ADA Surges 9.66% as Grayscale ETF Approval Sparks Institutional Interest and Market Optimism

Cardano (ADAUSDT) experienced a 9.66% price increase over the last 24 hours, rising from a 24h open of $0.5413 to a current price of $0.5936 on Binance. This upward movement is primarily attributed to the U.S. SEC's approval of the Grayscale Digital Large Cap Fund's conversion to a spot ETF, which includes Cardano for the first time, generating renewed institutional interest and positive sentiment despite a recent decline in whale transaction activity and a broader confidence crisis among investors.

ADA is trading within a range of $0.55 to $0.60, with a 24-hour high of $0.5998 and a low of $0.5366, supported by a robust trading volume between $723.91 million and $910.73 million and a market capitalization exceeding $21 billion. While short-term market sentiment remains cautious due to decreased user activity and only 46% of holders currently in profit, the ETF approval and technical indicators such as the "golden cross" are contributing to increased optimism and market activity.