Originally published on: November 08, 2024
Cardano’s price has been on a remarkable upward trend, climbing over 33.7% in the last four days to hit $0.4348 on Nov. 8. This surge comes as the market gains momentum in the wake of Donald Trump’s victory in the 2024 US Presidential Election.
With a 17% increase in the last 24 hours, ADA has outperformed the market, showing a 28% rise in the past week.
So, what’s fueling this spike in ADA price today?
The optimism isn’t limited to Cardano alone, as the entire crypto market has been buzzing with activity in light of Trump’s win. Bitcoin, the largest cryptocurrency, hit a new all-time high of $76,943 on Nov. 7, marking a 9.6% increase over the past week. Ethereum has also seen a 3% surge in the last 24 hours, trading above $2,900.
It’s not just ADA and Bitcoin experiencing gains – other major cryptocurrencies like BNB, Solana, XRP, and Dogecoin have also seen substantial jumps.
The overall crypto market cap has risen by 2% in the last 24 hours and 14% in the last four days, reaching $2.57 trillion.
Trump’s victory has been perceived as favorable for the crypto space due to his pledge to promote a crypto-friendly business environment, boosting investor confidence and risk appetite.
Moreover, the Federal Reserve’s decision to cut interest rates by 0.25% on Nov. 7 has further fueled optimism in the market. Lower interest rates tend to increase liquidity and support asset valuations, creating a favorable environment for investors seeking higher returns.
ADA’s recent rally is supported by a surge in open interest-weighted funding rate, indicating a growing interest in long positions. The rise of ADA’s price by 17% in the last 24 hours has led to short liquidations totaling $1.67 million.
This bullish momentum in ADA is part of a technical rebound that started on Nov. 5, with the token breaking above its descending trendline resistance.
With ADA eyeing the April 22 range high of $0.52, investors are keeping a close watch on its future price action.
Remember, this article does not offer investment advice. It’s essential to conduct your own research and analysis before making any financial decisions. Stay informed and subscribe to our Markets Outlook newsletter for more insights to help refine your trading strategies.
