The recent spike in ADA prices is part of a broader rally in the cryptocurrency market triggered by the re-election of pro-cryptocurrency candidate Donald Trump on November 6. That momentum has been further fueled by Cardano founder Charles Hoskinson and speculative rumors that he may be involved in the Trump administration's "2025" plan.
Despite the hype, Hoskinson has not confirmed his official role in the Federal Crypto Policy Initiative. During a recent YouTube appearance, he explained that #Cardano has set up an office to establish a dialog with senior government officials, but has not received a formal invitation from the Trump team.
additionally, Trump has yet to announce the creation of a cryptocurrency policy task force. This could mean that the recent rise in ADA prices was largely driven by market speculation about Hoskinson's possible involvement in government.
Cardano isn't the only altcoin that has risen in price since Trump's election victory. #Ethereum (ETH), the world's second-largest altcoin by market capitalization, jumped to $3,200 on November 10, the highest price since August. This came after #bitcoin broke the $79,000 mark on the back of Donald Trump's presidential election victory.
According to CoinMarketCap, ETH's current price is $3,183.13, increasing its market value to $383 billion. Interestingly, this is about $40 billion more than the market capitalization of Bank of America. This certainly proves that blockchain technology and decentralized finance (DeFi) pose a serious challenge to traditional finance.
interest in DeFi and digital assets is likely to grow even more if the U. S. Securities and Exchange Commission (SEC) considers creating the first options-linked spot ETF on Ether. This could make cryptocurrencies more accessible to the average investor.
While Ethereum is showing impressive price movements and managed to record its biggest weekly gain since May, #ETH supply has recently ballooned, increasing by 0.424% year-over-year after the deflation seen in early October According to Ultrasound. money, annual ETH burn stands at 452,. 000 ETH, while issuance rose to 957,000 ETH, indicating a net annual increase in supply.
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