Cardano (ADA) is currently the best-performing cryptocurrency in the daily charts among the top 10 projects by market cap. The asset has rallied 15.1% in the last 24 hours, 15.6% in the 14-day charts, and 95.4% over the previous month. ADA’s price has also risen by 102.3% since December 2023. ADA has dipped by 2% despite the rally over the last week.
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Why Is Cardano Rallying?
ADA’s latest upward momentum follows Bitcoin’s (BTC) climb to the $100,000 mark. BTC is the market leader, and other assets usually follow its trajectory.
Market participants may be taking positions before US President-elect Donald Trump assumes office. Many anticipate an extended bull run under Trump’s leadership. Trump has already named a new SEC chair and a White House crypto czar.
ADA’s rally follows the recent surge in altcoin prices. BNB, Solana (SOL), and TRON (TRX) hit new all-time highs over the last few weeks.
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Will The Cryptocurrency Hit $2 Next?
According to CoinCodex, Cardano (ADA) will continue to rally over the next few months. The platform anticipates the asset to breach the $2 mark on Jan. 17, 2025. According to CoinCodex data, ADA will trade at $2.98 on Feb. 22, 2025. Hitting $2.98 from current price levels will entail a rally of about 156.9%.
Changelly, on the other hand, presents a more bearish forecast for Cardano (ADA). The platform does not expect ADA to breach the $2 mark till at least March 2029, about four years from now. Changelly predicts ADA to trade at a potential maximum price of $2.10 in March 2029.
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There is a possibility that Cardano (ADA) will reclaim its all-time high of $3.09 when Trump assumes office. We may witness another market-wide rally early next year.