HargaRumah: Here's Why Cardano Exploded by Double Digits, while Bitcoin Taps $98K

Selasa, 11 Februari 2025

Here's Why Cardano Exploded by Double Digits, while Bitcoin Taps $98K


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Here's Why Cardano Exploded by Double Digits, while Bitcoin Taps $98K

Throughout the past 24 hours, we saw quite a few developments within the crypto markets, but perhaps the most exciting one is associated with Cardano.

Grayscale, in collaboration with NYSE Arca, has submitted an application to the U.S. Securities and Exchange Commission (SEC) to launch a spot exchange-traded fund (ETF) based on ADA.

If approved, this will be Grayscale's first standalone investment product focused on Cardano.

According to the proposal, Coinbase Custody Trust Company will act as the custodian of the assets, while BNY Mellon Asset Servicing will serve as the administrator.

NYSE Arca notes that this new product will encourage competition among market participants, benefiting both investors and the market as a whole.

This application is part of a series of similar initiatives by Grayscale in recent weeks, including proposals to convert existing trusts into spot ETFs based on the cryptocurrencies Solana and XRP.

Price Action

Total Mkt Cap: $3.316 Trillion | 24HR Liquidations: $170M | Sentiment: Neutral

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Bitcoin

After the massive volatility experienced at the start of the previous week, which took Bitcoin from over $102,000 to under $92,000, back to $102,000, and down to $96,000, the cryptocurrency has calmed and has remained within a tight range.

It saw another attempt to overcome the $100,000 mark on Friday but was quickly halted in its tracks. The subsequent rejection pushed it south to $96,000, where it spent most of the weekend.

Monday began with a price slip to $95,000, but the bulls managed to defend that level. BTC bounced off and headed toward $98,000 but failed to breach it. It jumped to just over it earlier today but doesn't seem capable of retaining that level as of now.

Its market capitalization has risen to $1.945 trillion on CG, while its dominance over the alts has taken a big hit. The metric is down below 58% after peaking at 58.7% yesterday.

Altcoins

The positive news regarding potential approvals of ETFs has impacted numerous altcoins lately. Litecoin continues to gain traction after yesterday's surge and is now up by another 10%, which has pushed it to almost $130.

Today's star, though, is Cardano, as its native token has soared by 15% and sits at $0.8 after Grayscale's ETF filing. SUI has also surged by double-digits since yesterday and now trades above $3.5.

The other notable gainers from the larger-cap alts include BNB, DOGE, AVAX, and XLM. PEPE has added 9% of value and is above $0.00001.

The total crypto market cap has increased by $60 billion overnight and is north of $3.360 trillion on CG.

Best Performers

Cardano (ADA) +13.7%
Kaspa (KAS) +9.7%
Sonic (S) +9%

Worst Performers

Ethena (ENA) -5.9%
Aptos (APT) -4.2%
Official Trump (TRUMP) -2.7%

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