Cardano (ADA) Price Pumps 16% Ahead of 2024 US Election

Cardano (ADA) prices have been on a downward trend since March. However, the token suddenly pumped just a few days leading to the 2024 US election.

Cardano (ADA) prices have been on a downward spiral since March; however, the token suddenly pumped just a few days leading to the 2024 US election. On Wednesday morning (UTC), it touched a value that it lost more than two years ago.

In the past 24 hours, Cardano’s price spiked by around 16% from a $0.7239 low to a $0.8466 high. By noon, ADA still sat within the $0.82 zone to keep over 10% of its one-day gain.

The numbers also represented a significant increase in the digital asset’s value by more than 55% in a week, 128% in a month, and 111% in a year. All these aligned its price within a bullish path in the short-term and long-term trends.

Along the way, Cardano’s trading volume spiked by over 99% as $3.17 billion worth of its tokens moved across crypto wallet addresses. This signified a strong investor interest in the virtual asset within this period. Meanwhile, the same feat elevated the market cap of ADA’s 35.03 billion circulating supply to $28.94 billion, allowing the token to reclaim its spot in the ninth place among the top cryptocurrencies by market cap.

Cardano’s current dollar exchange rate remains 73% below its all-time high of $3.10 three years ago. Nevertheless, the heightened investor optimism in the crypto market, coupled with its blockchain’s latest achievements, could position ADA to a further rally that could narrow the gap or even surpass its historic peak.

The Impact of Bitcoin, US Politics, Stellar Rumors on ADA Price

Cardano’s soaring price today coincided with Bitcoin’s (BTC) milestone to a new all-time high at $94,002.87. In addition, there are also significant developments within the US political landscape happening in the background, which is sustaining the momentum of Bitcoin and mainstream altcoins.

However, one of the primary factors that is likely driving Cardano’s price pump today is the speculation surrounding its possible partnership with Stellar (XLM). This stemmed from Charles Hoskinson, founder of Cardano, recently confirming an earlier meeting with Jed McCaleb, Stellar’s developer and former Ripple Chief Technology Officer (CTO).

The two crypto personalities have yet to offer more details about their meeting. Nonetheless, this has ignited rumors of a potential tie-up between Cardano and Stellar.

On the other hand, due to McCaleb’s former ties with Ripple, the affair sparked suspicions that Cardano’s Midnight sidechain could be integrated within the XRP ecosystem and the Ripple USD (RLUSD) stablecoin for cross-border payments.