Cardano (ADA) rises 23% daily to over $1, outperforms USDC

After the recent consolidation, Cardano resumed its recent bull run in the last 12-24 hours with another double-digit increase that pushed it above $1 for the first time in over two years.

In the process, its market cap has soared to nearly $40 billion, according to CoinGecko, making ADA the eighth-largest cryptocurrency by that metric after surpassing USDC’s $38.8 billion.

ADAUSD. Source: TradingView ADA recent rally

Perhaps it all started two weeks ago when IOG founder Charles Hoskinson said that he will spend part of his time in 2025 working together with the Trump administration to establish a more favorable and fair crypto policy in the US. At that time, ADA exploded 30% daily and approached $0.6.

Hoskinson continued his interactions and suggestions of something big over the following weeks, and ADA continued to climb. It broke above $0.72 last weekend and speculation began to emerge as to whether it could “do an XRP” and shoot above $1.

It consolidated around $0.8 for a few days, but on Friday evening started another stage that pushed it to $0.9. The bulls kept their foot on the gas pedal and indeed ADA crossed the $1 milestone hours ago. Also, the asset jumped to a 2.5-year high of $1.15 this morning before retreating slightly to $1.08.

ADA has gained more than 200% in the past month, which is second only to Dogecoin’s 230% increase from the top 15 cryptocurrencies.

Can it reach $10?

With $1 already reached during this cycle, crypto analysts and commentators began highlighting new goals for ADA for the coming months. Interestingly, the one mentioned most often is quite optimistic: $10.

See you at $10 #ADA

— Deezy.eth (@deezy_BTC) November 23, 2024

If ADA’s offering remains the same as it is now, a price of $10 would mean its market cap would soar to roughly $400 billion. To put things into perspective, this would help ADA rival ETH, which now has a market cap.

To get there, however, ADA would need to overcome several resistance levels on its way, including the September 2021 all-time high of $3.09 (CoinGecko data) and $3.5, according to Beastlorion, which shared an interesting graph about X.

$ADA Bull target this cycle: I’m thinking $3.5 low, $10 high.

what do you think pic.twitter.com/83zLRLx41M

— Beastlorion️ (@Beastlyorion) November 20, 2024

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