Cardano’s ADA tokens surged an impressive 33% over the past 24 hours, far outpacing major cryptocurrencies like Bitcoin and Ethereum. The rally follows Cardano founder Charles Hoskinson’s announcement of plans to actively shape U.S. crypto policy under the upcoming Trump administration, fueling speculative bets on ADA’s future value.
ADA’s price rose above $0.58, marking its highest level since April and extending its 7-day gains to a remarkable 77%. Trading volumes for ADA spiked to $3.3 billion on Saturday, a significant jump from the $300 million recorded on Friday. This rise in trading volume highlights heightened market interest, with new investors and traders positioning themselves ahead of potential policy shifts favorable to the cryptocurrency sector.
Futures data further underscores the strong inflow of capital into ADA. Open interest in ADA-denominated futures has risen to 858 million ADA, valued at over $500 million at current prices. Open interest, or the measure of outstanding futures contracts yet to be settled, suggests that new money is flowing into ADA amid expectations of increased volatility.
The crypto market as a whole saw a bullish week, supported by Donald Trump’s victory in the U.S. presidential election and the Federal Reserve’s recent rate cuts. These developments have invigorated major and mid-cap tokens, yet ADA has emerged as a standout performer. Market sentiment has been further buoyed by Hoskinson’s commitment to influence regulatory policy, positioning ADA as a potential beneficiary if regulatory changes under the Trump administration favor the crypto sector.
Also Read: Cardano (ADA) Price Prediction – Is ADA Ready To Reach $3.10? Technical Analysis Reveals Potential
In a Friday podcast, Hoskinson outlined his intentions to play an active role in U.S. crypto policy. “I’m going to be spending quite a bit of time working with lawmakers in Washington DC to help foster and facilitate crypto policy,” he said. Hoskinson also revealed plans for Cardano’s Input Output Global (IOG) development team to set up a local office in Washington, aiming to be part of the policy-shaping process.
I'm Back https://t.co/55sN3N7Xq8
— Charles Hoskinson (@IOHK_Charles) November 9, 2024
The news has spurred speculative bets on ADA, with some analysts predicting that ADA’s value could see sustained growth if Hoskinson’s involvement leads to favorable policy frameworks. Cardano’s proactivity in U.S. regulatory discussions is seen as a move to ensure long-term growth for ADA, potentially positioning it as a preferred choice for investors seeking regulatory clarity in the blockchain sector.
With its recent gains, ADA has positioned itself as one of the top-performing assets in the crypto market, and it could continue to benefit from speculative momentum. The Cardano community and investors now look to see how Hoskinson’s efforts may shape the regulatory landscape, potentially influencing the broader adoption of ADA and other cryptocurrencies.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
About The Author
