Cardano (ADA) Price Rises 35% in 4 Days: Why?
The price of Cardano (ADA) has risen 32% in four days. ADA's market worth rose 16% in 24 hours to $14.932 billion. This spike has restored Cardano as the ninth-largest cryptocurrency by market valuation. Many reasons have led to this bullish momentum:
#1 Bulls Dominate Crypto Market
Not just Cardano, but the whole crypto market is rallying. This rise is primarily due to Donald Trump's election win. Trump has pledged to stop the “war on crypto” and make the US a crypto powerhouse.
The Federal Reserve's November 7 rate cut of 0.25% boosted the crypto market's momentum. Relaxing labor market conditions and growing confidence that inflation would reach 2% were noted by the Fed. The rate drop was unanimously approved, according to Kobeissi Letter analysts. Powell said “labor market conditions have generally eased” and “risks to goals remain roughly in balance.”
#2 Cardano Whale Activity
On-chain research company Santiment reports Cardano whale activity is up. X said that ADA is “one of the notable surprise altcoins taking flight during this crypto-wide pump.” They said “we may be seeing some retail FOMO coming soon,” noting that this rise “has been a long time coming for the patient ADA community.”
Santiment said that Cardano rose 25% in three days owing to “massive network and whale activity” exceeding $0.43 for the first time since July. They noted that 37,892 unique ADA addresses transferred in a day, the most since September 4th, and 697 transactions above $100,000, also the most. This increase in significant transactions and active addresses suggests important investors are interested, indicating ongoing growth.
#3 Technical Breakthrough
Unlike many cryptocurrencies, ADA has been bearish for a while. However, the latest spike may signal a positive turnaround. Since August, Cardano's price has risen and fallen.
After five rejections, the ADA price has broken above a downtrend line that has governed its price movement since April.
