Oh, Cardano (ADA), you fickle creature! After a dazzling 15% rally, you’ve left investors feeling rather deflated. Alas, the cryptocurrency world is a tumultuous sea of emotions, and ADA has proven itself a tempestuous captain.
Is institutional interest boosting trading volume?
According to CoinMarketCap, ADA has managed to cling onto its gains like a barnacle on a ship. Some market watchers suggest that the recent mild rally might have been triggered by Grayscale’s filing for a Cardano exchange-traded fund (ETF). Could this institutional interest be the secret sauce behind ADA’s upsurge? ๐ค
However, the bears have returned, dragging ADA back down to earth. Despite this, investors continue to accumulate ADA like it’s going out of style. ๐ธ
The trading volume has skyrocketed by 88.84% to a whopping $1.5 billion in the last 24 hours. Analysts attribute this increased interest to Grayscale’s ETF filing. ๐
As of this writing, ADA is trading at $0.7934, representing a 12.98% increase in the last 24 hours. The coin has managed to stay above the $0.75 mark as it struggles to regain new heights. ๐
Upcoming upgrades could boost ADA to key levels
With the recent institutional interest sparked by Grayscale, investors could anticipate other asset managers to begin looking at ETFs for the coin. ๐ค
Meanwhile, Cardano’s Plomin Hard Fork and Ouroboros Leios upgrades, which support the transition to a fully decentralized governance system, might catalyze ADA’s value. It could also improve the scalability of the chain. Some speculate that ADA might attempt to hit $1.90 after the upgrade. This is as the $3.10 all-time high set on Sept. 1, 2021, remains elusive. Analysts predict that if Cardano breaches the psychological $1 mark again and current trading volume persists, investors should anticipate climbs to $1.06, $1.37, and $1.6. ๐
On a bearish note, it could drop to retest the $0.50 mark overall. ๐ป
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2025-02-11 19:34