The momentum of the cryptocurrency market could push Cardano (ADA) towards 2 dollars by the end of the year?

Cardano (ADA) is getting ready to ride the positive wave of the cryptocurrency market. With optimistic forecasts and the growing interest in Bitcoin, the threshold of 2 dollars by December 2024 seems increasingly attainable for the token.

Let’s see all the details in this article. 

Cardano: Will ADA surpass 2 dollars by December 2024?

Cardano (ADA), one of the most discussed cryptocurrency tokens in the market, is attracting the attention of investors with the prospect of a significant bull by the end of 2024. 

After a difficult period marked by a price drop, ADA seems ready to regain ground, fueled by the growing momentum of the market and optimistic forecasts that also involve the king of cryptocurrencies, Bitcoin.

Charles Hoskinson, founder of Cardano, recently shared his vision on the future of the cryptocurrency market. 

In a YouTube intervention, Hoskinson predicted that Bitcoin could reach a value between 250,000 and 500,000 dollars in the next 12-24 months, thanks to a massive influx of investments and growing institutional interest: 

“The DeFi in the Bitcoin ecosystem could surpass all other DeFi ecosystems within the next 24-36 months, thanks to the unprecedented scale and liquidity.”

These prospects not only strengthen confidence in the cryptocurrency market, but also open new opportunities for ADA. It could benefit from the overall increase in demand and interest in the sector.

Reaching 2 dollars by mid-December 2024 is an ambitious challenge for Cardano, but not impossible. According to estimates from CoinCodex, the price of ADA could reach 1.39 dollars by the end of the year, recording an increase of 20% compared to current levels.

Furthermore, the technical analysis shows encouraging signals. A predominantly bull sentiment and a “Fear & Greed” index indicating extreme greed, suggesting that the market is favorable for investments.

The indicators also highlight a high price volatility (36.79% in the last 30 days) and a high number of green days, equal to 77%. 

These factors, combined with the positive market context, suggest that ADA could continue to grow, progressively approaching the threshold of 2 dollars.

The role of Bitcoin in ADA’s momentum

The correlation between Bitcoin and other cryptocurrencies, including ADA, remains a key element. The rise of Bitcoin to new highs could indeed generate a domino effect, also pushing Cardano and other tokens to benefit from it. 

The prediction by Hoskinson of a Bitcoin at $250,000 or more not only fuels optimism for the market in general, but also suggests that the coming months could be decisive for ADA.

Furthermore, the growing interest in decentralized finance (DeFi) within the Bitcoin ecosystem could create new synergies for Cardano. It continues to develop its platform with the goal of attracting developers and innovative projects.

In any case, despite the bull forecasts, ADA will have to face several challenges. The high volatility of the cryptocurrency market represents a constant risk, and even positive sentiment can quickly turn into pessimism in the event of negative events. 

Furthermore, Cardano will need to demonstrate its ability to compete effectively with other blockchain platforms, such as Ethereum and Solana. These are also attracting significant attention and resources.

Another crucial element will be the ability of the Cardano team to keep promises related to adoption and technological updates. Investors expect concrete results, and any delays or issues could negatively affect the price of ADA.