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News - Cardano (ADA) on the rise: what's going on?
Cardano has been virtually unstoppable in the past 24 hours. What's behind the explosive price rise?
Following the Fed's interest rate decision, the entire crypto market is in the green. Within the top 10-coins, Cardano (ADA) is delivering the biggest gains for investors. Overall, the Proof-of-Work coin is up 18 percent in 24 hours. At the time of writing, ADA stands at US$0.437 (USD). The U.S. election is also playing a role. In January, Donald Trump takes over the presidency in the White House, promising crypto-friendly regulations. This lifts the entire altcoin sector in addition to Bitcoin. Solana (SOL) is also showing green numbers today.
🚀 Cardano has been one of the notable surprise altcoins taking flight during this crypto-wide pump. Now up over +25% in the past 3 days, we may be seeing some retail FOMO coming soon. This has been a long time coming for the patient ADA community. pic.twitter.com/Ph2ZFFKnIU
— Santiment (@santimentfeed) November 8, 2024
In addition, the interest rate cut by the U.S. central bank, the Fed, is contributing to the sector's growth. Altcoins, in fact, are highly correlated with Bitcoin. As Bitcoin rises, so do altcoins. Ultimately, the sharp rise also has a technical component. In the past 24 hours, shorts worth USD 2.5 million liquidated, further fueling the rally.
In addition, states Santiment noted an increase in whale activity in the Cardano ecosystem. Since Sept. 4, the network has processed 697 transactions over $100,000. The announced closer connection to Bitcoin may also have given ADA a boost.
