The cryptocurrency Cardano $ADA seems to have awakened from its slumber. After a year full of challenges and underperformance, November has brought an unexpected change, showing signs of recovery.
2024 had not been a good year for $ADA. Since January, its performance has been bleak, 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 fixed on the meteoric rise of bitcoin (BTC), which is approaching the coveted $100,000, ADA has achieved a 156% increase in just one month.
This allowed it to regain ground, reaching a market capitalization of $31.8 billion, which restored its ninth position in the global cryptocurrency ranking.
Despite this notable progress, ADA remains 70% below its all-time high of $3, reached in September 2021. But market indicators suggest that the cryptocurrency is entering a new bullish cycle.
What drives $ADA ?
One of the main catalysts for the current rise in the cryptocurrency market, including ADA, is Donald Trump's victory in the United States presidential elections.
Transactions made by "whales" (large investors) are at their highest point in six months, signaling renewed interest from key market players.
Additionally, rumors emerged that Cardano creator Charles Hoskinson could be considered as a cryptocurrency advisor to the president-elect. Although Hoskinson denied these speculations, he recommended Brian Armstrong, CEO of Coinbase, for that position.
Hoskinson emphasized 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 achieve real government action, including the approval of new laws," he stated.