Cardano (ADA) Price Surges 32% In 4 Days: Hereโs Why
Cardano (ADA) has experienced a significant surge over the past four days, with its price increasing by an impressive 32%. In the last 24 hours alone, ADA has climbed 16%, boosting its market capitalization to $14.932 billion. This surge has propelled Cardano back to its position as the ninth-largest cryptocurrency by market cap. Several factors have contributed to this bullish momentum: #1 Bulls Takes Over The Entire Crypto Market The optimistic market sentiment extends beyond Cardano, with the crypto market as a whole experiencing a significant rally. This upward movement has been mostly driven by Donald Trumpโs victory in the US presidential election. Trumpโs administration has committed to ending the โwar on cryptoโ and positioning the United States as a central hub for crypto businesses. Adding to the positive momentum, the Federal Reserveโs decision on November 7 to reduce interest rates by 0.25% has provided additional tailwinds for the crypto market. The Fed cited easing labor market conditions and increased confidence that inflation is moving sustainably toward the 2% target. Analysts from The Kobeissi Letter noted that the vote for the rate cut was unanimous. Powell said that โlabor market conditions have generally easedโ and that โrisks to goals remain roughly in balance.โ #2 Cardano Whale Activity On-chain analysis firm Santiment has highlighted a surge in whale activity surrounding Cardano. In a recent post on X, they observed that ADA has been โone of the notable surprise altcoins taking flight during this crypto-wide pump.โ They suggested that โwe may be seeing some retail FOMO coming soon,โ acknowledging that this surge โhas been a long time coming for the patient ADA community.โ Santiment reported that Cardano broke above $0.43 for the first time since July, climbing 25% in three days due to โmassive network and whale activity.โ Specifically, they pointed out that 37,892 unique ADA addresses made transfers in a single dayโthe most since the September 4th bottomโand there were 697 transactions exceeding $100,000, also the highest since that date. This uptick in large transactions and active addresses indicates heightened interest from major investors, signaling the potential for continued upward momentum.