Cardano price goes up: 72% in one week – What’s going on?

The crypto market is experiencing unprecedented heights, and Cardano (ADA) topped the list with explosive price increases. In the last 24 hours, the price rose by as much as 35%, making the coin now worth $0.5846. Even more impressive is the 72% increase over the past week, making Cardano one of the strongest performers of all altcoins.

Crypto market continues to grow after Trump’s victory

Cardano’s price increase comes amid a massive crypto boom. This started after it became clear that Donald Trump had won the American elections. Since then, the crypto market has moved a lot.

Bitcoin reached an all-time high of $79,800 last night, bringing it close to the important psychological level of $80,000. Analysts predict that this limit may continue to be breached rally even moreespecially among altcoins like Cardano.

Why is Cardano rising so fast?

Many investors ask why Cardano in particular is showing such a dramatic increase. The currency has had a difficult year with little optimism, but sentiment seems to have completely turned.

Hope for Trump’s re-election Like many other cryptocurrencies, Cardano is benefiting from the re-election of Donald Trump. His promise to support the crypto sector with favorable policies has greatly boosted confidence in the market.

Interest rate reduction as a stimulus: The US Federal Reserve’s 0.25% interest rate cut boosted investor sentiment, driving demand for crypto assets.

Estimation and liquidation: Prior to the price hike, there was a significant increase in the interest-weighted open funding rate, indicating that many traders were considering an increase in ADA. During the rally, several short positions were issued, which led to another price jump as traders had to buy back ADA.

Approaching Chang’s hard fork: The important Chang hard fork, which is seen as a major technical upgrade, is getting closer. This strengthens Cardano’s positive sentiment and attracts new investors.

A perfect storm for Cardano

This combination of factors has created the perfect storm, sending Cardano skyrocketing at an unprecedented rate. Investors are now looking forward to the coming weeks, when the price may rise further. Analysts emphasize that the crypto market is in a unique phase, and Cardano seems to be one of the biggest winners.

Temporary promotion: get €25 free at Bitvavo

To mark the price increase, the Dutch crypto exchange Bitvavo is offering a special promotion in collaboration with Newsbit: all new customers will receive for a short time €25 free when they create an account through the button​​​​ below and deposit € 20.

Get your free €25 and create an account with Bitvavo

Don’t miss this opportunity to benefit immediately from the popular growth of Crypto!