Cardano Price Surges 15% Following Grayscale ETF Application
Cardano's price increased by 15%, reaching $0.80, which has contributed to a revival in the altcoin market, outperforming Bitcoin, Ethereum, and XRP. This surge follows NYSE Arca's submission of a spot Cardano ETF application on behalf of Grayscale.
Key Developments
- ADA's daily trading volume rose 54% to over $1.18 billion.
- Futures open interest for ADA increased by 19.4% to over $742 million.
- Short liquidations reached $2.67 million amid $3.5 million in total liquidations.
- Analyst Ali Martinez identified a support zone between $0.67 and $0.81, suggesting potential for further gains if ADA surpasses $0.81.
- Investor focus is shifting from meme coins to Layer-1 networks like BTC, ETH, SOL, and ADA.
Grayscale's Spot Cardano ETF Application
The ETF application aims to list and trade shares of a new Grayscale Cardano Trust, marking the first investment product for Cardano from Grayscale. Coinbase Custody Trust Company will act as custodian, while BNY Mellon Asset Servicing will serve as administrator. This move is part of Grayscale's broader strategy, following its recent filing to convert its Solana trust into a spot ETF.