A top crypto analyst has come up with a bold Cardano price prediction, in which he expects that the coin will surge to $10. With ADA trading at $0.72, moving to $10 implies a 1,288% surge from the current level. This report refutes the reasons presented by the analyst in their forecast.
Cardano Price to $10 is a Fantasy
To be clear, the ADA price may ultimately rise to $10 over time. However, the reasons given by Sssebi won’t be the main driver for that rally.
First, he notes that Cardano will become Bitcoin’s DeFi layer, a suggestion that Charles Hoskinson has made often. The idea is that, through Cardano’s partnership with BitcoinOS, it will be possible to move BTC into and out of Cardano. This, in turn, will make it easy for users to stake Bitcoin and make it available in DeFi.
Cardano hopes that the development will boost its total value locked from $400 million today to billions of dollars. The reality, however, is that what Cardano is doing is not new, and technologies to stake Bitcoin exist today. DeFi Llama data indicates that Bitcoin has a total value locked (TVL) of over $9 billion, with top players including Solv, Lombard, and Babylon.
For this goal to be effective, Cardano needs to have a well-established ecosystem of lending, staking, and decentralized exchange (DEX) applications. A look at its ecosystem reveals that it is not particularly active. For example, DEX networks on Cardano have processed $4 billion since inception, while Unichain has handled over $15 billion, a few months after launch.
Second, points to the coming Midnight and Dusk airdrops that will allocate tokens to holders of Cardano and other coins. While NIGHT and DUSK airdrops are good, their impacts will likely be limited, as we have seen with other similar events.
Will ADA ETF Boost Its Token Price?
Third, he believes that the approval of a Cardano ETF will be a bullish catalyst. While ADA may rally towards the approval, chances are that it will drop when this happens. Recent data shows that Wall Street investors are primarily interested in Bitcoin funds. All Bitcoin ETFs have $45 billion in inflows compared to Ethereum’s $2.8 billion.
Fourth, he believes that the Cardano price will hit $10 because it is included in the strategic Bitcoin Reserves by the Trump administration. The reality is that, while a Bitcoin reserve is possible, the odds of a Cardano one are almost zero.
Finally, he cites the upcoming Leios upgrade, which will enhance scalability, increase throughput, and improve network performance. Unlike in the past, crypto prices are no longer rallying ahead of major upgrades. Two good examples of this are IOTA and EOS, which have underperformed after their major upgrades.
Therefore, while Cardano price can jump to $10, this rally will be driven by Bitcoin’s rally and the broader gains in the crypto market.
