Cardano (ADA) Reclaims $1 Mark, Grayscale Adds ADA to Digital Large Cap Fund

Cardano (ADA) is making headlines with its recent surge, reclaiming the $1 mark after slipping below it a few days ago.

Cardano (CRYPTO: ADA) is making headlines with its recent price surge, reclaiming the $1 mark after slipping below it a few days ago. The altcoin price soared 6.8% in the past 24 hours, trading at $1.02 at the time of writing.

With bullish momentum building, ADA traders and investors will be keeping a close eye on the next 24 hours to see if the cryptocurrency can break through its immediate resistance at $1.10.

Grayscale Adds ADA To Digital Large Cap FundBoosting ADA’s bullish narrative is a recent move by Grayscale, one of the world’s largest digital asset management firms. Grayscale has been accumulating significant amounts of ADA tokens.

This follows ADA’s reentry into the Grayscale Digital Large Cap Fund, signaling institutional interest in the altcoin. In a recent Tweet, crypto influencer Julia highlighted this trend, adding that Grayscale continues to “buy the dip,” further solidifying confidence in ADA’s long-term potential.

BREAKING:Grayscale continues to accumulate more and more Cardano $ADA

What about you? pic.twitter.com/gH7fbu3fZ2

— X (@X) March 10, 2023

ADA Market Cap Surpasses Deutsche BankIn other news, ADA’s market cap has now reached $35.74 billion, surpassing Deutsche Bank’s valuation of $34.9 billion. This milestone underscores Cardano’s growing dominance in the digital asset market.

Moreover, the altcoin retains its position among the top ten cryptocurrencies by market capitalization, reflecting sustained investor interest.

Additionally, the probability of a Cardano exchange-traded fund (ETF) approval has increased from 15% to 33%. According to analysts, ETF approval could propel ADA to new all-time highs, making this a key development to watch.

Cardano bull Dan Gambardello highlighted in a video on X that Donald Trump’s decision to make holding cryptocurrencies issued by US companies tax-free could be bullish for ADA along with XRP and Hedera (CRYPTO: HBAR).

See also: Cardano’s DeFi Network Gets A Lift From BitcoinOS IntegrationADA Price AnalysisTechnical indicators are bullish for ADA, with the Relative Strength Index (RSI) at 54.41, indicating bullish control over price action.

Anticipation is building for a potential retest of the $1.10 resistance level in the near future.

Meanwhile, ADA accumulation has been on the rise since November. Although accumulation dipped slightly this month, recent activity suggests that bulls are ramping up their efforts.

Key Levels To Watch Continue reading on Coin Edition