Bitcoin, the largest cryptocurrency in terms of market capitalization, is approaching its next target price of $100,000 after a remarkable 33% increase in just one month. Meanwhile, Cardano’s founder has even loftier projections.
Charles Hoskinson, the founder of Cardano, predicts that Bitcoin could hit a price target of $250,000 within the next two years. He asserts that this target is simply the minimum, with a more ambitious goal set at $500,000.
In a recent YouTube live stream on Nov. 27, Hoskinson emphasized that various factors will contribute to Bitcoin’s price surge in the future. These include a significant influx of capital into the crypto market and rising institutional interest in Bitcoin.
“I believe that Bitcoin will reach a quarter million to half a million dollars within the next 12 to 24 months, driven by investment inflows and the heightened interest we are witnessing,” Hoskinson stated.
He also noted that Bitcoin continues to serve as a valuable asset on the internet, remaining relevant for decentralized finance (DeFi) in the future. The evolving DeFi landscape may enable Bitcoin holders to engage with the ecosystem through the Cardano network.
Cardano’s Prospects Following Bitcoin’s Surge
Cardano, another major cryptocurrency by market capitalization, has seen significant growth over the past month, increasing by 190% and achieving a price of $1 for the first time since its drop in 2022. In the last 24 hours, trading volume for the token reached $1.5 billion, although it has experienced a decline of nearly 40%.
The market is also anticipating the potential introduction of a Cardano spot ETF, following the launch of similar products for several cryptocurrencies such as Bitcoin and Ethereum. If asset management firms push the ETF proposal to the Securities and Exchange Commission (SEC), ADA is expected to perform strongly in the near future.
