The Cardano cryptocurrency (ADA) seems to have woken up from its slumber. After a year full of challenges and poor performance, November has brought unexpected change, showing signs of recovery.
2024 had not been a good year for ADA. Since January, its performance has been gray, with a marked downward trend.
Last August, The cryptocurrency lost its place in the coveted top 10 digital assets by market capitalization. However, November marked a turning point.
While the market’s eyes were focused on the meteoric rise of bitcoin (BTC), which is approaching the coveted $100,000, ADA has achieved an increase of 156% in just one month.
Its price rose from 0.36 dollars to 0.91 dollars, being one step away from overcoming the dollar barrier, as can be seen in the graph of TradingView.
This allowed it to recover ground, reaching a market capitalization of $31.8 billionwhich returned it to ninth position in the global cryptocurrency ranking.
Despite this notable progress, ADA remains a 70% below its all-time high of $3reached in September 2021. But market indicators suggest that the cryptocurrency is entering a new bullish cycle.
The data supports this recovery. According to Santiment dataADA’s daily trading volume has reached a seven-month high, recording $52 billion this weekas seen in the following image.
Additionally, transactions by “whales” (large investors) are at their highest point in six months, signaling renewed interest from key market players.
What drives ADA?
One of the main catalysts for the current boom in the cryptocurrency market, including ADA, is Donald Trump’s victory in the US presidential election.
The president-elect has promised regulations that benefit the cryptocurrency industry, which has boosted confidence in the marketas reported by CriptoNoticias.
The drag effect of bitcoin, which broke several all-time highs in November, has directly benefited ADA.
Furthermore, there emerged rumors that Cardano creator Charles Hoskinson could be considered a cryptocurrency advisor to the president-elect. Although Hoskinson denied these speculations, recommended Brian ArmstrongCEO of Coinbase, to fill that position.
Hoskinson highlighted that The ideal advisor should be neutral and have a strategic vision that unites the entire industry. “It could build a broad coalition to unite the industry and help get the government to take real action, including passing new laws,” he said.
According to the American newspaper Wall Street Journal, Armstrong met with Trump this week, which indicates that concrete steps are being taken towards a possible appointment of the CEO of the exchange.
Hoskinson’s vision
Meanwhile, Hoskinson continues to work on the legislative front, drawing on his experience in Wyoming, where he collaborated in the approval of 31 laws on cryptocurrencies.
Now, he directs his efforts towards the United States Congress with the mission of eliminating the regulatory barriers that have limited the growth of cryptocurrencies.
In January, it will launch Operation Baseline, a project to Identify opportunities and address structural issues in the cryptocurrency industry in the United States.
Projections for ADA
ADA’s bullish trend has sparked the interest of analysts. Ali Martinez, expressed optimism about the future of cryptocurrency.
Although he recognizes the skepticism that it generates in some, predicts a price of 6 dollars in the near future.
For his part, the CryptosRus analyst, shared an analysis in which he projects that, if ADA follows historical patterns, could reach $6 between July and September 2025as seen in the following graph.
Also, rumors about a possible collaboration between Cardano and dogecoin (DOGE) could add new boost to ADA valueadded the specialist.
