- The current bear market has seen crypto prices fall drastically from their all-time highs.
- There are some in the crypto community who are looking at this bear market as an opportunity.
- Cardano may be one project that is undervalued in the current bear market.
The current bear market has seen crypto prices fall drastically from their all-time highs (ATHs), with the market leaders in terms of market cap, Bitcoin (BTC) and Ethereum (ETH), dropping 50% from the ATHS that they set last year. However, there are some in the crypto community who are looking at this bear market as an opportunity.
One member of the crypto community that views the current market as an opportunity is the Twitter user @cryptorecruitr. According to him, BTC will one day hit $150,000 and Cardano (ADA) will reach $10 per coin. Of course, he does state that this is his personal opinion.
Indeed, the bear market has opened up several investment opportunities as prices across the board may not reflect the true value of projects in the space. One example of the price of a coin not being representative of the value of its associated project is Cardano. Whether or not ADA will reach $10 any time soon is questionable, but the project being undervalued is not.
Some factors to keep in mind when determining the value of ADA include the Vasil Hard Fork set to take place later this year, Cardano surpassing its competitors in terms of daily transaction volume, and the collective total value locked (TVL) in Decentralized Finance (DeFi) applications built on the Cardano blockchain.
According to CoinMarketCap, the current price of ADA is around $0.4598. The max supply of Cardano is 45 billion, with 34.3 billion of the supply currently in circulation. This is a significantly larger supply than that of the market leader, BTC, with its 21 million supply.
If @cryptorecruitr’s price prediction for ADA does come true one day, then the market cap of ADA will be $450 billion, provided that the supply of ADA stays the same. This is achievable seeing that BTC has a market cap of almost $550 billion dollars, even in the current bear market.
However, given the large supply, this may not happen for a few market cycles.