From financemagnates by Arnab Shome
Cardano (ADA) is a cryptocurrency that has nearly tripled in value over the last month. Its gains have even eclipsed Bitcoin and the more aggressive Dogecoin. The rally has pushed Cardano to become the ninth-largest cryptocurrency, with a market capitalization exceeding $34.7 billion.
What is Cardano? What has fuelled this sudden rally? What does the future hold for the ADA token?
According to CoinMarketCap.com, the ADA token surged from $0.33 to over $1.11 in less than 30 days, achieving a 236% gain. However, its value has since corrected and dropped below the $1 mark. Despite this, optimism remains, as the token is testing the $1 mark again, recovering from around $0.89 at the time of writing.
Although Cardano’s rally remained subdued following Donald Trump’s victory in the US presidential election, especially compared to Bitcoin and other meme tokens, the ADA token has recently surged. This rally was primarily driven by its founder, Charles Hoskinson, who confirmed his active involvement in shaping US cryptocurrency policy.
“I’m going to be spending quite a bit of time working with lawmakers in Washington DC and quite a bit of time with members of the administration to help foster and facilitate crypto policy alongside other key leaders in the industry,” Hoskinson said in a video posted on X (formerly Twitter).
He further explained his focus on outlining a multifaceted strategy to position the US as a global leader in cryptocurrency. This approach will include administrative changes, rulemaking, executive orders, and legislation.
Hoskinson also emphasized that policies imposed through executive orders are temporary as they “live and die by the administration,” highlighting the priority of passing such policies through legislation.
President-elect Trump has positioned himself as crypto-friendly, referring to himself as the “First Bitcoin President” during his campaign. Many of his top aides are known crypto proponents, including billionaire Elon Musk, regarded as the face of the meme token DOGE.