Here’s How High Cardano Could Rise if Ethereum Reaches $50K
thecryptobasic.com 12 July 2024 11:32, UTC If Cardano (ADA) continues to boast a strong correlation with Ethereum, its price could set a new all-time high of $5.91 when ETH hits a target of $50,000.
Despite the recent market turbulence, Ethereum (ETH) remains one of the top cryptos, and it is expected to recover its losses and surge to loftier heights.
Last year, leading asset manager VanEck projected that Ethereum’s price could surge to $50,000 per coin by 2030. Since VanEck issued this forecast, it has become a major topic of discussion within the broader crypto community.
This debate gained momentum earlier this year after the SEC approved multiple exchange filings relating to spot Ethereum ETFs. With VanEck projecting a price target of $50,000 for Ethereum by 2030, crypto enthusiasts are deliberating on how this could impact other assets like Cardano.
Cardano’s Correlation with Ethereum
Like Bitcoin (BTC), Etthereum’s performance usually affects the price actions of other tokens in the market. To put this into perspective, while the ETH price is up 3.22% over the past 24 hours, ADA has witnessed a daily growth of 4.56%.
Moreover, data from IntoTheBlock shows that Cardano has an 82% correlation with Ethereum over the past 30 days and an 86% correlation with Bitcoin.
Cardano’s Price If Ethereum Hits $50,000
Given Cardano’s correlation with Ethereum, it is expected that ADA’s price could soar remarkably if ETH hits the $50,000 target projected by VanEck.
At the time of writing, ETH was changing hands at $3,008. This suggests that ETH must rally 1,562% from its current price to reach the $50,000 target.
If Cardano experiences a similar 1,562% growth, its price, currently trading at $0.3561, would soar to $5.9183. This price could mark a new all-time high for Cardano. Recall that Cardano’s previous ATH of $3.10 was registered on September 2, 2021. It is currently down 88.51% from its all-time high record at press time.
The coin has also crashed 9.84% in the past week, 22.1% in the monthly charts, and 39.9% year-to-date (YTD). Despite this bearish performance, Cardano could still witness a tremendous surge to $5.9183 if its price continues to correlate with ETH.
Besides this estimation, some market watchers have forecasted Cardano’s potential surge to a $5 price level. In March, prominent crypto chartist Ali Martinez projected that ADA could reach a target of $5 before the end of this year.
