Grayscale is a cryptocurrency asset management enterprise that offers digital asset exposure to accredited investors. Recently the crypto fund manager has announced that it has added Cardano (ADA) to the Digital Large Cap Fund and also put 13 new crypto assets into consideration for establishing new trusts like GBTC.
This news has played an important role in reversing the price value of the leading cryptocurrency. The fund lost a huge chunk of value in the last few days. However, glad tidings from Grayscale have allowed Bitcoin to move up by 7% within 24 hours. At press time, the flagship cryptocurrency is trading for $34K. The impact of the good news is not limited to Bitcoin, but green candles have lit up all across the crypto leader board as well.
The news from Grayscale has also allowed the native token of Cardano, ADA, to climb up by 7%. Ranking as the fourth-largest cryptocurrency by market capitalization, ADA is now placed at $1.42. While Bitcoin was struggling to move past the psychological support level, the rest of the altcoin market was also in a rut. After the Grayscale broke the curse, ETH got a 6% increase and reinstated to $2,200.
In the same fashion, tokens like Bitcoin Cash, Uniswap, Ripple, Dogecoin, Binance, Polkadot, and others are appreciated for an average rate of 4%. The topper altcoin in this regard is Cardano. The massive gains for ADA are a result of Grayscale claiming that it has recently purchase ADA. Meanwhile, altcoins outside of the top 10 list like Cosmos, NEAR, Graph, XDC, Compound have also gone up at an average rate of 13.33%. On the whole, the crypto market cap has improved by $80 billion in the last 24 hours.
Bulls are in Charge of the Market Once Again
Only a day ago, the bull market was full of nerves as bears were trying to crash the price point further down with massive liquidity pressure. The week for Bitcoin started at a nervous level of $36,500, which was expected to cross $40K. The market bulls and analysts have claimed that if Bitcoin manages to break out of $40K once again, the six-figure evaluation will be cemented.
However, the rush of liquidity pressure made Bitcoin lost more value, and it went to $33,000. Nevertheless, the cold war between buying and selling pressure from both sides kept neutralizing the impact on the price point. At the weekend close, Bitcoin was able to recover and bounce back to $34,600. For many investors, this is a good sign for stability and a possible return of the bullish sentiment.