Cardano's Price Surge Ahead of Potential ETF Eligibility

Cardano's ADA token has seen a price increase of 2.85% within 24 hours, reaching $0.168 during trading on Thursday. This rise in value comes as the overall cryptocurrency market grew by 0.51% to $2.21 trillion.

The improvement in market conditions is attributed to institutional demand and enhanced regulatory sentiment. Bitcoin's price stayed above the support at $64,000, but gains were modest. Ether was trading at over $1,900, and XRP was approaching a potential breakout of $1.10.

Softer data on United States inflation also contributed to the market recovery, with June PCE inflation cooling and strengthening expectations for supportive monetary conditions. However, geopolitical tensions remain, restricting risk appetite in global markets.