Collins J. Okoth
Cardano’s native digital asset ADA has decoupled from the altcoin pack after a recent price surge. ADA has soared by more than 40% in the last seven days and is up 6% in the last 24 hours. According to Santiment, ADA’s recent price movement is credited to increased whale activity and transaction volume.
Cardano’s ADA has recently stood out against other altcoins by recording impressive gains. The asset has surged by 6% in the last 24 hours, pushing its seven-day gain by 47.47%.
Cardano claims the ninth position on CoinMarketCap’s list of top crypto projects. The asset’s 24-hour trading volume is $2.2 billion, and its market capitalization is $57.2 billion at the time of this publication. ADA is down 74% from its all-time high of $3.10 and is exchanging hands for $0.78.
📈 Cardano is decoupled from the altcoin pack, nearly matching its 8-month high. Its price ratio against Bitcoin is also nearing an 8-month high. The last time we saw this level of ADA transaction and whale volume was in June, just prior to a +26% burst in the ADA/BTC pairing. pic.twitter.com/8EmEAySWaq
— Santiment (@santimentfeed) November 20, 2024
According to data from the market intelligence platform Santiment, Cardano’s recent price movement has decoupled ADA from the altcoin pack. The asset’s price is almost at its 8-month high. ADA’s ratio against Bitcoin is also approaching an 8-month high.
Transaction volume this week also soared to a 7-month high cumulatively, settling at $52.26 billion in ADA. The whale activity has also surged to levels last seen in June. According to Santiment, the smart contract platform has experienced more than 8,900 whale transactions for a 2nd straight week, bringing the tally to a six-month high.
Cardano’s Hoskinson hints at the possibility of collaborating with Ripple
On November 17th, Charles Hoskinson held another livestream and hinted at the possibility of working with Ripple. He said he was communicating with Ripple’s chief technical officer, David Schwartz, and the two plan to meet soon.
“I think we can add amazing DeFi components to XRP. I think they can add a lot of liquidity; they can add a wonderful stablecoin layer [RLUSD]; bridges definitely. It would be super cool to get Midnight working with XRP.” ~ Charles Hoskinson
Hoskinson said the relationship between XRP and Cardano could be symbiotic, where Cardano may add DeFi components to XRP, and the latter can introduce new liquidity, Ripple’s stablecoin USD, and bridges.
Hoskinson will help regulators develop crypto policies next year
The news comes after Cardano’s founder and Ethereum co-founder Charles Hoskinson announced plans to help the incoming U.S. administration shape crypto policies to promote a more friendly crypto environment. During a livestream, the crypto pioneer highlighted that he will collaborate with regulators starting next year to help shape the crypto regulatory environment in the U.S.
Hoskinson blamed the U.S. Securities and Exchange Commission (SEC) for its lack of clear regulations and targeted aggressive attacks against the Solana, Ethereum, and Cardano ecosystems. Charles Hoskinson also insisted that the financial watchdog has also impeded the growth of Bitcoin and its underlying ecosystem despite approving spot Bitcoin ETFs earlier this year.
During the livestream, Hoskinson campaigned against companies such as BlackRock dictating crypto policies and advocated that the industry’s policies be formulated by the American crypto community.
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