The recent US election results have had a positive impact on the crypto market, with almost all top cryptocurrencies experiencing growth in the past 24 hours. Among the top ten cryptos, Cardano has seen the largest growth, with a 16.7% surge in price. Since November 5th, the Cardano market has seen a rise of 30.10%, making it a standout performer. Let’s take a closer look at the current ADA market scenario.
Cardano Breaks Key Price Levels
Today, the price of ADA has broken above the $0.4178 level for the first time since July 27. Currently, ADA is trading 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 indicates a significant increase in network activity in the last 24 hours. The report shows that 37,892 unique ADA addresses have made transactions in a single day, the highest since September 4. The report also highlights an increase in whale engagement on the network, with at least 697 transactions worth $100,000 or more occurring – the most since September 4.
Reasons for the Latest Cardano Momentum: An Overview
Two key factors have contributed to Cardano’s recent growth. The first is a political factor, with pro-crypto candidate Donald Trump winning the US election. The second is an economic factor, as the US Federal Reserve announced its second rate cut of the year, reducing rates by 0.25% in addition to a previous 0.50% cut.
Cardano Market Overview
At the beginning of the year, ADA was priced at $0.6237, dropping to a low of $0.4667 by the end of January. The market saw strong upward momentum between January 26 and March 11, reaching a yearly peak of $0.7756. However, sellers took control, driving the price down to $0.3117 by August 5.
Between August 6 and November 6, the market fluctuated between $0.4018 and $0.3147. On November 7, ADA broke above this range, with the current price at $0.4266. Experts predict that the next target for ADA bulls will be the April 22 range high of $0.52.
In conclusion, the recent rally in Cardano has brought optimism to the ADA community. With increasing network activity and whale engagement, Cardano’s upward trend is one to watch in the current crypto market rally.
