NewsBTC
7 December 2024
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Cardano Poised to Overtake Dogecoin in Market Capitalization

The Cardano (ADA) token is currently trading between $1.13 and $1.23, showing a 14% increase over the past week, compared to Dogecoin's 7% rise. Over the last month, ADA has surged by 230%, while Dogecoin increased by 116%. This performance has led some analysts to predict that ADA might soon surpass Dogecoin in market capitalization.

Market Position

As of now, Dogecoin ranks 7th and Cardano 8th among cryptocurrencies by market cap, with approximately $20 billion separating them. Analyst Dan Gambardello suggests that if ADA reaches $1.84, it could flip Dogecoin, which currently has a market cap of around $64.3 billion.

Gambardello noted that after overtaking Cardano earlier this year, Dogecoin reached a peak market cap of $69 billion but later saw a decline. Meanwhile, Cardano's market cap recently hit $45.8 billion, reinforcing its strong position in the market.

Price Target and Market Dynamics

For ADA to surpass Dogecoin, it needs to reach the price point of $1.84, which would elevate its market cap to approximately $64.63 billion. Gambardello had previously targeted a higher price of $3 for ADA. Analysts believe that institutional interest, particularly in exchange-traded funds (ETFs), could catalyze a bull run for Cardano, similar to trends seen with XRP.

At the time of writing, ADA's market cap stands at $41.55 billion.

Featured image from VOI, chart from TradingView