- Cardano’s market cap surged 11%, defying broader crypto market downturns.
- Large ADA holders accumulated 1.41B tokens, reinforcing bullish investor sentiment.
- Grayscale’s ADA ETF filing boosts institutional interest and price growth potential.
Cardano (ADA) is starting to look seriously interesting to crypto watchers, with investor spirits up for a potential rally. Crypto analyst Ali Martinez has gone on record saying Cardano is showing signs of breaking out and even thinks the price could jump to $0.83 if momentum holds up.
On-Chain Data for Cardano
Santiment’s on-chain data is painting a pretty bullish picture for Cardano’s price growth. The market value of ADA has jumped by a solid 11% in just the last day, which is pretty impressive when you consider most other cryptos have been heading south. This difference really shows that Cardano’s price action has some serious strength behind it.
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Additionally, big-time investors, the ones with massive wallets, have been steadily adding to their Cardano stashes since last November, and are still ongoing. Wallets with at least 1 million ADA have collectively piled up 1.41 billion tokens – that’s a substantive 2.35% of all the ADA out there.
This kind of consistent buying from the whales strongly suggests they’re feeling more and more confident about Cardano, and it definitely adds weightage for such breakout predictions. Plus, if institutional demand keeps climbing, Cardano could be in a prime position for a real price takeoff.
ADA ETF Developments Fuel Optimism
The push for an ADA ETF has further fueled positive sentiment. Grayscale’s recent filing with the New York Stock Exchange (NYSE) marks a significant milestone in advancing crypto-backed exchange-traded products. The increasing demand for crypto ETFs reflects a broader trend of institutional adoption, with Cardano emerging as a key player in this evolving landscape.
Grayscale’s move aligns with growing interest in diversifying crypto investment options. If the ETF secures regulatory approval, Cardano could attract significant institutional inflows, potentially accelerating its price surge.
Cardano’s Current Price Action
At press time, Cardano trades at $0.7749, with a 24-hour trading volume of $1.41 billion.
Related: Cardano’s Major Upgrade: Will the Plowman Hard Fork Send ADA to $13?
The price did dip 2.50% in the last 24 hours but remains nearly 1% higher than last week. With 36 billion ADA in circulation, the total market value is around $27.86 billion.
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 gains momentum amid ETF buzz and strong on-chain support, with analysts eyeing a rally toward $0.83 if bullish trends persist.){kind=link}