Cardano Rises as Bitcoin Turns Bullish: Will Growth Continue for $ADA?

All it took for the crypto world was Donald Trump winning the 2024 US Presidential election to push Bitcoin to its all-time high. Now above the $87k mark, Bitcoin’s price action has created a domino effect on other high-cap assets, including Cardano ADA $1.20 24h volatility: 5.5% Market cap: $42.97 B Vol. 24h: $3.06 B .

This self-proclaimed “Ethereum Killer” has seen its value rise by double digits since last month, and the chart shows that it continues on a rising trajectory. Is Bitcoin’s resurgence the only key driver pushing up its value? Will Cardano continue to grow?

Cardano Price Up by 60% since Last Month

Cardano has pumped by more than 60% since last month, with the chart showing parabolic price action over the past week. The overall sentiment on CoinMarketCap around this token continues to be bullish, and its market capitalization has crossed the $20 billion threshold.

At the time of writing, Cardano is trading above the $0.55 mark, with $0.50 acting as its crucial support.

ADA Price Analysis since Early 2024

Cardano opened 2024 around the $0.61 level, bolstered by renewed support for Bitcoin as ETF approvals started pouring in. However, this was followed by a rapid downtrend that lasted until the end of January 2024, dropping ADA’s price to the $0.44 mark. Bulls initiated a panic rally that propelled Cardano to its 2024 high of $0.81 before another correction.

Following the correction, Cardano’s value declined further, and by August 2024, ADA consolidated within the $0.30–$0.40 range, maintaining this level until early November.

On November 3, 2024, just two days before the historic US presidential election, Cardano experienced a parabolic surge. Since then, the candlestick chart has displayed consecutive green candles.

Although the Relative Strength Index (RSI) of 85 indicates that the token is significantly overbought, the prevailing enthusiasm suggests that Cardano may attempt to reclaim its 2024 high. Given current weekly trends, the 22% increase needed to reach the $0.81 mark appears attainable.

Why Is Cardano Rising?

Cardano’s sudden surge has led the entire market into a frenzy. However, one of the core reasons for this surge is clear. Charles Hoskinson, Cardano’s founder, posted a video on X (formerly Twitter) stating that he plans to collaborate with the Trump administration to help shape crypto policy in the coming year.

I'm Back https://t.co/55sN3N7Xq8

— Charles Hoskinson (@IOHK_Charles) November 9, 2024

“We have achieved enormous technological strides in Cardano,” Hoskinson said. “We have created a foundation for everyone to build and flourish – in the way we vote, and in the way business is conducted in general.”

In addition to reformulating certain strategies to enhance Cardano’s exposure over the next 4 to 6 months, the Cardano founder stated that a large amount of his time in 2025 will be devoted to the political process. He will work with lawmakers in Washington, D.C., and the Trump administration to foster and facilitate crypto policies.

Cardano Price Prediction: What Could the Coming Years Bring for the $ADA Price

The current sentiment around crypto is positive. With America choosing a crypto-friendly President and over 250 pro-crypto candidates elected, industry-friendly regulations may be on the way. On top of that, Charles’s declaration that he, along with other industry leaders, will be part of those shaping crypto policies in the future is bullish news for Cardano.

Based on these factors, here are the price predictions for Cardano for 2024 and beyond.

2024

Cardano may continue to gain similar levels of traction for the remainder of 2024. Charles Hoskinson’s forwardness in engaging with the community and the conversation around future policies’ potential impact on crypto are some of the sentiment-driven factors that could contribute to Cardano’s growth.

Multiple developments may also play a significant role, potentially pushing the ADA price close to the $1 mark by the end of 2024.

2025

With Bitcoin surpassing the $88,000 mark in mid-Q4 2024, it’s plausible that its value could approach $100,000 in Q1 2025. Bitcoin’s elevated value often positively influences other high-cap tokens, including Cardano (ADA). Consequently, ADA’s price could potentially exceed the $2 mark and possibly surpass its all-time high in 2025.

2030

2030 will be a different era for the world of crypto. The market will likely be more regulated, and blockchain technologies are expected to become more mainstream. If Cardano is capable of reaching the technological milestones it has envisioned, the ADA price may approach the $5 mark.

That said, utility-centric cryptocurrencies like Cardano may not experience a parabolic increase, as there is a high potential that this technology will already be widely adopted.

Is Cardano a Good Investment?

Cardano’s recent price action presents a promising opportunity for potential investors. However, the cryptocurrency market is inherently volatile, and a correction could occur at any time. Therefore, it may be prudent for investors to monitor its price trajectory for a while longer. A significant correction could attract bullish interest, suggesting that the post-correction dip might be an opportune moment to invest.

However, investors should also consider low-cap projects available on presale. One of them is FreeDum Fighters, a meme coin project with a parodic take on the recent US elections. FreeDum Fighters blends short-term perks and long-term use cases in a unique way.

The token’s short-term perks come from its narrative focus. It has created an election within the blockchain space, with Trump-inspired MAGATRON going against Kamala-inspired Kamacop. The presale includes a narrative element, with a bit of voting added to make it interesting. Those who stake their tokens during the presale will be able to choose between two staking pools – one for MAGATRON and another for Kamala.

These staking pools offer investors two distinct avenues for passive income. Additionally, the project has generated buzz through its online debates, which provide users with access to airdrops.

Multiple platforms, including Cointelegraph, have discussed FreeDum Fighters, highlighting its potential to capitalize on the PolitiFi surge to increase in value.

Crypto Analysts at 99Bitcoins have also stated that this meme coin has 100x potential.

To review its whitepaper and learn more about FreeDum Fighters, we recommend visiting the official website. Following the project’s Twitter and Telegram channels is also suggested to stay updated with the community. Visit FreeDum Fighters.

Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.

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