Cardano (ADA) has climbed to third place in Grayscale’s weekly performance rankings of cryptocurrency assets, recording a 6.3% price surge over the past week. The advance positions ADA among the top performers in Grayscale’s latest assessment framework.
Market analysts attribute the growth to heightened anticipation regarding a potential Cardano ETF application under SEC review. Industry estimates suggest a 75% probability of approval by late August, a development that would facilitate institutional investment and potentially elevate trading volumes for ADA.
Additional momentum is tied to last week’s deployment of Midnight, Cardano’s privacy-focused blockchain protocol designed to enable confidential smart contracts. The protocol launch has drawn developer interest and contributed to positive market sentiment around Cardano’s ecosystem.
With the SEC’s pending decision expected to significantly influence Cardano’s future direction, cryptocurrency traders and institutional investors are closely monitoring regulatory signals regarding the proposed ADA ETF.