The surge in Cardano price coincided with a 54% increase in trading volume to $1.18 billion and a 19.4% rise in futures open interest to $742 million.
Grayscale, through NYSE Arca, filed for a spot Cardano ETF with the SEC on February 10, proposing to list and trade shares of the Grayscale Cardano Trust.
Coinbase Custody would act as the asset custodian, and BNY Mellon Asset Servicing would handle administration.
Cardano price has shot up by a massive 15% triggering a broader altcoin market revival and outperforming top market players like Bitcoin , Ethereum , and XRP . On behalf of crypto asset manager , NYSE Arca has submitted an application for a spot Cardano exchange-traded fund (ETF) on Monday. The development was enough to push the ADA price to $0.80, setting the stage for the next rally to $1.0.
Cardano Price Rally Past $1.0 Soon?
Cardano price is once again showing strength with 15% gains moving to its crucial resistance of $0.80. Also, the daily trading volume has surged by 54% to more than $1.18 billion, showing strength in this bullish momentum. Furthermore, as per the Coinglass data, the ADA futures open interest has surged by 19.4% moing past $742 million while the 24-hour liquidations have soared to more than $3.5 million, with short liquidations at 2.67 million.
Crypto analyst Ali Martinez has identified a crucial support zone for Cardano (ADA) between $0.67 and $0.81. Martinez noted that maintaining a position above this range could pave the way for a significant price rebound. Once the ADA price breaks past $0.81, it could set the stage for a further rally to $1.0 and beyond.
Blockchain analytics platform Santiment also reported that there’s a growing focus on Layer-1 networks such as BTC, ETH, SOL , and ADA suggesting a shift in the investor sentiment from meme coins to these top assets. The analytics platform :
“The crypto community has largely shifted their attention to Bitcoin and other Layer 1 assets like Ethereum, Solana, Toncoin, and Cardano. Collectively, the top Layer 1 assets are getting 44.2% of discussions among specific coins. Meanwhile, top meme coins like Dogecoin, Shiba Inu, and Pepe are being discussed less and less across social media. A shift in trader attention from meme coins to Bitcoin and Layer 1 assets is generally a sign of a more stable and sustainable market environment”.
“The crypto community has largely shifted their attention to Bitcoin and other Layer 1 assets like Ethereum, Solana, Toncoin, and Cardano. Collectively, the top Layer 1 assets are getting 44.2% of discussions among specific coins. Meanwhile, top meme coins like Dogecoin, Shiba Inu, and Pepe are being discussed less and less across social media. A shift in trader attention from meme coins to Bitcoin and Layer 1 assets is generally a sign of a more stable and sustainable market environment”.
Grayscale Files for Spot Cardano ETF
On behalf of Grayscale, NYSE Arca submitted the application for spot Cardano ETF to the US SEC on Monday, February 10. The filing shows that the NYSE would list and trade shares of a new Grayscale Cardano Trust. If approved, it would be the first Cardano investment product from Grayscale.
Furthermore, the filing notes that the Coinbase Custody Trust Company would serve as the custodian for the asset while the BNY Mellon Asset Servicing would be serving as the administrator. In the filing, NYSE Arca :
“The proposed rule change will facilitate the listing and trading of an additional type of exchange-traded product, and the first such product based on ADA, which will enhance competition among market participants, to the benefit of investors and the marketplace”.
“The proposed rule change will facilitate the listing and trading of an additional type of exchange-traded product, and the first such product based on ADA, which will enhance competition among market participants, to the benefit of investors and the marketplace”.
Grayscale’s application to list a Cardano ETF follows a series of similar filings and updates from the asset manager in recent weeks. On February 6, the SEC officially acknowledged Grayscale’s amended filing to convert its existing Solana trust into a spot Solana (SOL) ETF.