ADA Surges 8.77% as Grayscale ETF Approval Sparks Renewed Cardano Trading Momentum

Cardano (ADAUSDT) experienced an 8.77% price increase over the past 24 hours, rising from an open of $0.5566 to $0.6054. This upward movement can be attributed to increased trading activity and renewed market interest, possibly influenced by the U.S. SEC's approval of Grayscale’s Digital Large Cap Fund (GDLC) conversion to a spot ETF, which includes Cardano among its assets. Despite a recent decline in on-chain active addresses and broader altcoin underperformance, technical analysis indicates that ADA found strong support near $0.55, prompting bullish momentum as traders reacted to key support and resistance levels.

Currently, Cardano is trading around $0.6054 with a circulating supply of approximately 35.38 billion ADA and a market capitalization estimated between $19.7 billion and $21.14 billion. The 24-hour trading volume has ranged from $406.93 million to $996.44 million, reflecting heightened volatility and strong market engagement.