The crypto market’s uphill movement continues, with altcoins like Cardano (ADA) and Solana (SOL) notching huge gains. This comes on the heels of improved bullish sentiment in the market, with institutional and retail investors raising buying pressure. At the time of writing, the ADA price stands at $0.6, a 14% surge in the last 48 hours. The community dubbed ETH killer is up 80.3% this week, increasing 30-day figures above 51%.
These gains have attracted massive activity around the coin, taking its market cap and 24-hour volumes to $21 billion and $4 billion, respectively. The latter jumped a staggering 175%. Meanwhile, altcoins have seen gains after Bitcoin soared to new highs above $80k. Ethereum (ETH) and Solana’s (SOL) surged 8.4% and 10.26%, respectively, with Solana reclaiming $200 per coin.
Reasons For Cardano’s Spark
ADA price is influenced by a plethora of factors, including macro and on-chain events. The asset has recorded a jump in funding rates, with bulls weighing in on improved inflow. Since June, the asset’s funding rate has soared to 0.0159%, the highest figure showing bulls’ desire for long positions.
Aside from open interests, the assets also skyrocketed due to optimism from the Chang 2 Hard Fork, enabling a range of integrations. It enables full on-chain governance, which the community has long anticipated. The process will include a decentralized voting model allowing the community to delegate powers to representatives or handle it themselves. Project upgrades are popular and often ignite new energy in the ecosystem.
US Election and Bitcoin Impact
For many commentators, the largest impact on Cardano’s price is the outcome of the US elections. Like other crypto assets, ADA recorded bullish traction on the anticipated suitable regulatory atmosphere in the United States. This will increase confidence in pouring funds into the market. The new all-time high of Bitcoin also boosted altcoins, sparking new runs not recorded in months.
Digital asset holders have called for more collaboration with the network. In a recent tweet, web3 developer Dave called on Kraken to support the Cardano community.
“Hey @krakenfx, Cardano has a thriving ecosystem of great projects and Native Assets that will in turn soon have exposure to Bitcoin’s 1.5 Trillion Dollar Market Cap which is currently 61% of the entire Crypto Market. Will Kraken be the first tier 1 exchange supporting the Cardano ecosystem and community?”
