Cardano ($ADA) Shows 40% Rally in Just 7 Days Amid Trump Win and Network Upgrade: What’s Next?

On Nov 9, 2024

Cardano ($ADA) has shown a 40% rally in just 7 days. The trade price of the ADA coin surged rapidly following Donald Trump’s win in the 2024 U.S. presidential election.

Cardano is a popular Proof-of-Stake (PoS) crypto network known for its superior scalability and stability in processing transactions. $ADA is the native token of the Cardano blockchain network.

The current trade price of the ADA coin is $0.44, which is 24% higher over the past 7 days. Notably, the lowest trade price was $0.32, while the highest reached $0.45 within the same period, marking a more than 40% increase in a short time frame.

#Cardano is always better with any price level pic.twitter.com/d1aNAYgnqP
— Bitcoinik (@Bitcoinikdotcom) November 9, 2024

The notable price surge of this cryptocurrency is attributed primarily to two factors: Donald Trump’s victory in the U.S. presidential election and the latest upgrade in Cardano’s core technology.

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Cardano’s latest developments feature the release of Node version 10.1.2, a follow-up to version 10.1.1, providing further refinements. The DB Sync team has prepared a pre-release for version 13.6.0.0, designed to be compatible with Node version 10.1.0, and is currently testing it before the mainnet launch. Additionally, the Ledger team enhanced internal code quality and introduced a new query that allows users to determine the default vote for a specific stake pool operator. The performance and tracing team focused on further advancements in benchmarking and tracing.

Ledger Improvements: Code quality was enhanced, and a new query feature enables users to find default votes for specific stake pool operators.
Performance and Tracing: Continued benchmarking and tracing improvements were implemented.
— Bitcoinik (@Bitcoinikdotcom) November 9, 2024

Potential legal clarity for the ADA coin in U.S. jurisdiction

It is worth noting that the United States Securities and Exchange Commission (SEC) filed multiple lawsuits against several crypto companies, with ADA frequently mentioned as an unregistered security token in these cases. There is a possibility that the U.S. government may introduce crypto-specific measures to ensure that flagship crypto assets, which operate based on impartial principles, can be classified as commodity assets.