Cardano Gets Wild Price Target Of $100 From Backers On Social Media. Feasible? Here's What This Expert Has To Say

Cardano Gets Wild Price Target Of $100 From Backers On Social Media. Feasible? Here's What This Expert Has To Say

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.

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. 

See Also: Telcoin, Loopring, Alchemy Pay, Litecoin, Cardano, Po*nRocket — Why These Altcoins Are Seeing High Buzz Today

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.

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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