Cardano gains big after Trump’s crypto reserve announcement
U.S. President Donald Trump on Sunday announced the establishment of a U.S. Crypto Strategic Reserve, which includes several major cryptocurrencies: Bitcoin (BTC), Ethereum (ETH), XRP, Solana (SOL), and notably, Cardano (ADA).
This announcement had an immediate and significant impact on the cryptocurrency market, particularly for Cardano.
Following Trump’s announcement, Cardano experienced a remarkable surge in its price. The information provided indicates that ADA’s price jumped from approximately $0.6468 to $1.06 within just 24 hours, marking an increase of over 60%.
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This rapid increase made Cardano the biggest gainer among the cryptocurrencies mentioned in Trump’s reserve list. The surge was fueled by heightened investor interest and confidence stemming from the recognition of ADA as part of a national strategy.
The trading volume for Cardano also saw an extraordinary rise, increasing by 1,578% to reach $9.76 billion within the same timeframe. This spike in trading volume indicates that many investors were actively buying into ADA rather than selling off their holdings. Long-term holders of Cardano appeared to be retaining their assets instead of cashing out during this price surge, suggesting a belief that this increase could be sustained rather than just a fleeting moment.
The inclusion of Cardano in Trump’s Crypto Reserve signals potential long-term benefits for the cryptocurrency. If institutional investors begin to take interest and if current holders maintain their positions, it could lead to further price appreciation beyond the initial spike. The backing from a high-profile figure like Trump may also lend credibility to Cardano as a viable investment option moving forward.
