Why Is the Cardano (ADA) Price Up by 16% Today?
The post Why Is the Cardano (ADA) Price Up by 16% Today? appeared on BitcoinEthereumNews.com.
TL;DR Cardano (ADA) made a strong comeback, soaring to a 14-week high after a double-digit daily surge. The generally bullish market, among other reasons, has potentially fueled the asset’s rise. Returning to the Top 10 Club Cardano (ADA) experienced a notable resurgence in the past 24 hours, with its price jumping by approximately 20% at one point. It briefly exceeded $0.44, the highest level observed since July. Currently, ADA trades at around $0.43, while its market capitalization is well above $15 billion. This means that the asset flipped Tron (TRX) to become the 10th-biggest in the entire crypto sector. ADA Price, Source: CoinGecko One potential factor fueling ADA’s impressive rally could be the market’s overall bullish environment. Most leading cryptocurrencies have been making gains since Donald Trump’s victory in the US presidential elections. Bitcoin (BTC), for instance, tapped a new all-time high of over $76,800. Another element possibly contributing to the sector’s revival is the Federal Reserve’s decision to cut interest rates by 0.25%. Such a move makes money-borrowing cheaper and could increase the interest in risk-on assets like cryptocurrencies. ADA’s double-digit price increase coincides with several on-chain indicators that flash bullish signals. The “In the Money” metric, which measures the change in the number of Cardano investors currently sitting on paper profits, is up by 13%. As of the moment, 36% of the token’s holders are in the green, while 58% remain underwater. In August this year, the percentage of profitable ADA investors dropped to almost 0%. Back then, the the asset’s valuation plunged below $0.30. Last but not least, we will focus on the large transaction volume (where each on-chain ADA transaction exceeds $100,000). The figure reached $8.5 billion on November 8, representing a 13% spike in 24 hours. Is FOMO Coming Soon? The market intelligence platform Santiment…
Filed under: News - @ November 8, 2024 8:27 am