A Cardano (ADA) maximalist has given his opinion on where ADA will rank by market cap in the next bull market. Interestingly, he predicts that the crypto token could rise to just behind the two foremost cryptocurrencies, Bitcoin and Ethereum.
Cardano To Flip Dogecoin And XRP
In a post on his X (formerly Twitter) platform, self-acclaimed ‘Cardano OG’ Chris O opined that ADA will flip tokens like Dogecoin (DOGE) and XRP on its way to becoming the third largest cryptocurrency by market cap. According to him, ADA and Solana (SOL) will battle it out for this position as he foresees them flipping each other “back and forth.”
Based on his predictions, The top two cryptocurrencies by market cap will remain unchanged as Bitcoin and Ethereum will retain the number one and two spot respectively. However, Chris O mentioned that Ethereum is likely to see a decline in its dominance as crypto users will move to other protocols.
Meanwhile, Binance’s BNB will drop to fifth in the ranking, with AVAX, DOGE, and XRP at the sixth, seventh, and eighth positions, respectively. Chris O has mentioned that he expects the changes to occur with the next bull run on the way. He also alluded to the fact that these changes already seem to be underway, with SOL recently flipping XRP.
How High Can ADA Go?
One can also deduce from Chris O’s opinion that he expects Cardano to be among the biggest gainers in the next bull cycle. This is based on the fact that a crypto token’s market cap is the product of its current price and circulating supply. The recent surge in ADA’s price happens to be the reason it has risen to eight by market cap recently.
This recent rally seems to be the beginning of great things to come for the altcoin, as price predictions from different analysts suggest that they are still going to hit unprecedented heights. For one, crypto expert Jason Appleton predicts that ADA could rise to as high as $32 in the next bull run. Another crypto analyst also gave a more conservative price prediction of $11.
The rise in ADA’s price has been attributed to the burst of new liquidity that is flowing into its ecosystem. This has come from an increase in DeFi activity on the network. Data from DeFiLlama shows that there has been a 25% weekly increase in the transaction volume of DEXs on the chain.
At the time of writing, ADA is trading at around $0.619, up over 3% in the last 24 hours, according to data from CoinMarketCap.