In a notable development, Cardano’s ADA has reentered the top 10 cryptocurrencies by market capitalization, propelled by a substantial double-digit rally on Nov. 8 as the broader crypto market gathered momentum following Donald Trump’s win in the U.S. 2024 presidential election.
ADA Price Soars Alongside Bitcoin, Ether
After weeks of price consolidation, Cardano’s latest surge has allowed it to retake its position among the top 10 crypto club. ADA jumped above $0.44 on Friday to reach levels not seen since late July. The token has added 13.2% over the last 24 hours, outshining the rest of the market and up by 24.5% in the last week.
Cardano has among the top 10 cryptos for a while, but it was knocked out earlier this year, giving way to Telegram-linked Toncoin (TON) and then Justin Sun’s TRON (TRX). But, ADA’s latest price move has pushed it back into the limelight.
Cardano’s price growth catalyst includes a marketwide upsurge, with Bitcoin, the largest crypto by market cap, setting a record high near $77,000, buoyed by Donald Trump’s triumph in the U.S. presidential race. Trump’s victory is considered bullish for the crypto market following his vow to foster a crypto-friendly business environment.
Similarly, the total crypto market capitalization has risen by 0.8% over the last 24 hours and 9% over the last four days to hover at $2.7 trillion as of publication time.
ADA To $8?
ADA’s bullish price action on Friday positions the token for further massive gains.
One crypto pundit by the name of Javon Marks believes ADA is on the verge of a parabolic surge. He tips $2.7709 as an initial breakout target for ADA, representing a roughly 531% climb from current price levels.
In addition, the analyst says ADA could appreciate 1,700% to $7.77 based on historical patterns.
In other words, the current ADA price of 44 cents could act as a launch pad for the layer-1’s continued ascent.