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Cardano (ADA) Price Surges 32% In 4 Days: Hereโ€™s 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 Trumpโ€™s victory in the US presidential election. Trumpโ€™s administration has committed to ending the โ€œwar on cryptoโ€ and positioning the United States as a central hub for crypto businesses. Adding to the positive momentum, the Federal Reserveโ€™s 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 โ€œlabor market conditions have generally easedโ€ and that โ€œrisks 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 โ€œone of the notable surprise altcoins taking flight during this crypto-wide pump.โ€ They suggested that โ€œwe may be seeing some retail FOMO coming soon,โ€ acknowledging that this surge โ€œhas 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 โ€œmassive network and whale activity.โ€ Specifically, they pointed out that 37,892 unique ADA addresses made transfers in a single dayโ€”the most since the September 4th bottomโ€”and 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.
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Cardano (ADA) Price Surges 32% In 4 Days: Hereโ€™s Why
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Who will be the next Millionaire?
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New comment 12d ago
๐ŸŒ The Evolution of Money is Here ๐Ÿ’ฐ
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