Cardano Rises 2% to $0.87, Unfazed by ETF Delay
Cardano’s ADA token climbed 2% to $0.87 in the past 24 hours, keeping pace with a broader crypto market recovery. The CoinDesk 20 Index (CD20), which tracks the largest digital assets, gained 2.8% over the same period.
The uptick comes amid rising optimism for a September Federal Reserve rate cut and the SEC’s extension of its review of Grayscale’s proposed spot Cardano ETF until late October 2025.
ADA traded in a $0.04 range, between $0.83 and $0.88, according to CoinDesk Analytics. The token spiked from $0.84 to $0.88 on volumes more than double the 24-hour average of 39.3 million. Following the surge, ADA consolidated near $0.86, suggesting potential institutional accumulation. Analysts cited resistance at $0.88 and support around $0.85.
The broader crypto market saw choppy action this week. Monday brought a pullback as traders booked profits after a weekend rally sparked by Fed Chair Jerome Powell’s dovish Jackson Hole remarks, which raised expectations of rate cuts. By Tuesday, altcoins rebounded as investors viewed the dip as a buying opportunity, aided by lower rates relative to traditional yields.
Despite the SEC’s ETF delay, ADA’s resilience indicates traders remain focused on market momentum and capital rotation from Bitcoin into altcoins.
