The bullish cycle of bitcoin (BTC) is activated. In its rise, the digital currency created by Satoshi Nakamoto is also dragging cryptocurrencies. Among them, there are some that wake up from a “long nap”, such as cardano (ADA).
In the following graph you can see how the ADA price behavior since January 2024:
It is not necessary to be a specialist in technical analysis to realize that the cryptocurrency created by Charles Hoskinson was having a terrible performance, with a noticeable downward trend.
Just in the last week BTC gave ADA the push it needed to wake up.
On Wednesday, November 6, ADA was trading at $0.32. At the time of this publication it is trading for approximately $0.59. This represents an increase of 84% in just 4 days!
Some Cardano defenders may argue that this rise was due to reasons specific to this project, such as the Chang update (which took place in September) or the creation of new bridges that facilitate the entry and exit of tokens on that network.
But, being realistic, we must recognize that The current rise is attributable to the drag effect of bitcoin already at regulatory developments that Donald Trump’s presidency could bring in the United States. The president-elect has promised to create regulations that favor the cryptocurrency industry.
Additionally, as CriptoNoticias has reported, Trump promises to fire Gary Gensler, current president of the Securities and Exchange Commission. Will ADA no longer be considered a security by this organization? We will have to wait at least until January, when Trump takes office, to find out.
It is worth clarifying that not only ADA is on the rise. At the time of this publication, all cryptocurrencies in the top 100 by market capitalization (with the exception of stablecoins) They have their numbers in greenif you consider the price variation they have had in the last 7 days.