Why Cardano (ADA) Price is Up Today?

Share This Post

Why Cardano (ADA) Price is Up Today?

The post Why Cardano (ADA) Price is Up Today? appeared first on Coinpedia Fintech News

The US election result, it seems, has influenced the crypto market positively. Almost all the top cryptocurrencies have witnessed growth in the last 24 hours. Among the top ten cryptos, Cardano is the cryptocurrency that has experienced the largest growth in the said period. The ADA price has seen an enviable surge of 16.7%. Notably, since November 5th, the Cardano market has registered a rise of 30.10%. Let’s have a closer look at the ADA market scenario. 

Cardano Breaks Key Price Levels

Today, the price of ADA has broken above the level of $0.4178 – for the first time since July 27. Currently, the ADN price stands at $0.4269 – just 4.4% lower than the July peak. In the last seven days, the market has recorded a growth of 26.4%. 

Record Network Activity Fuels ADA’s Momentum 

A Santiment data report points to a sharp increase in network activity in the last 24 hours. As per the report, at least 37,892 unique ADA addresses have made transactions in a single day – which is the highest since September 4. The report also hints at an increase in whale engagement on the network. The report shows that at least 697 transactions worth $100,000 or more have happened on the network – also the most since Sep 4. 

Reasons for the Latest Cardano Momentum: An Overview 

At least two key factors have influenced the sudden growth of Cardano. The first is a political factor. Donald Trump, a pro-crypto candidate, has won the US election. The second is an economic factor. The US Federal Reserve has announced its second rate cut of the year. It has decided to cut the rates by 0.25% – in addition to a 0.50% cut made earlier. 

Cardano Market Overview

At the start of the year, the ADA price was $0.6237. By the end of January, it slipped to a low of $0.4667. Between January 26 and March 11, the market witnessed strong upward momentum, pushing the price to a yearly peak of $0.7756. However, later, sellers took control of the market, pulling the price down to a low of 0.3117 by August 5.

Between August 6 and November 6, the market majorly fluctuated within the range of $0.4018 and $0.3147. It was on November 7 that the ADA market finally broke above the range. Right now, the price stands at $0.4266. Experts say that the next logical target for ADA bulls will be the April 22 range high of $0.52.       

In conclusion, Cardano’s recent rally has brought renewed optimism to the ADA community. With strong network growth and whale activity, Cardano’s trajectory remains an exciting trend to watch in the ongoing crypto market rally. 

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

Bitcoin ETFs Hit Record $3.1B Inflows in One Week as BTC Price Aims for $100K

The post Bitcoin ETFs Hit Record $31B Inflows in One Week as BTC Price Aims for $100K appeared first on Coinpedia Fintech News The recent weeks have seen a bullish trend in the crypto market, with

Solana Wallets Caught in a Phishing Signature Attacks

The post Solana Wallets Caught in a Phishing Signature Attacks appeared first on Coinpedia Fintech News The latest fraud incident in the Solana ecosystem is phishing in the form of apparently

Ethereum Price Surge Has Investors Buying New Trending ETH Token And XRP As Price Surpasses $1.5 Mark

The post Ethereum Price Surge Has Investors Buying New Trending ETH Token And XRP As Price Surpasses $15 Mark appeared first on Coinpedia Fintech News Ethereum’s price movements have been

Aptos Price Prediction 2024, 2025, 2030: Is APT A Good Investment For The Upcoming Bull Run?

The post Aptos Price Prediction 2024, 2025, 2030: Is APT A Good Investment For The Upcoming Bull Run appeared first on Coinpedia Fintech News Story Highlights The live price of the Aptos token is APT

Avalanche Price Prediction 2024, 2025 – 2030: Will the Upcoming Recovery Push AVAX Price to $100?

The post Avalanche Price Prediction 2024, 2025 – 2030: Will the Upcoming Recovery Push AVAX Price to $100 appeared first on Coinpedia Fintech News Story Highlights The live price of the AVAX

Helium Price Prediction 2024, 2025–2030: Will HNT Price Reclaim $10 Mark?

The post Helium Price Prediction 2024, 2025–2030: Will HNT Price Reclaim $10 Mark appeared first on Coinpedia Fintech News Story Highlights The live price of the Helium token is HNT price could