Can Cardano Hit $1000? Is It A Good Idea To Buy Cardano Instead Of Wink?
While these questions are highly subjective, it is not hard to rationalize them. Starting with which one is better between Cardano and WINkLink, the answer is most likely Cardano (ADA).
Cardano has a lot more going for it and is much better known in the crypto sphere. For context, anyone who has even the tiniest interest in cryptocurrencies has heard of Cardano.
On the other hand, even people who have been in crypto for years have probably never heard of WINKLINK (WIN).
There is also a huge difference between these two projects in terms of their use cases. Cardano is a 3rd generation platform blockchain and can take on Ethereum on everything from DeFi to other enterprise applications.
On its part, WINK does not have the same strengths. While its target market is quite huge, decentralized oracles is hard to win market.
Chainlink (LINK) is the dominant player in this market, with over 60% of the market. With its partnerships ever-growing, this is a market that new players are unlikely to win. It’s like new crypto trying to take on Bitcoin (BTC) in the store-of-value market proposition. It’s unlikely to work.
Up to this point, it is quite clear that Cardano is a much better bet than WINK.
Read Also: Will Cardano Make Me Rich in 10 Years?
Now about Cardano going to $1000
The crypto market is never short of surprises. For instance, in the past year, projects like Dogecoin have rallied by over 12,000%.
But that said, most of these lofty valuations are still within reasonable margins, at least when understood from the context of the broader economy.
If Cardano were to trade at $1000, it would have around $45 trillion market capitalization. That’s much bigger than the GDP of the top three economies combined.
While one can argue that the world economy is not static, it is important to understand that Cardano does not operate in isolation either. Unless something radical happens in the market, Bitcoin is likely to remain the number one crypto for decades to come.
It has the network effect, and its scarcity factor plays to its advantage. With this in mind, Cardano having a market capitalization of $45 trillion would give Bitcoin a market capitalization upwards of $100 trillion.
It would also mean that the entire crypto market would likely be larger than the total world economy. Essentially, it’s almost an impossibility for Cardano to trade at $1000 a coin.
Besides the market cap, it is important to understand that for crypto to rally by thousands of percentages, it has to be really cheap to begin with. Between 2017 and 2021, Cardano rallied by over 5000%. That’s because it was considered cheap at the time.
Back in 2017, Cardano was a new project, just getting started on its whitepaper. Today that is no longer the case.
While it could be relatively undervalued due to its potential for adoption, Cardano is definitely not cheap. It is the 3rd largest crypto by market cap and is pretty well-known.
For someone who wants parabolic returns in a very short time, looking down further in market cap rankings would reveal better deals.
That said, Cardano has the potential to trade at $10 and above. That’s a good opportunity to grow wealth.
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Virtual currencies are highly volatile. Your capital is at risk.