Cardano (ADA) surges amid strong investor enthusiasm
By
Alejandro Gil
-
September 25, 2024
99
0
Over the past few days, the price of Cardano's native token, ADA, has risen significantly amid a strong sense of optimism. There are several elements that could be behind this increase in interest in this digital currency among investors. In this paper we analyze the main factors.
The first of these elements has to do with Bitcoin's good momentum, which pushes the rest of the altcoins in its trajectory. With the recent rate cuts by the United States Federal Reserve, the digital currency market entered a positive trend.
Although BTC's rise partly explains ADA's push, there are other factors that complement it. Thus, the second element has to do with the recent updates to the roadmap of this blockchain, which has already entered the Voltaire era. This indicates that it is in the final stage towards complete decentralization.
A more specific element has to do with the accumulation of tokens by traders, who anticipate a period of high returns. Now, with the price of Cardano (ADA) rising significantly, investors are wondering whether the trend will continue or a correction is approaching.
Siemens used JPMorgan's "Onyx" blockchain for settlement of tokenized commercial papers
Possible Hoskinson-Milei meeting would be key for Cardano (ADA)
The three factors driving the price of ADA are joined by a fourth element that could have a huge impact in the short term: the meeting between the president of Argentina, Javier Milei, and the founder of Cardano, Charles Hoskinson.
According to information shared by CriptoTendencia, the tentative meeting between the two figures would take place on October 19 during the Tech Forum in Buenos Aires. At that meeting, topics of great interest for the application of blockchain technology in political and economic systems would be addressed.
According to rumors, the South American country is planning to launch a central bank digital currency (CBDC). It is worth remembering that from CriptoTendencia we will cover the Tech Forum event from the venue itself.
Coming back to Cardano (ADA) and its current upward trend, it can be said that the token is ready to maintain this momentum. However, the results of the Hoskinson-Mile meeting (if it happens) would be decisive for investors in the short term. Consequently, if the meeting does not take place or if the results do not meet expectations, the price of the token could enter a correction.
At the time of writing, the price of ADA is $0.3863 per token. According to data from CoinMarketCap, its 24-hour performance is +3.22% and +16.69% over a 7-day period.
