While the broader cryptocurrency market struggles, Cardano’s ADA is among the top-performing altcoins. At the time of this publication, Cardano’s ADA traded for 0.8035, representing a 3% and 14% decline in the past day and week, respectively. On the other hand. Bitcoin was down 1%, while the second-largest digital asset, Ethereum, gained 1.84% in the same period, according to CoinMarketCap data.
The market is now anticipating that this could be the beginning of a larger rally, and the price could soar as high as $1 in the coming weeks. However, such optimistic targets depend on key developments, including the potential approval of a spot Cardano ETF in the United States.
Cardano ADA Price, Source: CoinMarketCap
Technical analysts tracking ADA’s price action see promising signs of continued upside. Such a surge would require Cardano’s market capitalization to exceed $350 billion, a massive leap from its current valuation of under $30 billion.
Adding to the optimism, crypto asset manager Grayscale has filed for a spot Cardano ETF with the New York Stock Exchange. If approved, the ETF would provide institutional and retail investors with a regulated way to gain exposure to ADA without directly holding the asset.
The SEC’s stance on crypto ETFs has been evolving, with industry insiders noting that the regulator’s new leadership appears more receptive to digital asset investment products.
ADA Jumps 14% on ETF News
The token hit an intraday high of $0.80, though it remains 17% below its January peak of $1.16. Despite recent volatility, ADA has surged 140% over the past six months. Many analysts believe that if the SEC approves Grayscale’s ETF application, ADA could sustain its bullish trajectory.
ADAUSD Chart, Source: CoinMarketCap
The broader spot crypto ETF market has experienced mixed performance in February. Spot Bitcoin ETFs have seen both inflows and outflows, with Fidelity’s FBTC and Grayscale’s GBTC experiencing significant withdrawals.
Meanwhile, spot Ethereum ETFs have shown resilience, recording only one day of outflows this month. For Cardano, the path ahead remains uncertain, but growing institutional interest and strong technical indicators suggest that ADA could continue to outperform. Whether it can reach $1 soon or even $10 by 2025 will depend on market conditions and regulatory approvals in the coming months.
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