With the start of the year and the effective start of the crypto winter, cryptocurrencies have been in an effective fight for survival. While usually, these cryptocurrencies would compete against each other for the attention of crypto investors, right now, they are more concerned about surviving this bear market.

One of the big cryptocurrencies that are also just looking to survive the current market crises is Cardano, one of the oldest cryptocurrencies on the block. Despite being one of those cryptocurrencies that have managed to leave its mark on the industry and introduce innovative solutions, it is currently holding on by a thread.

Since the start of the year, Cardano started to lose a large chunk of its market cap as more and more investors cut their losses and decided to move on. Since the market as a whole managed to lose over 60% of its market cap in a short span of time, it doesn’t come as any surprise that the price of Cardano has dropped over 70% in a similar time frame.

But despite the trouble Cardano is currently facing, analysts are speculating about the untapped potential of the token. More specifically, they are looking to find out if Cardano could possibly hit a bullish run and increase its price to $5 by 2023.

Too Much Optimism

The most interesting thing about the token Cardano is that it is very optimistic about the coin’s overall growth. They are under the impression that the coin’s best days have yet to come, which is why many of them continue to hold on to their assets.

Some have even gone on to share what they think will happen as soon as the crash ends and Cardano will be able to get more room to breathe. Cardano whales believe that Cardano could host the best DeFi trading platform in the market.

The Massive Cardano Ecosystem

One of the major factors that are fueling a lot of the optimism around Cardano is its ecosystem. More specifically, Cardano supports an entire ecosystem, which allows various apps to be integrated similarly to the Ethereum network.

However, what makes Cardano more special, especially now, is that it is cheaper and faster. In fact, this reason alone is why many investors are still holding on despite the market.

Reaching $5 in 2023

Despite being on a bearish streak right now in the market, Cardano is primed to make a major comeback. At the same time, long-term bullish trends might not be feasible, which is why crypto should focus more on short-term bullish trends.

Therefore, a rise to $5 by 2023 doesn’t seem like a stretch, especially when you consider that the market was already considering such an option.