Can Cardano (ADA) rise 100x? A prominent analyst weighs in

Ahead of the Alonzo upgrade, Cardano's token ADA has reached an all-time high, reaching almost $3 after a 200% price rally.
Cardano reaches an all-time high. Credit: Hummingzone

Key takeaways:

  • Market analyst discusses whether or not Cardano has a potential to rise 100 times its current worth.
  • The researcher pitted the blockchain project against its top rivals to evaluate its possibilities of outrunning them all.

YEREVAN ( — Independent market analyst Lark Davis has poured cold waters on predictions that boldly envisions Cardano’s native token ADA to rise by 100 times in the future.

Cardano weekly price chart
Cardano weekly price chart. Source: ADAUSD on

In a Twitter thread published Tuesday, Davis hinted that Cardano would need to grow like Apple, a global tech giant, even to grow 25 times higher than its current valuation. In doing so, the blockchain asset would need to either displace or replace its top rivals, including Ethereum and Avalanche, while offering easy-to-use, addictive services.

Related: Cardano (ADA) anticipates major price correction on ‘overbought’ fears.

Eventually, Cardano would need to reach a market cap of $9.2 trillion, four times larger than the total crypto market cap.

“For reference I also don’t see Bitcoin or Ethereum doing 100X from here, so I am not singling ADA out. I am just being realistic. IMO targetting the market cap of Apple is a pretty generous target for the end of the decade,”

noted Davis.

A tough road ahead for Cardano

The statement appeared amid rumors that Charles Hoskinson, the CEO of Input Output Hong Kong (IOHK), one of the firms behind Cardano development, has projected the blockchain protocol’s valuation 100 times higher than its current worth.

Related: ADA ascends 17.69% as Cardano confirms victory with Alonzo white hard fork.

While Cardano proponents rejected Hoskinson ever made such a bold claim, analysts started assessing the project’s potential worth as it goes on to rival Ethereum, the world’s leading smart contracts platform.

Davis recognized Cardano’s potential to challenge Ethereum’s status-quo, especially in the wake of Hoskinson’s announcement that the project would integrate a smart contracts feature via a technical upgrade called Alonzo on September 12. Nevertheless, the analyst shared Ethereum statistics that highlighted a long road for Cardano ahead if it ever wants to beat the second-largest blockchain by market cap.

Related: Cardano (ADA) rockets to an all-time high in anticipation of Alonzo rollout

“Due to the lack of smart contracts, Cardano lacks market share on all the key metrics. [For example], total value locked in DeFi 0, daily NFT sale volume tiny, daily transactions 82k, 2 million addresses total,” Davis wrote, adding:

“Ethereum TVL 114 billion, daily NFT over 100 million, daily transactions 1.2 million, 166 million addresses total. Plus, first-mover advantage and near-universal acceptance of ETH and ETH standard tokens on exchanges and in DeFi. Cardano has a lot of work to do post-launch!”

Endless rivalry

Meanwhile, the analyst also reminded that Cardano would need to beat more than one smart contracts rival, highlighting a flurry of projects that have emerged to solve Ethereum’s network congestion and higher transaction and gas costs issues. They include Binance Smart Chain, Polygon, Solana, Terra, Avalanche, Zilliqa, Elrond, Polka Dot, and many others.

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