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Cardano (ADA) surprised the crypto world with a sharp price surge in November 2024, igniting renewed hope for investors following a steep decline earlier in the year. Speculation about Charles Hoskinson, Cardano’s founder, potentially joining Donald Trump’s newly elected administration has stirred excitement, with investors hopeful for crypto-friendly policies in the future.
Cardano’s Impressive Price Recovery in November 2024
After a challenging year in 2024, Cardano faced a value drop exceeding 40% through October, making it one of the year’s worst-performing cryptocurrencies.
However, ADA showed remarkable resilience in November, bouncing back and regaining much of its lost value within a week. On November 10, 2024, ADA reached $0.63, marking its highest price in three months. This rally brought ADA back into the top 10 cryptocurrencies by market capitalization, reflecting a week-long gain of around 90%.
The Role of Donald Trump’s Re-Election in ADA’s Price Rally
Cardano’s November price surge is partly seen as a response to Donald Trump’s re-election, as the former president is considered a pro-crypto leader. Speculation intensified when rumors began circulating about Charles Hoskinson’s potential involvement in Trump’s administration, raising hopes for pro-crypto policies and bolstering market optimism. While these rumors have not been confirmed, the idea of a crypto advocate like Hoskinson in a governmental role has stirred the interest of investors and heightened ADA’s value.
Also Read: Trump vs Harris Comprehensive Guide to Their Stances and Future Impact On Crypto
In a recent YouTube livestream, Charles Hoskinson addressed the speculation, clarifying that while Cardano has set up an office to enable closer communication with the government, no formal invitation from Trump’s administration has been extended. Hoskinson stated that Cardano’s involvement in federal crypto policy discussions is in the preliminary stages, with no definitive steps indicating any official government role.
Meanwhile, no official announcements have been made by Trump regarding the formation of a dedicated crypto policy group. This underscores that ADA’s price increase may be largely driven by market speculation rather than confirmed developments.
Will Crypto-Friendly Policies Drive Cardano’s Future Growth?
Although rumors of Hoskinson’s involvement in Trump’s administration remain unconfirmed, the mere possibility of crypto-friendly policies emerging has driven renewed interest in Cardano. Investors are watching closely for any official confirmation that could substantiate these rumors and solidify ADA’s position as a leading cryptocurrency in 2025.
As the crypto landscape evolves, Cardano’s recent performance may signify a turning point, driven by both speculative optimism and the potential for policy changes favorable to the cryptocurrency industry.