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Cardano (ADA) Up 32% as Grayscale Files for Cardano Trust

Cardano (ADA) Up 32% as Grayscale Files for Cardano Trust
  • Cardano gained over 32%, helping it push toward the $0.5 level.
  • Moreover, Grayscale investments added Cardano Trust along with five other trusts.
  • Currently, Grayscale manages $24.5 billion worth of funds across its products.

Cardano (ADA) gained over 32% as it pushes towards the $0.5 level. Grayscale investments added Cardano Trust along with five other trusts.

ADA surges over 32%

Cardano (ADA), the sixth biggest digital currency in the crypto market, surged over 32% as it pushed toward the $0.5 mark. However, the demand for cryptocurrency continues to rise.

According to CoinGecko, the ADA price is at $0.428 with a 24-hour trading volume of over $5.5 billion, at the time of writing. 

ADA/USDT Price Chart 1-Day (Source: TradingView)

The graph above shows great performance of ADA/USDT in the past few days. If this continues, the crypto can be seen to run along with the bulls in breaking the resistance level of $0.459, which can lead towards a high price of $0.5.

In contrast, if the ADA price fails to maintain its position with the bulls, the crypto might break out of its bullish position and fall down along with the bears at the support level of $0.32. In this case, the crypto must find a way to recover quickly. Because if not, the Cardano Coin price might fall even more.

Grayscale files for Cardano Trust

Grayscale Investments has added Cardano Trust along with five other new Trusts. Furthermore, other Trusts include Monero (XMR), Polkadot (DOT), EOS.IO (EOS), Aave, and Cosmos (ATOM). According to the Crowdfund Insider report, the trusts were filed at the Delaware Trust Company, Grayscale’s statutory trustee.

The Cardano crypto community is excited and positive about the news. However CEO of Grayscale Investments Michael Sonnenshein stated that the trust filing does not necessarily imply that Grayscale will launch these products now.

Sonnenshein said,

“Grayscale is always looking for opportunities to offer products that meet investor demands. Occasionally, we will make reservation filings, though a filing does not mean we will bring a product to market.”

Moreover, Grayscale now manages $24.5 billion worth of funds across its products. On the other hand, its Bitcoin (BTC) product boasts the share of a total Assets Under Management (AUM) at over $21 billion.

Crypto trading has enticed Ananthi Reeta to write for CoinQuora. She consistently contributes news and feature articles. She has covered several different blockchain and crypto niches, especially altcoins.