Cardano Defies Recent Market Downturn With a 20% Surge – Here is Why

The cryptocurrency market saw widespread declines today, with many major assets losing ground following recent surges.

Bitcoin slipped below $90,000, dipping briefly under $87,000, while Ethereum fell to just almost $3,000. The memecoin market also experienced a dip.

In contrast, Cardano’s ADA stood out as one of the few cryptocurrencies defying the downturn. The token surged by 19.5% in the past 24 hours, trading above $0.67 after briefly reaching $0.70 earlier today – its highest price since mid-March.

Cardano has surged over 50% in the past week and reached a market cap of around $23.5 billion, with a 24-hour volume of $3.6 billion.

READ MORE:

Cardano Prepares Major Upgrades That Could Reshape Its Future

The rally came as Charles Hoskinson, Cardano’s creator, revealed his involvement in a proposed group tasked with crafting a cryptocurrency regulatory framework under the Trump administration. This announcement sparked renewed interest in ADA, propelling it upward despite broader market declines.

In the past 24 hours $8.58 million were liquidated from ADA’s futures markets – $4.86 million in long positions, and $3.72 million in shorts.

The 1-day technical analysis from TradingView shows a bullish picture – the summary and moving averages point to “strong buy” at 16 and 14, respectively, while oscillators show “buy” at 2.

Kosta Gushterov

Kosta has been working in the crypto industry for over 4 years. He strives to present different perspectives on a given topic and enjoys the sector for its transparency and dynamism. In his work, he focuses on balanced coverage of events and developments in the crypto space, providing information to his readers from a neutral perspective.