Here is What Could be Behind Cardano’s Recent Surge

Cardano (ADA) has experienced an impressive 42% surge in value, outpacing major cryptocurrencies, following founder Charles Hoskinson's announcement of his plans to influence US cryptocurrency policy during the Trump administration.

Hoskinson’s comments sparked a wave of speculation, driving a sharp rise in both ADA’s price and trading activity. Over the last 24 hours, ADA broke past $0.61, marking its highest value since April.

The coin has gained more than 86% over the week, with trading volume reaching $3.3 billion on Saturday, a massive jump from the previous day’s $300 million.

This surge also extended to the futures market, where open interest in ADA climbed to 858 million ADA, valued at over $500 million. This increase suggests new investments are pouring into ADA, likely in anticipation of continued market fluctuations and potential profits.

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The broader cryptocurrency market has been buoyed by recent macroeconomic factors, such as the election of Donald Trump and a 25 basis point rate cut by the Federal Reserve, which have both fostered positive sentiment. However, it appears that ADA’s exceptional rally is particularly linked to Hoskinson’s commitment to working directly with policymakers in Washington.

In a recent podcast, he shared his intention to collaborate with industry leaders and lawmakers to help shape crypto-friendly legislation.

Kosta Gushterov