The crypto market is on a tear, and Cardano’s ADA is right in the thick of it. The token jumped 18.01% in the past day, changing hands at $0.9925, its closest brush with the $1 mark in months.
Bitcoin set the tone, smashing through $124,000 to fresh record highs. Ethereum followed, crossing $4,764. The total value of all cryptocurrencies has now hit $4.19 trillion, up 3.09% in the past 24 hours.
For ADA, the rally comes on heavy volume. Trading turnover climbed 66.89% to $3.66 billion, lifting its market cap to $35.34 billion. Liquidity is high, sentiment even higher.
Why Is Cardano Price Up?
A big part of the excitement is Grayscale’s latest move. On August 12, the asset manager filed to register a spot Cardano ETF in Delaware. It’s the same playbook the firm used for its Bitcoin product, which drew billions after winning SEC approval in 2024. Traders are already betting on a repeat.
On the ground, Cardano’s own community just voted through a 96 million ADA budget, worth about $71 million, to back key network upgrades. Hydra, a scaling solution, and Ouroboros Leios, a consensus tweak to speed up finality, are both in line for funding. Past upgrades have triggered sharp price gains, and bulls are leaning on that history.
Retail traders are adding their own fuel. Buzz over the “Glacier Drop” airdrop tied to Cardano’s privacy-focused Midnight sidechain has sparked a fresh round of buying.
ADA broke through $0.91 earlier this week and now has $1 squarely in its sights. If it can hold there, some see room to $1.20. If not, expect profit-takers to step in. Either way, Cardano is back in the spotlight, helped by a rare mix of ETF hopes, tech upgrades, and a market running hot.
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