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ZyCrypto 2025-02-24 12:56:54

ADA Hitting $10 is “Very Realistic”, Asserts Analyst as Cardano Eyes $2 Trillion Bitcoin Market

ADA Hitting $10 is “Very Realistic”, Asserts Analyst as Cardano Eyes $2 Trillion Bitcoin Market

Cardano (ADA) began the week on a bearish note, slipping almost 10% in under 24 hours amid a broader crypto market downturn following fears of a $1.5 billion Bybit hack and lackluster on-chain activity. Despite this dip, analysts remain bullish on ADA’s long-term potential. On Sunday, popular crypto analyst Dan Gambardello reaffirmed his confidence in ADA, calling a $10 price target “very realistic.” “The path to $10 is very realistic when you look at this macro chart on Cardano and the macro cycles of crypto,” he stated . The pundit emphasized Cardano’s DeFi ecosystem as a major opportunity, describing the current phase as a “ground floor” for investors. He also argued that ADA is among the best-positioned altcoins to reach a trillion-dollar market cap alongside Bitcoin, Ethereum, and XRP. Comparing ADA’s current price action to previous cycles, he suggested that history indicates an imminent rally. “I don’t know if the move will happen now, in a month, or two, but a move like that is what we see not just with ADA, but with other cryptos as well.” He went on. Gambardello further noted that Cardano’s market cap remains well below Ethereum’s last cycle peak, reinforcing his belief in a $5 to $10 price range. “$350 billion market cap is still a lot less than what Ethereum did last cycle. It’s becoming clear to the industry that Cardano is way more fundamentally sound, secure, and decentralized than Ethereum.” Notably, the pundit’s analysis aligns with insights from Cardano founder Charles Hoskinson, who outlined how the network could enhance Bitcoin’s DeFi sector, potentially unlocking $2 trillion in assets. Speaking on the Mr. M Podcast with early Bitcoin advocate Davinci Jeremie on Sunday, Hoskinson stressed Bitcoin’s DeFi potential. “There’s nearly $2 trillion in Bitcoin assets that could be activated within DeFi.” Hoskinson stated . He further pointed out that Bitcoin holds immense value but lacks total value locked (TVL) in DeFi. Cardano’s Babel fees, allowing users to pay transaction costs with native assets, could help bridge this gap. Wrapped Bitcoin on Cardano could enable fee settlements in BTC instead of ADA, improving user experience. Comparing the mechanism to international credit card transactions, Hoskinson highlighted Midnight, a privacy-focused sidechain, as key to Cardano’s multichain expansion. “With Midnight and Bitcoin DeFi launching this year, we anticipate more projects integrating with Cardano,” he added. Looking ahead, he emphasized the need to grow Cardano’s active user base, transaction volume, and regulatory trust. As the network expands into Bitcoin DeFi, he noted major players like MetaMask may explore integration. That said, beyond these bold predictions, investors are also closely watching the growing interest in spot ETF filings, with firms such as Grayscale submitting its documents to the SEC earlier this month. A potential Cardano ETF could significantly impact adoption and price action, following the trend set by Bitcoin and Ethereum ETFs. ADA was trading at $0.7310 at press time, reflecting a 4.73% drop in the past 24 hours.

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