Bitcoin
Here’s What Cardano’s Price Will Be If Bitcoin Hits $500K or $1M, As Predicted by Bloomberg and Bernstein
While the 774% surge to $500,000 marks a new era for Bitcoin, Cardano could be on track to regain its previous highs if it replicates a similar surge.
Bitcoin hit a low of $56,770 today, putting significant pressure on major altcoins like Cardano (ADA), which fell to $0.3757. Despite this decline, Bitcoin’s long-term outlook remains bullish, with industry experts projecting that it could reach between $500,000 and $1 million in the coming years.
Consequently, this analysis explores potential valuations for Cardano if Bitcoin achieves these targets.
Bloomberg and Bernstein Project Bitcoin Hitting $500,000 and $1 Million
A December report Bloomberg quoted industry experts as saying that Bitcoin could surpass $530,000. This projection came as Bitcoin initially reclaimed the $42,000 price point, igniting widespread enthusiasm in the crypto community and marking the beginning of this bull market cycle.
More recently, analysts have set even higher targets for Bitcoin. For example, analysts at Bernstein, one of the largest asset managers in the United States, designed that Bitcoin could reach $1 million by 2033. Meanwhile, Bernstein’s short-term projection is that Bitcoin will reach $200,000 by 2025.
Cardano Price If Bitcoin Hits $500,000 and $1 Million
Notably, Bitcoin at $500,000 implies a market cap of at least $9.86 trillion, while $1 million suggests a valuation of around $19.71 trillion. Bitcoin typically controls half of the broader market, implying that the altcoin market would have a valuation of around $20.
Cardano is among the top ten assets by market cap. As a result, ADA is expected to be among the main beneficiaries of Bitcoin’s $1 million price surge. Furthermore, data from intelligence platform IntoTheBlock suggests that Cardano has an 82% correlation with Bitcoin’s price movement.
With Bitcoin’s current market cap at $57,216, a rise to $500,000 would represent a 774% increase. Applying a similar growth rate to Cardano would imply a value of $3.28 for ADAwhich is close to its all-time high of 2021.
In other words, while Bitcoin hitting $500,000 would mark unprecedented growth, ADA would merely reclaim its past peak. Meanwhile, ADA could set a new ATH alongside Bitcoin when it surges 1,647% to $1 million. In particular, a similar growth rate puts ADA price of US$6.56.
When asked, OpenAI’s ChatGPT agreed with these Cardano price outlooks relative to Bitcoin.
However, bullish sentiment within the cryptocurrency community suggests that Cardano could be worth more than $10 next year, a remarkably ambitious estimate compared to the projection of just $6.56 by 2033, when Bitcoin is expected to hit $1 million.
It’s worth noting that altcoins like Cardano have a history of outperforming Bitcoin during bull runs. Essentially, Cardano could be worth a lot more once Bitcoin hits $500,000 and $1 million.
Disclaimer: This content is informative and should not be considered financial advice. The views expressed in this article may include the personal views of the author and do not reflect the views of The Crypto Basic. 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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