Cardano Rallies 78%, Outperforming Bitcoin: New Peak Soon?

The value of Cardano (ADA) has increased significantly in recent days. The asset has increased by 77.4% on weekly charts, 78% on 14-day charts, 68.1% on monthly charts, and 57.8% on the yearly charts. At the moment, ADA is performing better than Bitcoin (BTC), which has increased 18.2% in the past week and nearly 20% in the 14-day charts. With its most recent surge, ADA has returned to the top 10 projects by market capitalization.

Also Read: Ripple XRP Rallies 17%: Can It Hit $1 In November?

Cardano
Source: CoinGecko

What’s Pushing Cardano?

ADA’s rally is likely due to Bitcoin (BTC) hitting the $80,000 mark. The original cryptocurrency hit another new all-time high of $81,800 earlier today.

Cardano
Source – TradeSanta

Also Read: Massive 56% Gain Puts Shiba Inu on Track for a New High

The BTC rally, on the other hand, could be due to Donald Trump winning the US Presidential elections. Investors and market participants may be optimistic about a Trump administration due to his pro-crypto and pro-business stance.

Will The Asset Hit A New All-Time High?

Since reaching its peak of $3.09 in September 2021, Cardano (ADA) has now dropped more than 80%. ADA has had difficulty regaining the same momentum after its peak in 2021.

CoinCodex analysts predict that ADA will continue to rise over the coming weeks, reaching $0.695211 on December 10, 2024.

ada
Source: CoinCodex

It can take more than a few weeks to reach a new all-time high. Changelly predicts that in March 2030, around five and a half years from now, ADA will regain its peak of $3.09.

Source: Changelly

Also Read: After Massive Surge, Dogecoin On Path to $1?

Compared to Changelly, Telegaon analysts are more optimistic about ADA. The platform predicts Cardano (ADA) will hit a new all-time high of $3.13 in 2026, about two years from now.

Source: Telegaon

If ADA continues its bullish momentum, there is a possibility that the asset will hit a new all-time high much sooner than anticipated.

Source
Disclaimer: The content above is only the author's opinion which does not represent any position of Followin, and is not intended as, and shall not be understood or construed as, investment advice from Followin.
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