DailySun
Bitcoin, the largest cryptocurrency by market capitalization, is on track to reach a target price of $100,000 following a 33% increase in just one month. Meanwhile, Cardano’s founder has set even higher projections.
Charles Hoskinson, the founder of Cardano, predicts that Bitcoin could attain a price target of $250,000 within the next two years. He asserts that this target is the minimum expected, with the potential peak reaching $500,000.
In a live video broadcast on November 27, Hoskinson emphasized the factors that could propel Bitcoin’s price upward in the future, including significant inflows into the crypto market and growing institutional interest in Bitcoin.
“I believe that Bitcoin will reach a quarter to half a million dollars in the next 12 to 24 months, driven by investment inflows and the elevated interest that has emerged,” Hoskinson stated.
He pointed out that Bitcoin continues to serve as a valuable asset on the internet and will be essential for the future of decentralized finance (DeFi). The advancements in DeFi could enable Bitcoin holders to engage with the DeFi ecosystem via the Cardano network.
Cardano’s Outlook Following Bitcoin’s Rise
Cardano, one of the top cryptocurrencies by market cap, has seen a remarkable 190% increase over the past month, hitting a price of $1 for the first time since its decline in 2022. In the last 24 hours, trading for the token reached $1.5 billion, although it recorded a near 40% drop.
The market is also anticipating the potential introduction of a Cardano spot ETF, following similar crypto products already available for other cryptocurrencies like Bitcoin and Ethereum. If asset management advances the ETF proposal to the Securities and Exchange Commission (SEC), ADA is likely to experience a bullish trend in the near future.
