- Dan Gambardello predicted that ADA’s price may rise to $7.80 in the next bull cycle.
- The analyst based his belief off of the trend ETH followed leading up to the previous BTC halving event.
- At press time, ADA was changing hands at $0.3113 after it climbed 3.03%.
The cryptocurrency analyst Dan Gambardello predicted in his latest analysis that Cardano (ADA) could see its price rise to $7.80 in the next bull cycle. In the video, he also compared ADA to its biggest competitor Ethereum (ETH), which is the second largest cryptocurrency by market capitalization.
According to Gambardello, ADA’s Total Value Locked (TVL) stands at around $179 million as the Bitcoin (BTC) halving event edges closer. The analyst then revealed that the TVL for ETH stood at approximately $400 million leading up to the previous halving event. It then skyrocketed to $105 billion in November 2021.
Although Gambardello admitted that ETH has a first mover advantage in the market, he still predicted that ADA’s TVL could follow a similar trend to that of ETH’s TVL in the next bull cycle. This potential increase in ADA’s TVL may be accompanied by a surge in ADA’s price and market capitalization as well, according to the analyst.
Should Gambardello’s bullish thesis be validated, he speculates that ADA’s market capitalization could conservatively soar to $275 billion. As a result, the altcoin could reach $7.80 per ADA token.
He also predicted that ETH’s dominant position in the altcoin market may continue, and ETH’s market capitalization could break $1 trillion in the coming couple of years. Nonetheless, the analyst remained confident that ADA will most likely be one of the top performing cryptocurrencies, if not the best performer, in the next bull market.
In the event that ADA’s market cap climbs to $275 billion in the next market cycle, it will constitute a 2,500% gain for ADA from its current price. At press time, ADA was trading at $0.3113 according to CoinMarketCap.
Meanwhile, ETH was trading at $1,872.72 at press time. This was after ADA had outperformed ETH over the past 24 hours. The Ethereum-killer was able to print a 24-hour gain of 3.03%, while ETH only climbed 1.04% during this period.
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