• Cardano (ADA) saw a mild 2.22% price increase in the last 24 hours, trading at $0.3466 during writing
• About 76% of Cardano investors are currently at a loss, with only 22% making profits at the current price
• While Bitcoin is expected to reclaim its all-time high of $73,750.07 on October 31st, Cardano is predicted to trade at a low of $0.330453 on the same day
Cardano (ADA) has taken a beating in 2022, falling out of the top 10 cryptocurrencies by market cap. However, the entire crypto market is currently seeing gains. If Bitcoin reclaims its all-time high, can ADA surge to $0.50? Let’s take a look at the current Cardano market and BTC’s potential peak.
Cardano’s Current Market Situation
Over the past 24 hours, ADA has risen 2.22% and is trading at $0.3466 at the time of writing. However, this mild increase does not match the larger gains seen in the overall crypto market. ADA has moved between a low of $0.3327 and a high of $0.350 recently.
According to data from IntoTheBlock, around 76% of ADA investors are currently at a loss. Only 22% are profiting at the asset’s current price. This data shows the Cardano market lacks momentum and continues trading sideways despite gains in the broader crypto space.
When Will Bitcoin Reclaim Its Peak Price?
According to CoinCodex, Bitcoin is projected to reach its all-time high of $73,750 on October 31. The community also expects ADA to hit $0.50 if BTC reclaims its historic peak. However, the Cardano market outlook remains bearish in the short term.
ADA is expected to trade at a low of $0.330453 on October 31, the same day Bitcoin could hit its record high. This shows the Cardano market may continue moving sideways in the coming days, even as other cryptos rally.
Conclusion
In summary, the sideways trading trend seems likely to persist for ADA, despite BTC’s potential to reclaim its peak price soon. While the broader crypto market is seeing gains, the Cardano market lacks bullish momentum at the moment. However, if Bitcoin hits new highs, it could positively impact ADA in the longer term.
