Cardano has managed to outshine a large percentage of the digital asset market this week amid news that the crypto asset management firm Grayscale wants to create a spot ADA exchange-traded fund (ETF) for the smart contract platform.

Crypto investment firm Grayscale on Monday filed to list a Cardano (ADA) exchange traded fund on the New York Stock Exchange. Grayscale, which last year broke through U.S. regulators' blockade against the bitcoin ETF,

It looks like Grayscale is doubling down on crypto, this time betting big on Cardano. The investment giant filed Monday to launch a Cardano

Cardano (ADA) is attempting to reclaim the $0.75 support area. Grayscale has applied for an ADA Exchange-Traded Fund (ETF). Can ADA break out from the

Cardano's price has shown strong recovery momentum, supported by sustained whale accumulation of 1.41 billion ADA tokens, Grayscale's ETF filing, and technical improvements through the Plomin hard fork.

The CME has not yet listed ADA futures, which is widely considered a prerequisite for gaining approval for a spot ETF

Cardano (ADA) price rallied by 15%, outperforming major cryptos like Bitcoin, Ethereum, and XRP, on news of Grayscale's spot ETF filing.

The Relative Strength Index (RSI) on the daily chart reads 38, bouncing off from its oversold level of 30 on Sunday, indicating a mild rise in bullish momentum. However, the RSI must trade above its neutral level of 50 for the bullish momentum to be sustained. Such a development would add a tailwind to the recovery rally.

NYSE Arca has filed a 19b-4 form for Grayscale's $ADA ETF, triggering a price pump on the Cardano coin that outperformed Bitcoin and all other altcoins on the Top 10 list of cryptocurrencies with the largest market cap.

Cardano's ADA token surges after Grayscale Investments applied for the first-ever spot ADA ETF in the U.S. Plus, Fed Chair Jerome Powell gives his semi-annual update on monetary policy on Capitol Hill,