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Trump's announcement catapults Cardano (ADA) up 76% - reclaiming the $1 mark and booming trading volume
Cardano (ADA) reclaims the $1 mark: A look at recent developments The cryptocurrency Cardano (ADA) has caused a stir in the last few days. US President Donald Trump's announcement that he would include the token in his government's planned cryptocurrency reserve led to a dramatic 76% increase in price in just 24 hours. Trading volume even grew by over 1,500% during this period. Cardano's rise to the $1 mark Cardano has come a long way in recent years from its all-time high of $3.10, which it reached four years ago. In April 2022, the price fell below…
Trump's announcement catapults Cardano (ADA) up 76% - reclaiming the $1 mark and booming trading volume
Cardano (ADA) reclaims the $1 mark: A look at recent developments
The cryptocurrency Cardano (ADA) has caused a stir in the last few days. US President Donald Trump's announcement that he would include the token in his government's planned cryptocurrency reserve led to a dramatic 76% increase in price in just 24 hours. Trading volume even grew by over 1,500% during this period.
Cardano’s rise to the $1 mark
Cardano has come a long way in recent years from its all-time high of $3.10, which it reached four years ago. In April 2022, the price fell below the $1 mark and has struggled to recapture that mark ever since. The recent surge following the 2024 US presidential election brought renewed optimism to the Cardano community, but the price stabilized again within a descending wedge.
Trump's surprise confirmation that Cardano would be part of his proposed crypto reserve gave the token a new boost. The price rose from a low of $0.64 to a high of $1.13 following the announcement. At that time, Cardano was the top performer in the crypto market, with a market capitalization of $35.7 billion, made up of 35.21 billion circulating tokens.
A look at the altcoin market
Even before Trump's announcement, there were signs of an impending rally in the altcoin market. Crypto trader Crypto Rover noticed that the prices of Cardano and other altcoins were experiencing an uptrend. He noted that ADA could position itself for a rally on the chart provided the price remains above the $0.50 level.
Cardano's endorsement by the US President ultimately provided a decisive boost, allowing the token to overcome key resistance levels and establish itself above the key half dollar support.
Conclusion
The current developments surrounding Cardano show how political announcements can have a significant impact on the cryptocurrency market. It remains to be seen whether ADA can sustain its recent rally in the long term. Investors should remain vigilant in the coming period, especially for major price movements in ADA.