Cardano (ADA) May Be on Track for the Next Price Breakout

Cardano (ADA) founder Charles Hoskinson has profoundly announced some sort of “secret talks” with Elon Musk's SpaceX. It doesn’t necessarily mean there is any concrete new roadmap for Cardano, but even without that, the 9th most capitalized cryptocurrency looked left behind the current crypto renaissance and, hence, was worth paying attention to. Hoskinson did not provide details, citing an NDA.

The initiative gained momentum after the developer visited Musk's office. Hoskinson made it clear that talks are ongoing and promised to reveal more in due course. In November, Hoskinson also offered Ripple (XRP) a partnership with Cardano.

In 2023, the Cardano Foundation allocated $19.22 million to its core research areas and invested another $4.55 million in operating expenses as part of its strategic focus on growing the ecosystem. As of December 2023, the foundation's assets were valued at $478.24 million, of which 82.5 percent was ADA, 10.1 percent was bitcoin, and the remainder was U.S. dollars. Hoskinson's leadership, as well as Cardano's zkApp innovation and regulatory optimism, is setting the ADA up for significant momentum, with analysts predicting a price hike to $6 by 2025.

Over the course of last week, Cardano soared by 36%, second only to XRP (~98.5%). Over the past weekend, the token advanced by 7.3% to $0.7747, thereafter trimming its gain to $0.7330.