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 the data from CoinMarketCap, Cardano was up by 13% in the daily chart, 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 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, Cardano (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.

Feb 11, 2025 - 17:57

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 the data from CoinMarketCap, Cardano was up by 13% in the daily chart, 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 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, Cardano (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.