The prospect of retiring on cryptocurrencies is gaining momentum, and Cardano holders are among those hoping their ADA bags deliver such upside.
Cardano has joined a broader market recovery today, rallying 5% over the past 24 hours to reach $0.6861. The current bullish momentum is a deviation from the previous bearish price action in recent weeks, which saw ADA retest $0.279.
Nevertheless, holders are looking beyond the current price development, as they express commitment to Cardano’s long-term potential, which some believe could help them retire. Bearing this in mind, we recently analyzed the prospects of retiring as an ADA millionaire and how this could happen with 50,000 tokens.
What It Takes to Buy 50,000 ADA
We have established that Cardano trades at $0.6861 with a market cap of $24.58 billion. The current market price is a 48% discount from its December 2024 high of $1.32 and a staggering 78% drop from its August 2021 all-time high of $3.106.
This means that buying 50,000 ADA is cheaper now than at those points. However, one would have also acquired it more cheaply if they had purchased the cryptocurrency at some point this month.
For perspective, one would buy 50,000 ADA at the current price of $0.6861 for a total of $34,305. If they bought at $1.32 in December 2024, it would have cost $66,000. At its all-time high of $3.106, the same stash would be worth $155,300.
Nonetheless, if the investor bought 50,000 ADA when the token crashed to $0.279 on October 10, the user would have spent only $13,950. This suggests the importance of buying the dips and how it positions buyers for more gains during periods of price increase.
Retiring With $1M and How to Do So With 50,000 ADA
Meanwhile, $1 million is a reasonable amount of money for those looking to retire from work. Many might find this moderate, while others might believe it is enough; it all depends on one’s lifestyle, age, and location.
For Cardano to make one rich in seven figures, it would have to grow considerably from the current price. Recall that 50,000 ADA currently costs $34,305. Hence, reaching $1 million would result in an impressive 2,815% growth.
If we apply the same percentage growth to Cardano’s price, it suggests that ADA would have to grow by 2,815% from $0.6861 to make one a millionaire. Specifically, this results in a price of $20 per coin.
Cardano to $20?
Interestingly, analysts have predicted that Cardano could reach $20 soon, one of whom is Altcoin Oracle. The delegated representative (DRep) emphasized that ADA could achieve this 2,815% growth if Cardano becomes the primary Bitcoin DeFi enabler.
Meanwhile, Changelly predicts that Cardano could reach $20 by December 2033 in a bullish case, which is 8 years away.
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.