While a 774% increase to $500,000 would mark a new historical milestone for Bitcoin, should Cardano replicate a similar surge, it might merely be reclaiming its previous peak. Today, Bitcoin plummeted to a low of $56,770, exerting immense pressure on major altcoins like Cardano (ADA), which fell to $0.3757. Despite Bitcoin’s decline, its long-term outlook remains optimistic, with industry experts predicting that its price could reach between $500,000 and $1 million in the coming years. Hence, this analysis explores the potential valuation of Cardano if Bitcoin achieves these targets.
Bloomberg and Bernstein predict Bitcoin will reach $500,000 and $1 million. A December report by Bloomberg cited industry experts’ prediction that Bitcoin could surpass $530,000. This forecast coincided with Bitcoin initially reclaiming the $42,000 price point, igniting widespread enthusiasm in the cryptocurrency community and marking the start of this bull market cycle.
Recently, analysts have set even higher targets for Bitcoin. For instance, analysts at Bernstein, one of the largest asset management firms in the US, predict that Bitcoin could reach $1 million by 2033. Meanwhile, Bernstein’s recent forecast is that Bitcoin will hit $200,000 by 2025.
If Bitcoin reaches $500,000 and $1 million, Cardano’s price. Notably, a $500,000 Bitcoin implies a market capitalization of at least $9.86 trillion, while $1 million means a valuation of about $19.71 trillion. Bitcoin typically controls half of the entire market, which means the altcoin market would be valued at around $20.
Cardano is one of the top ten assets by market capitalization. Therefore, ADA is expected to be one of the biggest beneficiaries of Bitcoin’s surge to $1 million. Moreover, data from the intelligence platform IntoTheBlock indicates an 82% correlation between Cardano’s and Bitcoin’s price movements.
Bitcoin’s current market cap of $57,216, soaring to $500,000, would mean a 774% increase. Applying a similar growth rate to Cardano implies an ADA value of $3.28, close to its all-time high in 2021.
In other words, while Bitcoin reaching $500,000 would signify unprecedented growth, ADA would only be recovering past peaks. Meanwhile, as Bitcoin rises 1647% to $1 million, ADA could set a new ATH alongside Bitcoin. Specifically, a similar growth rate would bring ADA’s price to $6.56.
When consulted, OpenAI’s ChatGPT concurs with these price outlooks for Cardano against Bitcoin. Cardano price prediction ChatGPT. However, the optimistic sentiment in the cryptocurrency realm suggests that by next year, Cardano’s value could exceed $10, an ambitious estimate, while by 2033, Bitcoin is expected to reach $1 million, with ADA projected at only $6.56.
It’s noteworthy that altcoins like Cardano have a history of outperforming Bitcoin in bull markets. Essentially, when Bitcoin reaches $500,000 and $1 million, Cardano’s value could be much higher