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The Cardano price has moved significantly higher again in recent weeks. The rise followed a very bearish 2022 and a varied 2023. A bullish crypto market could help the ADA token to see strong gains in the coming months. We want to give 3 reasons why the Cardano price can reach a new all-time high in the medium-term future.
The Cardano price has seen a significant rise in recent weeks. We are seeing massive gains, especially in March. The ADA price rose from $0.58 to over $0.80 within a few days.
After the bull market in March, the ADA price fell back to $0.44 by mid-April, and the Cardano price fell again to $0.31 at the beginning of August. And since then it has been trying to recover and overcome the $0.40 resistance level. Despite the recent drop, the Cardano price is almost double what it was last October.
From TradingView - ADAUSD_2024-10-04 (1Y)Why could the Cardano price hit an all-time high soon?
The Cardano all-time high is $3.10. This value could definitely be surpassed within the next 2 years. What are the reasons for this?
1. the Bitcoin bull market is just beginning
The Bitcoin price has risen massively by over 123% in the last 12 months. This has enabled Bitcoin to outperform Cardano and most other altcoins. However, this is the first phase of a cryptocurrency bull market, the phase after the halving. The strong altcoin bull runs usually follow after the Bitcoin halving.
From TradingView- BTC Performance OverviewThe Cardano price could therefore rise extremely sharply, especially at the end of 2024 and in 2025. This could lead to the ADA token rising even more sharply than the Bitcoin price during this period and thus reaching an all-time high.
2 Cardano is extremely volatile
Among the major altcoins, Cardano is considered one of the most volatile. In bear markets, it sees losses of over 90%, while in bull markets it can rise massively. We have already seen this in the last cycle.
It would therefore not be surprising if the ADA price were to rise extremely sharply again in the next 12 to 24 months, ideally to a value of 5 to 10 dollars.
3. further development of the Cardano network
In the past, the Cardano network was still under development. In recent months, intensive work has been carried out, particularly on the scalability of the network. This means that the Cardano network can run applications such as NFTs or DeFi more efficiently.
This effect should play out in the bull market. Cardano's potential is very high, as it has hardly seen any hype at the moment compared to Solana, for example. Cardano may therefore rise to its all-time high in the coming months.
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