invezz.com
18 November 2024 12:44, UTC
Cardano (ADA) is back in the top 10 cryptocurrencies by market cap after spiking more than 130% since November 5.
The altcoin, which has struggled to break above $0.36 and traded around $0.32 on November 5, 2024, rose to highs above $0.81. ADA is 7% in the past 24 hours, an impressive +34% in the past week and over 130% up in two weeks.
For Cardano, the latest gains come as rumours emerge that the US government is looking to tap into the Cardano network.
Specifically, it’s about using the smart contracts network to develop a new electoral voting system that will benefit from blockchain transparency.
Elon Musk-led Department of Government Efficiency will lead this project, reports suggest, with partnerships including X, Cardano and Hedera among others.
This has added to the bullish outlook for ADA and Hedera. In the market, HBAR rose sharply to highs of $0.13, with a 38% spike in 24 hours.
The altcoin has jumped 119% in the past week. Cardano is up more than 130% in the last seven days.
Cardano is also seeing increased traction with the move towards full decentralization.
ADA will get this milestone with the activation of its Voltaire upgrade.
Recently, the implementation of the Chang hardfork moved the community closer to this major development.
In a comment on Cardano’s future, founder Charles Hoskinson said in a recent post on X:
When people ask why cardano, this is why. We have the best community and the best entrepreneurs. It’s a harder road, but it will change the world. I’m proud of them all, and with Voltaire, they will make the finest government ever assembled by humanity
Data from Coinglass shows open interest in Cardano is up 3% in the past 24 hours.
While the metric has dipped from last week’s double digit figures above 15%, there’s notable interest from derivatives traders as buyers target the $1 price level.
IntoTheBlock data also indicates a surge in active addresses and whale transactions.
Per on-chain signals, addresses in profit have jumped 2.4% in the past 24 hours to over 62% of all holders.
Meanwhile, large transactions have increased more than 10% to signal a bullish flip.
The futures market momentum is bullish as is the overall network growth.
Cardano’s price is trending at highs last seen in May 2022. If bulls continue higher, the psychological level of $1 could be next.
ADA could follow XRP in breaking above this threshold, both coins rallying amid Trump’s election as US president.
XRP has surged more than 100% this past week to break above $1.15, a level Cardano could reach with a rally riding optimism in the US.
The all-time high for Cardano price is $3.09 reached in September 2021.
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