CardanoADA was recently overtaken by Tron TRX in the top 10 cryptocurrencies by market cap. ADA had a pessimistic start to August, which resulted in a significant price drop. However, the asset seems to be recovering, rising 8% on Wednesday and regaining ground against TRX. With its recent jump, will Cardano’s ADA overtake Tron on the list again?
ADA is experiencing a surge across the board over the past 24 hours. The asset has not only risen in price but also in market cap and trading activity. The token’s market cap is up 8% today and its trading volume is up 46% in 24 hours. Over the past week, ADA is up 10%, indicating a continued recovery from its early August slump.
Despite ADA’s slow price increase recently, it continues to show its best on-chain performance. According to data published by Into the Block, Cardano continues to process nearly $7.2 billion worth of transactions daily, and this number has increased this week. The data suggests a stable position of Cardano, despite the token’s moderate price performance and moderate price increase.
Will Cardano ADA overtake TRX again and reach $0.50?
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Most investors are waiting for ADA to cross the $1 mark and eventually break its all-time high of $3.09. Leading on-chain metrics and price prediction company CoinCodex has painted a bullish picture for Cardano’s ADA. According to the price prediction, ADA could ATH of $3.09 and reach a new high of $3.23 in 2029. That’s another five years from today and is considered a long-term investment.
As for immediate future predictions, ADA’s recent surge could mean the asset is heading back to $0.50, a high the coin hasn’t reached since the crypto boom in March 2024. If Cardano can break the $0.40 mark for the first time in the next few weeks and successfully stay above it, analysts say it could reach $0.50 by the end of the year. It’s possible that Cardano ADA will reach $1, but probably not before 2025.
