by significant price surges seen in other altcoins such as Solana, Avalanche, Dogecoin, and Shiba Inu. While explosive price swings in meme coins have become commonplace during bull markets, Solana and Avalanche are benefiting from the rapid rise of decentralized applications and are seen as competitors to Ethereum.
In contrast, Cardano has lost some of its hype. The network has long been considered Ethereum's strongest competitor and has been touted as a replacement for Ethereum due to its superior technical features. Nonetheless, Cardano’s growth trajectory remains impressive and the ADA token may still be significantly undervalued at the moment.
Could Cardano price surge 10x in the coming months?
The price of Cardano may continue to see significant upside potential in the coming weeks and months. Significant price increases are actually possible, especially if a cryptocurrency remains in the collective memory despite not performing as well as other coins.
However, given the current trends and market conditions, it is highly unlikely to expect a 10x surge in the price of Cardano (ADA) in the coming months. The price of ADA is up 53% over the past year and is trading above its 200-day simple moving average, but it has outperformed 61% of the top 100 cryptocurrency assets over this period.
Moreover, ADA has been overshadowed by the strong performance of Bitcoin and Ethereum. Recent market activity reflects a mixed picture, with only 14 green trading days out of the last 30, indicating some volatility and uncertainty.
Moreover, ADA remains significantly below its all-time high (-81%), suggesting that a 10x increase would require a significant recovery. With moderate liquidity based on market capitalization and an annual inflation rate of 5.26%, a 10x increase in the price of ADA in the near term seems impossible.
In reality, such a dramatic increase may require long-term development and market changes, which could extend beyond the next few months into the next few years.
It may be possible for Cardano to hit all-time highs within the year. ADA token could rise significantly above $3. It is difficult to predict when it will exceed $5 or approach $10. However, this could take until at least 2025.
Cardano’s historical performance highlights significant fluctuations in its price over the years. In 2017, Cardano had its best year ever, with the price of ADA soaring 2,779.80% from $0.024970 to $0.719072.
Conversely, 2018 was the worst year for Cardano, with a sharp decline of -94.29% from $0.719072 to $0.041067. Cardano has shown an average annual growth rate of 542.83% over the past eight years. Interestingly, Cardano tends to perform exceptionally well in the 4th quarter with an average gain of 406.42%, while it tends to perform the weakest in the 3rd quarter with an average loss of -5.62%. These trends provide valuable insight into Cardano’s historical price behavior and seasonal patterns.