Cardano ADA/USD hitting the $100 mark evoked Michaël van de Poppe’s incredulity on Monday.
What Happened: Van de Poppe, a full-time cryptocurrency trader based out of Amsterdam, touched on the rather-upbeat $100 price predictions.
The analyst said such targets showed the fear of missing out, or "FOMO," on Twitter.
See Also: How To Buy Cardano (ADA)
The analyst seemed flabbergasted that such price targets were being put out there.
I mean, $ADA to $100.— Michaël van de Poppe (@CryptoMichNL) August 23, 2021
ADA is currently the third largest cryptocurrency by market capitalization behind Bitcoin BTC/USD and Ethereum ETH/USD.
Over 24 hours, ADA traded 2.44% higher at $2.88. The Charles Hoskinson created cryptocurrency shot up 36.73% over seven days.
ADA came near the $3 mark on Monday, rising to an all-time high of $2.97, on Monday
Why It Matters: There are approximately 32.14 billion ADA circulating, according to CoinMarketCap data.
Should ADA hit $100, the cryptocurrency’s market capitalization will be nearly $3.21 trillion, which means Cardano’s market cap would exceed the current global crypto market cap of $2.13 trillion.
For reference, BTC — the apex cryptocurrency — has a market cap of $921.85 billion while ETH’s hovers around $386.93 billion.
Even so, some Cardano enthusiasts are pitching the $100 figure as a future price on Twitter.
Ada cardano up to $ 100 pic.twitter.com/9uEeWUBzgM— Avatar (@rile68_ristic) August 21, 2021
It is more reasonable to expect that ADA could touch the $100 billion market cap figure, as it’s presently at $92.70 billion in those terms. The cryptocurrency has skyrocketed 1,544.77% since the year began.
Cardano has been on the rise since the project revealed it would usher in smart contracts, a functionality found in rival Ethereum, on Sept. 12.
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