Cardano taking flight with +25% in the last 3 days

Cardano Surges Post-US Elections, Emerging as Top Performer

Cardano's ADA token has witnessed a remarkable uptick following the conclusion of the U.S. elections. Driven by an optimistic investor sentiment after Donald Trump's victory, ADA has soared by over 25% in the past three days.

Crypto Markets Experience Volatility Post-Elections

The U.S. presidential elections injected increased volatility into the cryptocurrency markets. However, as pro-crypto candidate Donald Trump emerged victorious, a bullish wave swept across the ecosystem, and Cardano outperformed many digital assets.

Santiment Highlights Cardano's Surge

According to Santiment, Cardano has gained significant attention recently. ADA's exceptional performance, coupled with positive sentiment, has attracted retail investors, potentially propelling its prices higher.

ADA Leads Top 10 Crypto Assets

Based on CoinMarketCap data, ADA has surged by 29% in the past seven days and 19% in the last 24 hours. This surge has placed it as the top-performing cryptocurrency among the top 10 crypto assets by market capitalization.

ADA Breaks Resistance Levels

ADA is currently trading at $0.4358, surpassing its daily trading range of $0.369 to $0.3189 established from October 2nd to November 8th. It has also broken the $0.4022 resistance and trades above both the 20 and 50 exponential moving averages, indicating robust bullish momentum.

ADA's Upward Trajectory

If the bullish trend continues, ADA's price could potentially reach $0.8087. Its 24-hour trading volume currently stands at $925.4 million, while its market capitalization is $15.3 billion.

ADA Reclaims Top 10 Position

The recent surge has enabled ADA to reclaim its position as the ninth-largest cryptocurrency by market capitalization, overtaking TRON's TRX. Its next target is Dogecoin, currently ranked eighth with a market cap of $29.4 billion.

Increased Whale Activity and Network Usage

ADA's upward trajectory has been supported by increased whale activity and heightened network usage. The Cardano network has processed 37,892 unique address transfers in the last 24 hours, and over 700 transactions worth more than $100,000 have been recorded.

Recent Cardano Summit Developments

The surge in ADA's value has coincided with several significant developments within the ecosystem. The Cardano Summit in Dubai revealed plans for the Liechtenstein-based exchange LCX to support Cardano native tokens.

The team also unveiled BitcoinOS's Grail Bridge, facilitating interoperability between Bitcoin and Cardano. However, this announcement has sparked controversy, with some questioning its legitimacy.

ADA Joined by Stablecoin Approval

In a notable development, the Cardano ecosystem's stablecoin, USDM, has received approval under the EU's MiCA framework. This regulatory recognition strengthens the asset's credibility and stability.