With Robert Kiyosaki projecting that Bitcoin could rally 426% to $350,000 by August 2024, market analysts expect other altcoins, like Cardano, to witness similar price surges.
It is common knowledge that the price of Bitcoin (BTC) determines the performance of the broader crypto market. To put this into perspective, prices of altcoins like Cardano (ADA) usually surge whenever Bitcoin performs well, and vice versa.
Cardano’s Correlation with Bitcoin
Notably, data from the blockchain analytic platform IntoTheBlock shows that Cardano has a 75% correlation with Bitcoin’s price action.
This suggests that Bitcoin’s performance largely influences Cardano’s price movement.
For instance, data from CoinMarketCap shows that Bitcoin is down 1.43% over the past 24 hours to $66,536. Similarly, Cardano has also witnessed a decline of 2.75% in the past day.
Based on Cardano’s correlation with Bitcoin, many experts project that both assets would continue to record similar surges and declines at different intervals.
Rich Dad, Poor Dad Author Sees Bitcoin Hitting $350,000 This Year
Although Bitcoin’s performance has not been impressive lately, top market specialists believe that the world’s largest cryptocurrency would still embark on a major recovery that could take its price to greater heights.
Notably, Robert Kiyosaki, the author of “Rich Dad, Poor Dad” is among those who share this sentiment. Last month, the financial literacy author predicted that Bitcoin would hit $350,000 by August 2024 due to the incompetent leadership in the United States.
The $350,000 price projection could see Bitcoin’s market cap hit a whopping $6.90 trillion, assuming the asset’s circulating supply of 19.72 million BTC remains stable. With Bitcoin trading at $66,536, the asset must surge 426.03% to hit the projected $350,000 target.
Cardano Price If It Follows Bitcoin’s Trajectory
It is expected that Bitcoin’s potential surge to $350,000 will positively impact the performance of the broader market, including Cardano, as stated earlier.
Applying Bitcoin’s potential surge of 426.03% to Cardano, ADA, which currently trades at $0.4192, could be worth $2.20 if BTC hits the projected $350,000. This hypothetical analysis assumes that Cardano sustains its strong correlation with Bitcoin.
Also, Cardano’s market cap could rise from $15.07 billion to $78.97 billion if the $2.2 price projection materializes, assuming the circulating supply stays at 35.89 billion tokens.
It is noteworthy that Cardano had previously surpassed the $2.2 target. Specifically, the asset boasts an all-time high of $3.10, registered on September 2, 2021. At press time, Cardano is down 86.4% from its all-time high.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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