With Robert Kiyosaki projecting that Bitcoin may rally 426% to $350,000 by August 2024, market analysts anticipate different altcoins, like Cardano, to witness comparable price surges. 

It’s common information that the price of Bitcoin (BTC) determines the efficiency of the broader crypto market. To place this into perspective, costs of altcoins like Cardano (ADA) normally surge each time Bitcoin performs nicely, and vice versa. 

Cardano’s Correlation with Bitcoin 

Notably, knowledge from the blockchain analytic platform IntoTheBlock reveals that Cardano has a 75% correlation with Bitcoin’s price motion. 

This implies that Bitcoin’s efficiency largely influences Cardano’s price motion.  

For example, knowledge from CoinMarketCap reveals that Bitcoin is down 1.43% over the previous 24 hours to $66,536. Equally, Cardano has additionally witnessed a decline of two.75% up to now day. 

Based mostly on Cardano’s correlation with Bitcoin, many specialists venture that each property would proceed to file comparable surges and declines at completely different intervals. 

Wealthy Dad, Poor Dad Creator Sees Bitcoin Hitting $350,000 This Yr 

Though Bitcoin’s efficiency has not been spectacular currently, high market specialists consider that the world’s largest cryptocurrency would nonetheless embark on a significant restoration that would take its price to higher heights. 

Notably, Robert Kiyosaki, the writer of “Rich Dad, Poor Dad” is amongst those that share this sentiment. Final month, the monetary literacy writer predicted that Bitcoin would hit $350,000 by August 2024 because of the incompetent management in the USA. 

The $350,000 price projection may see Bitcoin’s market cap hit a whopping $6.90 trillion, assuming the asset’s circulating provide of 19.72 million BTC stays steady. With Bitcoin buying and selling at $66,536, the asset should surge 426.03% to hit the projected $350,000 goal. 

Cardano Value If It Follows Bitcoin’s Trajectory 

It’s anticipated that Bitcoin’s potential surge to $350,000 will positively impression the efficiency of the broader market, together with Cardano, as said earlier. 

Making use of Bitcoin’s potential surge of 426.03% to Cardano, ADA, which at the moment trades at $0.4192, may very well be price $2.20 if BTC hits the projected $350,000. This hypothetical analysis assumes that Cardano sustains its sturdy correlation with Bitcoin. 

Additionally, Cardano’s market cap may rise from $15.07 billion to $78.97 billion if the $2.2 price projection materializes, assuming the circulating provide stays at 35.89 billion tokens. 

It’s noteworthy that Cardano had beforehand surpassed the $2.2 goal. Particularly, the asset boasts an all-time excessive of $3.10, registered on September 2, 2021. At press time, Cardano is down 86.4% from its all-time excessive.