Cardano (ADA) Is Experiencing an Unprecedented Rise! What is the Reason for the Rise, Will It Continue?
Cardano continues to attract attention with its rise.
While Bitcoin benefited the most from Trump's election victory, some altcoins also recorded significant gains.
Although XRP is the first to come to mind among these, Cardano (ADA), which has been showing lackluster performance for a long time, was also among the altcoins that attracted attention with its rise.
While Bitcoin reached the $100,000 mark, ADA, which rose more than 10% in the last 24 hours, rose to $0.90.
Apart from the upward momentum initiated by Trump, the accumulation of whales was also effective in this rise, and it was stated that whales held more than 12 billion dollars of ADA.
Speaking to Coindeks, Tagus Capital analysts said that on-chain activity is high in Cardano, and that whales and institutions are accumulating ADA, indicating that the rise may be permanent.
“The number of large transactions seen on Cardano has increased significantly in recent days, a sign of increasing interest from institutional investors.
Some of this momentum is, as noted earlier, emotion-driven.
Cardano founder Charles Hoskinson hinted at possible collaborations with the Trump administration for crypto-friendly policies.
Cardano continues to trade at $0.86 at the time of writing.
*This is not investment advice.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
D.O.G.E. comes into effect by order on Day 1 of Trump Office
Ripple vs SEC: John Deaton Says SEC Appeal Likely to Fail
Deaton believes that the appeal of the SEC is weak. In the past, Judge Torres decided that the SEC did not meet certain requirements.
Vivek Ramaswamy exits DOGE role as Elon Musk takes control
Ramaswamy leaves DOGE for possible Ohio bid as Musk spearheads federal streamlining.
SEC unveils crypto task force led by ‘Crypto Mom’ Hester Peirce to forge new regulatory path
The new task force aims to avoid regulation by enforcement and will cooperate with other US agencies.