Cardano (ADA), once overshadowed by newer market entrants, has made a significant comeback over the past year. Trading at just $0.2799 last year, the cryptocurrency surged to a high of $1.32, marking an impressive 92% annual growth. This resurgence has reignited optimism among ADA enthusiasts, with many hoping for sustained bullish momentum in the coming months.
Currently, Cardano remains one of the market’s top performers. Over the past 24 hours, the altcoin recorded a remarkable 8.17% increase, bringing its price to $0.9581 at the time of writing. Despite this upward trajectory, ADA is still 69% below its all-time high of $3.10, achieved during the crypto boom of 2021.
ETF Buzz Fuels ADA’s Rise
Cardano’s latest price surge coincides with a wave of excitement surrounding ETF filings. Tuttle Capital Management recently filed for a series of exotic leveraged Bitcoin ETFs, potentially signaling a shift in regulatory sentiment under the SEC’s new leadership. Notably, the filings included 10 2X long ETFs for cryptocurrencies such as XRP, Cardano, and Solana’s Bonk (BONK) meme coin. This development has provided a fresh tailwind for ADA, bolstering its appeal to investors.
Will Cardano Cross the $1 Mark?
Market analysts are optimistic about ADA’s near-term performance. According to data from CoinCodex, Cardano’s current bullish trend is likely to continue into February. The asset is projected to trade at $0.980228, representing a modest 1.92% increase from its current price. While this may seem incremental, it positions ADA on the cusp of breaching the $1 threshold—a milestone that could further strengthen market confidence.
As Cardano inches closer to this pivotal price point, its annual growth trajectory and recent ETF buzz suggest a bright future. While challenges remain, including its significant distance from its all-time high, ADA’s ongoing momentum underscores its resilience and potential to reclaim its position as a leading cryptocurrency.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.