Dan Gambardello, a popular figure in the crypto space and the founder of Crypto Capital Venture, recently shared his long-term outlook for Cardano (ADA). Drawing from historical data and benchmarking against other digital assets, Gambardello anticipates a significant rally for ADA, with a potential all-time high of $7.80, in the next bull market.
Gambardello underscored the extraordinary gains ADA experienced during the last bull cycle in a series of recent posts on X. When juxtaposing ADA’s performance with Bitcoin (BTC), Gambardello pointed out that while BTC’s gains were impressive at 1,600% from its 2020 low to its bull high, ADA stole the limelight with a staggering surge of 16,000% within the same cycle.
This robust demonstration of ADA’s superior performance during the previous bull run has led Gambardello to predict that ADA is poised to outshine its peers in the upcoming bull cycle as well.
Gambardello has looked at Ethereum’s (ETH) growth during the last bull market. He notes that at the corresponding point in the previous cycle, ETH had a Total Value Locked (TVL) of roughly $400 million, which skyrocketed to a mind-boggling $108 billion during the bull market.
He also points out that Cardano currently boasts a TVL of $179 million (according to DefiLlama, Cardano’s TVL at the time of writing is $174.28 million).
Gambardello’s argument is that these figures suggest that Cardano is well-positioned for a growth trajectory akin to Ethereum’s in the next bull market.
With ADA currently trading at $0.291, a rally to $7.80 would require an extraordinary 2580% increase.
As of the time of writing, Cardano is down 23% from its high of $0.3793, reached on 14 July 2023 following the altcoin rally sparked by the SEC v. Ripple Labs case ruling on 13 July 2023.
Featured Image by Quantitatives via Unsplash
Source: Read Full Article