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Cardano (ADA) has seen a notable price increase, rising 46% in just one week and reversing its prior decline. This remarkable rise is powered by renewed hope in the digital currency market.
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Cardano (ADA) has once again defied expectations, reversing its prior downward trend with a remarkable 46% increase in value over the previous week. This recovery is largely credited to the prevailing positive feeling in the digital currency market. Powered by active trading among market players, ADA’s price briefly reached a high of $1.02.
**Factors Driving ADA’s Increase**
According to CoinMarketCap data, Cardano’s trading volume has also seen a significant increase, jumping by 7.43% to reach $5.52 billion.
Analysts suggest that the renewed interest in digital currencies may set the stage for ADA’s inclusion in the U.S. Strategic Digital Currency Reserve list. This potential development could trigger a wave of accumulation among investors anticipating future expansion.
Supporters are hopeful that ADA’s inclusion in this list could spark significant institutional interest in the asset. Furthermore, it could encourage asset management firms to pursue additional Cardano exchange-traded funds (ETFs).
Grayscale Investments has already taken a step in this direction, submitting a proposal to the U.S. Securities and Exchange Commission (SEC) to trade a spot Cardano ETF through NYSE Arca.
While the SEC has acknowledged the filing, the regulatory body has refrained from further comment. Nevertheless, the submission of this document marks the initial step in a potentially long approval process.
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