The total value of crypto locked (TVL) in smart contracts on the Cardano blockchain just surpassed $700 million according to DeFi Llama, a new record high.
The Cardano price has seen a massive surge since pro-crypto Donald Trump’s victory in the US presidential election, which also saw pro-crypto Republicans win a majority in both houses of Congress.
ADA was last around $1.21, up roughly 4x versus its pre-US election levels in the low $0.30 area.
Crypto investors are piling into the token amid bets that its ecosystem will boom under a pro-Trump administration in the US over the next four years.
Notably for Cardano, the current SEC chair Gary Gensler, widely viewed as an enemy of the crypto industry, will step down in January.
His agency had sued US crypto firms claiming that the token they sold, including ADA, were unregistered securities.
Cardano’s co-founder Charles Hoskinson, meanwhile, is touted as a potential crypto advisor to the Trump admin.
So, with TVL at record highs and the ADA price at its highest since early 2022, is Cardano shaping up to be 2024’s top altcoin?
Will ADA Become 2024’s Top Altcoin?
Cardano, alongside XRP (XRP) has certainly been one of the best altcoins since Trump’s US presidential election.
But its 104% year-to-date gain only ranks it as the 12th best performer in 2024 out of the top 20 coins by market cap.
Coins like Sui (SUI), Dogecoin (DOGE) and XRP (XRP), by contrast, are each up over 300% since the start of 2024.
So Cardano would have to at least 2x from current levels to finish the year as the “top” top 20 altcoins of the year.
But comparing altcoins like this isn’t the most constructive way to think about things in crypto during a bull market.
A better question to ask is this – will ADA perform strongly in 2025?
The answer is yes (probably).
Bitcoin dominance is currently breaking down, and altcoin markets are heating up, suggesting a new alt-season is here.
And Cardano has plenty of highly bullish narratives, including that it is now marketing itself as Bitcoin’s DeFi chain, which could feed hype and excitement going into 2025.
Lark Davis recently argued that it could surge a further 10x from current levels.
Cardano Alternative to Consider
Cardano is a strong candidate for best crypto to buy now given the prospect of massive further gains in 2025 and beyond.
But some experienced crypto investors will be hunting for much lower market cap gems that might be able to deliver much greater upside over a short-term time period.
One of the best ways to get into a low market cap gem before it starts really trending is via investing in high-potential presales.
Analysts at cryptonews.com maintain a list of their top presale picks each month. One in particular that really stands out this December is Best Wallet (BEST).
Best Wallet is a new crypto wallet that comes packed with dozens of useful and exciting features such as crypto trading, portfolio management, staking, a debit card and a presale aggregator, as well as typical tools such as conducting crypto transactions and browsing web3.
The exciting new project has already raised more than $2 million, despite only launching its fundraising efforts barely a few weeks ago.
That’s no surprise given dozens of widely respected crypto experts have come out in favor of the project, including the likes of Clinix Crypto, Austin Hilton, The Crypto Mark, Crypto Wire, Crypto Zeus and 99Bitcoins.
The post Cardano TVL Blasts to New Record High – Will ADA Become 2024’s Top Altcoin? appeared first on Cryptonews.
