- Analyst and trader Dan Gambardello revealed that a bullish explosion is setting up for the Cardano ecosystem.
- The analyst believes that Cardano’s 2023 pre-bull run standing is similar to Ethereum’s 2020 pre-bull run standing.
- At press time, ADA was up 2.40% and was trading hands at $0.3965.
The cryptocurrency trader and analyst Dan Gambardello revealed in an X post yesterday that a bullish explosion for the Cardano ecosystem is setting up. In his post, Gambardello highlighted the fact that the top 20 Cardano tokens currently have a collective market cap of around $850 million.
This impressive statistic is overshadowed by the $235 billion market cap of the top 20 Ethereum coins. At the heart of the analyst’s bullish outlook for the Cardano ecosystem is his firm belief that he reiterated in the post, which is that Cardano’s 2023 pre-bullrun standing is very similar to Ethereum’s 2020 pre-bullrun standing.
This led Gambardello to predict that the top 20 Cardano native tokens could collectively reach a valuation of $100 billion in the next bull market. He added that this dramatic increase is “entirely realistic”. He did warn that he remains “VERY CAUTIOUS” but believes that “50-100x potential plays” are currently being presented within the Cardano ecosystem.
The analyst then mentioned the total cryptocurrency market cap reaching $10 trillion in the next bull cycle would lead to Cardano native tokens reaching a combined market cap of $100 billion. This would account for a conservative 1% of the entire market’s valuation in this scenario, noted the analyst.
Gambardello’s optimistic outlook for Cardano was followed by a 24-hour gain recorded by its native ADA token. At press time, CoinMarketCap data showed that ADA was up 2.40%. Notably, this latest gain was enough to bring the altcoin’s weekly performance out of the red zone as well – elevating it to +0.47%. Overall, ADA was changing hands at $0.3965.
ADA was, however, outperformed by the leading altcoin Ethereum (ETH) throughout the past day of trading. During the same period, ETH was up more than 3% and was trading hands at $2,165.48.
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