The post Why Cardano (ADA) Price is Up Today? appeared first on Coinpedia Fintech News
The US election result, it seems, has influenced the crypto market positively. Almost all the top cryptocurrencies have witnessed growth in the last 24 hours. Among the top ten cryptos, Cardano is the cryptocurrency that has experienced the largest growth in the said period. The ADA price has seen an enviable surge of 16.7%. Notably, since November 5th, the Cardano market has registered a rise of 30.10%. Let’s have a closer look at the ADA market scenario.
Cardano Breaks Key Price Levels
Today, the price of ADA has broken above the level of $0.4178 – for the first time since July 27. Currently, the ADN price stands at $0.4269 – just 4.4% lower than the July peak. In the last seven days, the market has recorded a growth of 26.4%.
Record Network Activity Fuels ADA’s Momentum
A Santiment data report points to a sharp increase in network activity in the last 24 hours. As per the report, at least 37,892 unique ADA addresses have made transactions in a single day – which is the highest since September 4. The report also hints at an increase in whale engagement on the network. The report shows that at least 697 transactions worth $100,000 or more have happened on the network – also the most since Sep 4.
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
Reasons for the Latest Cardano Momentum: An Overview
At least two key factors have influenced the sudden growth of Cardano. The first is a political factor. Donald Trump, a pro-crypto candidate, has won the US election. The second is an economic factor. The US Federal Reserve has announced its second rate cut of the year. It has decided to cut the rates by 0.25% – in addition to a 0.50% cut made earlier.
Cardano Market Overview
At the start of the year, the ADA price was $0.6237. By the end of January, it slipped to a low of $0.4667. Between January 26 and March 11, the market witnessed strong upward momentum, pushing the price to a yearly peak of $0.7756. However, later, sellers took control of the market, pulling the price down to a low of 0.3117 by August 5.
Between August 6 and November 6, the market majorly fluctuated within the range of $0.4018 and $0.3147. It was on November 7 that the ADA market finally broke above the range. Right now, the price stands at $0.4266. Experts say that the next logical target for ADA bulls will be the April 22 range high of $0.52.
In conclusion, Cardano’s recent rally has brought renewed optimism to the ADA community. With strong network growth and whale activity, Cardano’s trajectory remains an exciting trend to watch in the ongoing crypto market rally.
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