Cardano (ADA) has seen a remarkable 35% increase in value, eclipsing major cryptocurrencies after founder Charles Hoskinson announced plans to help shape US crypto policy under the Trump administration.
Hoskinson’s statements increased speculative interest in ADA, leading to a rapid increase in the coin’s value and trading volumes.
Over the past 24 hours, ADA has climbed above $0.58, its highest level since April. Weekly gains are now over 77%, while trading volume reached $3.3 billion on Saturday, a significant increase from $300 million in the previous 24-hour period.
This increase in activity was also reflected in the futures markets, where open interest in ADA rose to 858 million ADA, worth over $500 million at current prices. The increase in open interest, which follows futures contracts that have not yet been settled, likely indicates fresh capital flowing into ADA in anticipation of further volatility and potential gains.
The overall crypto market has also benefited from recent macroeconomic events, including the election of Donald Trump as the US president and the 25 basis point rate cut by the Federal Reserve. Both developments have spurred bullish sentiment among major tokens, including Bitcoin.
However, ADA’s unusual rally appears to have been fueled by Hoskinson’s commitment to engaging with policymakers in Washington, D.C. In a recent podcast, he announced his intention to collaborate with industry leaders and lawmakers on developing crypto-friendly policy.
“I will be spending a significant amount of time working with lawmakers in Washington, D.C., to help develop and support crypto policy alongside other key leaders in the industry,” Hoskinson said.
*This is not investment advice.
