Cardano Pops Over 17% And Leaves Bitcoin, Ethereum Trailing Amid Grayscale ETF Filing Euphoria

Cardano ADA/USD raced to double-digit gains on Wednesday, riding on the optimism surrounding a potential exchange-traded fund filing by digital asset management company Grayscale Investments.

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Cardano Beats Bitcoin, Ethereum

ADA popped more than 17% to become the cryptocurrency market's second-biggest gainer over the last 24 hours. The coin's trading volume soared 56% to $3.4 billion, indicating high liquidity and buying pressure.

ADA significantly outgained blue-chip coins such as Bitcoin BTC/USD and Ethereum ETH/USD, which rose 3.19% and 2.07%, respectively, from the previous day.

ADA’s speculative market heated up, with open interest surging 26% to $1.82 billion in the last 24 hours, according to Coinglass. Moreover, nearly 70% of Binance futures traders with open ADA positions were betting on the coin’s increase

Grayscale To Add ADA Exposure?

The spike comes after a filing made under the entity name "GRAYSCALE CARDANO TRUST ETF" surfaced on Delaware's Department of State's Division of Corporations. This is typically the first step toward filing and listing an ETF.

Grayscale didn't immediately return Benzinga's request for confirmation that the filing was legitimate.

Price Action: At the time of writing, ADA was exchanging hands at $0.9962, up 17.06% in the last 24 hours, according to data from Benzinga Pro. Year-to-date, the coin has gained over 18%.

Photo Courtesy: alfernec on Shutterstock.com

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