Cardano Price Spike: Here’s Why Bulls Anticipate More Gains For ADA

Cardano (ADA) has gained momentum in the last seven days, pushing up coins within its ecosystem. ADA exchanges hands at $0.75, recording over 6% gains today. A look at crypto price charts shows the asset ranks second place behind XRP in terms of daily price gains among the top 10 cryptos by market capitalization. The last seven days saw Cardano move 24%, while monthly trading keeps the coin in triple gains.

Most crypto enthusiasts have cited ecosystem activities such as the anticipated milestone, meme coins, and the release of its financial statements as reasons for the rise. On November 18, Cardano witnessed high activity as the wider network looked to reach its 100 million milestone. At the moment, Cardano boasts 1,973 projects with 1.3 million wallets. This marks a global adoption, with developers keen on a wider adoption.

This month, the total value locked (TVL) in Cardano spiked by over 100% to $470 million. Secondly, the release of its financial insight report boosted community confidence following investment in education, innovation, and adoption. According to the release, the Foundation spent $4.1 million on education, $12.9 in network adoption, and $2 million on operational resilience.

“This report represents a natural evolution of our open-source philosophy, where transparency is not merely a concept but a core principle we wholeheartedly embrace. This report highlights the importance of accountability, disclosing the allocation of our resources, and how they help advance Cardano as a public digital utility across a wide range of industries,” Frederik Gregaard, Cardano Foundation’s CEO explained in the report.

Cardano Coins on The Rise

Coins within Cardano and related tokens in the market are surging. Top assets like LINK and SNEK maintain the lead with 10% and 14% daily gains, respectively. For the largest gainers, MELD, which trades at $0.000321, has a 37% daily growth, followed by Dexhunter and Husky, which sign 31% and 28%, respectively. These assets also recorded longer-term gains as bulls aim for an ADA price surge.

Cardano’s founder, Charles Hoskinson, has been keen on positive crypto rules after Donald Trump’s win. During the campaigns, Trump tilted towards crypto, launching a decentralized finance (DeFi) application and a slew of non-fungible tokens. The President-elect also promised to end the Biden administration’s war against crypto and end attempts to create a Central Bank Digital Currency (CBDC).