Cardano’s native cryptocurrency, ADA, entered the green territory on Wednesday after the US election results. Donald Trump clinched the presidency with more than 300 electoral college votes, defeating his Democratic rival, Kamala Harris. After the results showed a trump victory, around $200 billion worth of funds entered the cryptocurrency market. Bitcoin hit an all-time high of $76,243; other leading altcoins spiked by double digits in the charts.
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However, Cardano’s ADA failed to surge double digits despite the Trump-induced rally and was up close to 3%. Its price is now retracing in the charts, up close to 1.8%. The returns have been minimal compared to XRP and Solana’s counterparts, where they pumped double digits.
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Cardano (ADA) Could Rise 18% This Month: Price Prediction
A revised price prediction from leading on-chain metrics platform CoinCodex paints a bullish picture for Cardano’s ADA. According to the price prediction, the leading altcoin could print double-digit profits by the end of November 2024. As the bull market continues, the latest forecast reads that ADA could touch a high of $0.43 this month.
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“Forecasts for November suggest a continuation of the market trend, with a potential price increase to $0.43. Investors may witness a potential gain of 18.07%, if they decide to buy Cardano ADA at current prices and sell it at predicted rates,” read the prediction. An investment of $1,000 could turn into $1,180 if the price prediction turns out to be accurate.
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The rally stems from optimism in the markets, as $1.2 trillion worth of funds entered the US stock market on Wednesday. This made Dow Jones head north with 1,508 points and Nasdaq with 544 points. The S&P 500 index also surged 146 points, making the majority of stocks get back in action. Investors’ confidence has also flown into the cryptocurrency market, and Bitcoin and Cardano’s ADA could all benefit.