Ethereum
Here’s How High Cardano Could Go If Ethereum Hits $50,000
If Cardano (ADA) continues to enjoy a strong correlation with Ethereum, its price could reach a new all-time high of $5.91 when ETH reaches a target of $50,000.
Despite recent market turbulence, Ethereum (ETH) remains one of the leading cryptocurrencies and is expected to recover its losses and reach higher highs.
Last year, leading asset manager VanEck projected that Ethereum’s price could overvoltage to $50,000 per piece by 2030. Since Van Eck This prediction was published and became a major talking point within the broader crypto community.
This debate gained momentum earlier this year after the SEC approved multiple exchange filings related to Ethereum spot ETFs. With VanEck projecting a $50,000 price target for Ethereum by 2030, cryptocurrency enthusiasts are pondering the impact this could have on other assets like Cardano.
Correlation between Cardano and Ethereum
Like Bitcoin (BTC), Ethereum’s performance typically affects the price movements of other tokens in the market. To put this into perspective, while ETH’s price has increased by 3.22% in the last 24 hours, ADA has seen a daily growth of 4.56%.
Moreover, data IntoTheBlock’s data shows that Cardano has an 82% correlation with Ethereum over the past 30 days and an 86% correlation with Bitcoin.
Cardano Price If Ethereum Hits $50,000
Given Cardano’s correlation with Ethereum, it is expected that ADA’s price could skyrocket if ETH reaches the $50,000 target projected by VanEck.
At the time of writing, ETH was trading at $3,008. This suggests that ETH needs to increase by 1,562% from its current price to reach the $50,000 target.
If Cardano experiences a similar growth of 1,562%, its price, which is currently trading at $0.3561, would surge to $5.9183. This price could mark a new all-time high for Cardano. Recall that Cardano’s previous ATH of $3.10 was recorded on September 2, 2021. It is currently down 88.51% from its all-time high at the time of press.
The cryptocurrency has also fallen by 9.84% over the past week, 22.1% on the monthly charts, and 39.9% year-to-date (YTD). Despite this bearish performance, Cardano could still see a tremendous upside to $5.9183 if its price continues to correlate with ETH.
In addition to this estimate, some market observers have predicted a potential rise in Cardano’s price to a price level of $5. In March, prominent crypto chartist Ali Martinez projected that ADA could reach a target of $5 before the end of this year.
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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