Cardano’s recent performance following the conclusion of the U.S. elections has been outstanding. ADA token has soared by more than 25% in the last three days alongside the crypto-wide pump caused by a shift in investor sentiment after Donald Trump’s victory.
The U.S. presidential elections caused increased volatility in the crypto markets following a bullish sentiment wave after pro-crypto candidate Donald Trump won against Kamala Harris. ADA token has also outperformed many digital assets as the broader crypto ecosystem witnessed increased price demand.
Santiment reveals Cardano is in the spotlight
According to Santiment, Cardano has emerged in the spotlight after its recent performance. Cardano’s native crypto asset, ADA, soared by more than 25% in the last three days. Santiment also suggested that the recent developments could attract retail investment, driving ADA’s prices even higher.
🚀 Cardano has been one of the notable surprise altcoins taking flight during this crypto-wide pump. Now up over +25% in the past 3 days, we may be seeing some retail FOMO coming soon. This has been a long time coming for the patient ADA community. pic.twitter.com/Ph2ZFFKnIU
— Santiment (@santimentfeed) November 8, 2024
According to data from CoinMarketCap, ADA is up 29% in the last seven days and has surged by more than 19% in the last 24 hours.
The performance has placed the asset at the top as the best-performing cryptocurrency in the list of top 10 crypto assets by market cap at the time of this publication. Solana and Dogecoin trail ADA’s performance with 20% and 25% gains, respectively, in the last seven days.
ADA is trading at $0.4358 and has broken above a daily range that was holding between $0.369 and $0.3189 from 2nd October to 8th November. The asset has also crossed the $0.4022 resistance and is currently trading above the 20 and 50 exponential moving averages, indicating strong bullish momentum.
Cardano/Tether Daily chart Source: Tradingview
If ADA’s bullish trend continues, the asset’s price could rally to $0.8087. As of this writing, ADA’s 24-hour trading volume is $925.4 million, and its market cap is $15.3 billion.
The recent ADA uptick has caused the asset to reclaim the 9th position among the top ten largest cryptocurrencies by market capitalization, surpassing TRON’s TRX. ADA’s next challenge is Dogecoin at 8th place, a few steps away from striking distance with a market cap of $29.4 billion.
ADA’s recent upward trajectory was fueled by increased whale activity and heightened network usage. The Cardano network recorded 37,892 unique address transfers in the last 24 hours. Cardano also witnessed up to 700 transactions worth more than $100,000, displaying the network’s rising interest in the industry.
The recent Cardano Summit reveals new developments
ADA’s price surge coincides with recent developments that the ecosystem has pushed. During the recent Cardano Summit held on October 24th in Dubai, the project detailed a standout development plan involving the Liechtenstein-based exchange LCX’s expansion plan to support Cardano native tokens.
The Cardano team at the Summit also announced BitcoinOS’s Grail Bridge, which would allow Bitcoin users to capitalize on Cardano’s smart contract functionality and scalability. However, the development stirred controversies in the crypto community despite many viewing the project as an interoperability solution. Podcaster Peter McCormack called the project a scam.
Another notable announcement details that USDM, a native stablecoin of the Cardano ecosystem, recently became the second stablecoin to gain approval under the EU’s MiCA framework after Circle’s stablecoin USDC.
