Cryptocurrency market analysts predict that Cardano will not be able to break the record in the near future

ABM Crypto expert Michael Nderitu studied the prospects for the growth of the digital asset from the top 10 cryptocurrencies — Cardano (ADA). He discussed the ability of the virtual asset to reach $ 24.

This possibility was previously stated by a user under the pseudonym Cardano Feed. In this case, the market capitalization of the cryptocurrency will increase to $ 870 billion. This is about 9.5 times more than the total supply of ADA at the peak of the «last bull run.»

Michael Nderitu estimated that Cardano’s value could rise to $ 24 in 2024−2025. He is not sure about this possibility. According to him, the prediction is based on the fact that a new global bull rally in cryptocurrencies is now starting. He recalled that in 2021, the value of this digital coin reached a value of about $ 3.1. At the time of writing, it is trading for $ 0.28. ADA’s capitalization is $ 9.9 billion, while the asset’s price increased by 14.6% over the week.

According to Nderitu, since Cardano’s capitalization is only $ 9.9 billion, the digital asset will have an incredibly long way to go before ADA increases in value 87 times. According to the researcher, a more realistic target for the next bull rally would be a peak in the price range of $ 6 to $ 8.

The expert emphasized that «buy positions have remained stable for a long period of time, suggesting that the current bullish wave was caused by the loss of interest of bears.» The specialist conducted a technical analysis of the Cardano price chart. He emphasized that, according to the MVRV ratio, ADA’s profitability has now reached a 4-week high. The bulk of the upside potential has been seen over the past 7 days. According to him, this indicates a strong wave of demand during this time period.

In early October, representatives of the analytical company Santiment released a report stating that the Cardano network continues to hold a leading position in the blockchain development segment. Last month, 611 new ADA-based technological solutions were published on GitHub.