As a professional translator, I would translate this news article as follows:
Coin World News reports:
With the volatility of Bitcoin prices, it is easy for Cardano to reach a new all-time high, as the price of the top cryptocurrency reaches the $1 million predicted by Bernstein.
In recent years, the market has not been optimistic about Bitcoin (BTC), as this leading cryptocurrency asset plummeted 16.5% from its all-time high of over $73,700 on March 14. Bitcoin’s poor performance has had a negative impact on the entire market, including alternative coins like Cardano (ADA).
Correlation between Cardano price and Bitcoin
Interestingly, when BTC reached its peak price of over $73,700 on March 14, ADA also surged to a high of $0.8104. This was the annual high for Cardano and the highest price since the infamous Terra ecosystem crash in April 2022.
As Bitcoin recovers its first-quarter gains from 2024, Cardano has also experienced a similar decline. As of the time of the report, ADA’s current trading price is $0.3881, a decrease of 52.08% from the high on March 14. This is due to Cardano’s higher volatility compared to Bitcoin.
ADA daily chart
Nevertheless, these price fluctuations confirm the correlation between Cardano and Bitcoin prices, which can be both advantageous and disadvantageous. The correlation is confirmed by the relevant matrix from IntoTheBlock. It is worth noting that this indicator shows that Cardano has a 90% correlation with Bitcoin over the past month.
Correlation between Cardano price and Bitcoin | IntoTheBlock
If Bitcoin reaches $1 million, the price of Cardano
With the expectation that Bitcoin will reach higher heights in this market cycle and beyond, this correlation may benefit Cardano. It is worth noting that the ambitious price predictions for BTC by wealth management firm Bernstein are noteworthy. The company predicts that Bitcoin will reach $1 million by 2033, nine years from now.
As of the time of writing, BTC currently has an exchange price of $61,541. The $1 million target would represent a significant increase of 1,524% over the next nine years. It is worth noting that Bitcoin has risen by 19,061% in the past nine years. This historical performance lends some credibility to Bernstein’s prediction.
Nine-year growth of Bitcoin
Due to the close correlation between Cardano and Bitcoin, The Crypto Basic recently assessed what the price of Cardano would be if it fluctuated with Bitcoin. With Cardano’s current trading price at $0.3881, a 1,524% increase would bring the price to $6.3. Assuming its circulating supply remains stable, this price could result in a market capitalization of $225.24 billion for the token.
Prospects for ADA at $6
Some market analysts predict that the price of Cardano will rise to $6. It is worth noting that an analyst using the pseudonym TradingView has highlighted the repetition of the Elliott Wave pattern on the daily chart of Cardano. He predicts that after the completion of the fifth wave, the price will surge to $6.
With the continuous development of the ecosystem, the likelihood of ADA reaching the $6.3 level is relatively high. One of the most prominent developments is the anticipated Vasil hard fork. This update is expected to propel Cardano towards a more decentralized system.