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Why Cardano (ADA) is Going Up: Grayscale's ETF Bet Sends Price Soaring
Altcoins, particularly Cardano (ADA), have posted impressive gains recently despite Bitcoin struggling to maintain the psychological $100,000. ADA's positive gains were boosted by developments involving exchange-traded funds impacting the altcoins. According to CoinMarketCap data, Cardano's daily chart was up 13% at the time of publication. It has also gained 4% in the past week, ranking 9th with a market capitalization of more than $27 billion. Cardano Joins the ETF FrenzyOn Monday, crypto investment company Grayscale reportedly filed for a Cardano-focused ETF, boosting the digital asset's performance. ADA has now outperformed major cryptocurrencies, including Bitcoin, and the second-largest digital asset, ADA.Bitcoin's journey through the $100,000 threshold has been a difficult one. The top-ranking crypto asset has remained in a consolidation, trading between $93K and $106k since mid-December last year. Currently, Bitcoin commands a market dominance of 60% amid investor optimism that the price could surge again. However, for now, it's the altcoins that are grabbing attention.
Altcoins, particularly Cardano (ADA), have posted impressive gains recently despite Bitcoin struggling to maintain the psychological $100,000. ADA's positive gains were boosted by developments involving exchange-traded funds impacting the altcoins.
According to CoinMarketCap data, Cardano's daily chart was up 13% at the time of publication. It has also gained 4% in the past week, ranking 9th with a market capitalization of more than $27 billion.
Cardano Joins the ETF Frenzy
On Monday, crypto investment company Grayscale reportedly filed for a Cardano-focused ETF, boosting the digital asset's performance. ADA has now outperformed major cryptocurrencies, including Bitcoin, and the second-largest digital asset, ADA.
Bitcoin's journey through the $100,000 threshold has been a difficult one. The top-ranking crypto asset has remained in a consolidation, trading between $93K and $106k since mid-December last year. Currently, Bitcoin commands a market dominance of 60% amid investor optimism that the price could surge again. However, for now, it's the altcoins that are grabbing attention.
