The Cardano Underdog Is Awake 😳
Amid BTC's dream run towards $100K and meme mania, ADA is making quiet, giant leaps. Beats BTC in 30D returns. Hoskinson to collaborate with White House; but doesn't want crypto-czar position.
Welcome to your Thursday’s dose of crypto. Today, we're looking at the forgotten dark horse of the post-Trump crypto rally.
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Remember crypto’s 2021 bull run? When Cardano was sitting pretty at its all-time high (ATH) of $3.10 in September?
What followed was a brutal fall from grace.
While Bitcoin and Ethereum maintained their crypto royalty status, ADA became the forgotten giant of the bull run.
But sometimes, the best comebacks happen when no one's watching.
While Trump’s re-election has kept everyone busy and obsessing over Bitcoin's rally to $97K and DOGE's federal dreams, Cardano's quietly engineered a 145% rally since November began.
The Number Game
ADA currently trading at $0.78
Up 35% in a week
Hit two-year high this week
Highest trade volume in two years: $5.51B on Nov 11
So, what’s kicked up the sleeping altcoin?
Multiple things…
The D.O.G.E Connection 🏛️
Rumours are ripe that the newly announced Department of Government Efficiency (D.O.G.E) might be eyeing Cardano's blockchain for a federal voting system.
And with Cardano founder Charles Hoskinson declaring in his X podcast that he'll be "spending quite a bit of time working with lawmakers in Washington, D.C." in 2025, the market's connecting some interesting dots.
What else is driving up Cardano?
The On-Chain Truth
Over 8,900 whale transactions in two weeks
Volume confirming the breakout
Futures Open Interest: $726M (highest since 2021)
Net exchange outflows of $50.89M (highest in 2024)
The Trump Ripple Effect
Broader crypto market optimism
Potential regulatory clarity ahead
Growing blockchain adoption talks
Alt-season momentum building
The Technical Picture
Finally broke 7-month bearish trend
Testing critical $0.854 Fibonacci level
Eyeing psychological $1 barrier
Volume supporting the move up
RSI highest since 2021
So, is Cardano all set to move towards its 2021 ATH?
Not so soon.
Several metrics suggest that ADA might be approaching overheated territory with its current price level.
Relative Strength Index (RSI) sitting at 77 (deep overbought)
Market Value to Realised Value (MVRV) ratio at dangerous 37%
Historical resistance looming at $0.90
Peak Open Interest often signals local tops
Token Dispatch View 🔍
While meme coins chase headlines and Bitcoin chases $100K, Cardano's showing us what a metrics-driven rally looks like.
Whether it's trading volume, whale activity, or technical breakouts, ADA's move has been driven purely by numbers, especially given its recent lull after the 2021 bull run.
With RSI screaming overbought and MVRV in the danger zone, investors might have to take caution before they put their money in at this stage.
But, given Hoskinson’s probable collaboration with Trump, Cardano may be looking at its best shot in years to smash out of the technical breakout zone.
Amid all this, Hoskinson maybe eyeing the first crypto role at the White House that Trump is considering. Maybe he won’t?
Read on …
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Block That Quote 🎙️
Charles Hoskinson, Cardano Founder
"With respect to the idea of a Crypto-Czar at the White House, I feel the role needs to be filled with someone who is neutral, works with all protocols, and has a deep understanding of why crypto is special."
Drama? You bet.
Hoskinson just backed Coinbase's Brian Armstrong for the White House's new "Crypto-Czar" position.
Why Armstrong? He reasons
Industry neutrality
Regulatory expertise
Cross-protocol experience
Track record at Coinbase
Many on Crypto Twitter also agreed with Hoskinson. But not all.
Some didn’t want Brian in the top crypto role.
For now, the crypto world's split on whether the biggest centralised exchange's CEO should guide decentralised finance's future.
Well, it does at least sound ironic.
In The Numbers 🔢
140% vs 50%
That's how Cardano has outperformed Bitcoin since November began. While everyone's watching BTC's march to $100K, ADA's been quietly crushing it.
Let's break it down.
Cardano's Trump Trade
Started at $0.34 pre-election
Currently at $0.78
Hit two-year high
140% gain in 20 days
Bitcoin's Performance
Pre-election: $65K
Current: $97K
50% monthly gain
Multiple ATHs
Eyeing $100K
But here's where it gets interesting.
Whale Activity
ADA: 8,900+ transactions (6-month high)
Exchange outflows: $50.89M
Open Interest: $726M (3-year peak)
Trading volume at 7-month high
While Bitcoin's making headlines, Cardano's making moves.
This isn't just about price. ADA's metrics suggest this rally has stronger legs than the typical alt-season pump.
The Surfer 🏄
President Putin advocates for crypto mining in Russian regions with excess electricity, emphasising the need for energy-rich areas to capitalise on this opportunity. He warns against mining in regions experiencing power shortages, highlighting the strain that crypto operations can place on local grids.
FTX co-founder Gary Wang has been sentenced to time served and forfeiture of assets in a New York court on November 20. He was the last of five FTX executives to be sentenced following the 2022 collapse of the exchange and related fraud charges. Wang pleaded guilty to fraud in December 2022, alongside former Alameda Research CEO Caroline Ellison, who received a two-year sentence.
MicroStrategy's market cap has surpassed $100 billion and is on track to exceed Intel's nearly $102 billion market cap. Analysts predict MSTR stock could rise to $450 as Bitcoin's price continues to climb, with expectations of accelerated BTC acquisitions.
South Korea confirms North Korean hackers Lazarus and Andariel were behind the $50 million Upbit hack in 2019. The hack involved the theft of 342,000 Ether (ETH), which was worth about $147 each at the time. Due to the surge in Ether's value, the stolen crypto is now valued at over $1 billion.
Stablecoin inflows to crypto exchanges reached $9.7 billion in a single month, the highest ever recorded. This surge indicates increased investor interest and could propel Bitcoin towards the $100,000 milestone.
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I think Charles’ NDA with SpaceX and pending Midnight airdrop are also driving heavy speculation.