Cardano must rally to an unprecedented price target if it is to climb seven places into the top three cryptocurrencies by market cap ranking.
Currently, Cardano trades at $0.65 with a valuation of $23.4 billion, with a circulating supply of 35.85 billion. This places ADA in tenth place in the cryptocurrency ranking by market capitalization.
In August, Cardano flipped Dogecoin and Tron to enter the 8th place by pecking order, following its short-lived pump past $1 while others struggled. The move sparked optimism among enthusiasts that the token could climb even higher.
Moreover, founder Charles Hoskinson believes the network is superior to Ethereum, which he claims is doomed to fail. The comment further supports the growing sentiment that Cardano belongs higher than its current ranking suggests.
Cardano and the Top 3 Ranking
Notably, Cardano was once a top-3 asset, reaching this level during the 2021 bull cycle. Data from CoinMarketCap shows it ranked third in late August and September 2021, when it rallied to its all-time high of $3.10.
Its market cap nearly touched $100 billion, trumping its closest rival, BNB, by over $10 billion. At the time, ADA occupied the top 3 market cap ranking with Bitcoin and Ethereum. However, its price started to fall, and by early October 2021, it had lost its position to BNB.
Meanwhile, enthusiasts believe Cardano could still return to those glory days. To provide perspective, we calculated how high the asset would need to rise to reclaim the third spot.
How High Must Cardano Rise to Enter the Top 3?
In third place is Tether’s stablecoin USDT, with a market cap of $182.5 billion. XRP held the position for a while before USDT, and then BNB flipped the token earlier in the month.
This means that ADA would have to reach a market cap of at least $183 billion to sustainably rank above Tether. Notably, it is if the current market conditions remain unchanged and assets like BNB and XRP don’t grow alongside.
Assuming it maintains its current circulating supply of 35.85 billion ADA, a market cap of $183 billion would culminate in a price of $5.10. The over 684% growth from its current market price would take ADA above its 2021 peak, marking a new all-time high.
Meanwhile, the Cardano at $5 prediction is common among market analysts, who expect the price target this cycle. An earlier report from The Crypto Basic highlighted an analysis predicting that Cardano will rally to $5 if it holds $0.51.
Another market watcher, Chris O, highlighted that Cardano would rally to between $5 and $8, urging enthusiasts to ignore the FUD.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.