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    Cardano’s ADA experiences over 8.5% surge in 24 hours following significant summit developments and positive US job data

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    HI Can Cardano reach it's all-time-hight, and what is behind the recent price jump, Ripple, clear sky, upwards, rise, growth, crypto, altcoin, takeoff, flight, start

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    Cardano’s cryptocurrency (ADA) saw an over 8.50% increase in value within 24 hours, outperforming the broader crypto market. This surge may be due to the conclusion of the 2024 Cardano Summit and optimistic US job data. Major developments were unveiled at the summit, including EMURGO’s collaboration with BitcoinOS, potentially directing Bitcoin’s $1.3 trillion towards Cardano’s DeFi ecosystem. Anticipation of an interest rate drop due to the latest US job data might also have fueled ADA’s rise. Experts anticipate a potential 35% increase in ADA’s price by 2025.

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    Cardano (ADA), one of the popular cryptocurrencies, has made a substantial recovery in the last 24 hours. On November 2, it soared by over 8.50% and reached $0.363. This outdid the overall crypto market, which only saw a slight increase of a bit more than 1% in the same period.

    One of the suspected reasons behind the ADA’s nice little bounce back could be the conclusion of the 2024 Cardano Summit held in Dubai. Another factor could be the recent US jobs data that shows a lower unemployment rate for the month of October.

    While the Summit was taking place, there were some quite significant announcements and developments. One standout was EMURGO, a company dedicated to promoting blockchain on the Cardano network. They made an exciting move by joining up with BitcoinOS (BOS), a smart contract scene for Bitcoin. This means Bitcoin’s massive $1.3 trillion could now flow through Cardano’s DeFi ecosystem.

    The summit served as a platform for popular speakers and initiated connections with big names like Binance and Animoca Brands. These events usually encourage speculation, with buyers coming on board hoping for revelations that might bring more value and practicality to the network.

    The ADA’s recent spike came at the same time as similar trends in the high-risk market. This may have been influenced by the hope of an interest rate drop after the latest US jobs report.

    Although hiring in the US during October was the slowest we’ve seen since 2020, and nonfarm payrolls only brought in 12,000 jobs, the unemployment rate stayed steady at 4.1%. Average hourly earnings also saw a slight increment.

    With this jobs report being the last significant economic figure ahead of the Federal Reserve’s meeting and the Presidential election on November 5, the probability of a 25 basis-point rate fall in November grew up to 98.9%, a jump from 94.8% before the report was out.

    On average, lower rates bring about more market liquidity and give a leg up to asset evaluations. This creates an environment where higher-risk markets, including crypto, are seen as better options for those seeking returns.

    ADA’s price might experience an increase of about 35% by 2025. Today’s gains can be seen as part of a technical bounce back – the crypto itself has risen by more than 15.50% within a week after assessing its ascending trendline support. But do remember, all types of investment and trading carry some degree of risk, so do your homework well before putting your hard-earned money into this.

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