Cardano ADA is on its way up in price after a great 2024 performance, with institutional investors picking up interest in the altcoin. ADA is down over 10% in the last seven days but is picking back up entering the new week. Now, $50 billion asset manager Grayscale Investments, which already runs multiple crypto ETFs, is betting big on Cardano ADA.
Grayscale operates both Bitcoin and Ethereum ETFs, with a potential XRP ETF on the horizon. In an update regarding its Smart Contract Platform Ex-Ethereum Fund, the digital asset manager noted that Cardano comprised 20% of the fund. ADA is now the second-largest asset in this fund after Solana (SOL). The Grayscale Smart Contract Platform Ex-Ethereum Fund offers investors indirect exposure to the native tokens of promising smart contract platforms. The updated holdings including more Cardano ADA suggest a heightened interest in the coin. Thus, investor confidence in ADA could help ADA pick up in price.
Cardano’s native cryptocurrency is making waves with new partnerships. Most notably, the blockchain network has partnered with football giant FC Barcelona. The latest alliance seeks to transform fan interaction and provide global opportunities. Barcelona will use the partnership to empower its supporters through a variety of activities. This includes creating job opportunities for young supporters, leveraging blockchain tech to educate fans, and distributing rewards to community members through NFTs and ADA tokens.
The backing by institutions like Grayscale and FC Barcelona, as well as upcoming upgrades, sets the stage for a big 2025 for Cardano ADA. Cardano is already on its path to claim a new high. Indeed, ADA is currently sitting at just under $1, aiming for higher price points in the near future.
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Furthermore, President-elect Donald Trump will assume office later this month. Trump’s inauguration will take place on Jan. 20, 2025. Many anticipate a market-wide rally after Trump takes charge due to his pro-crypto and pro-business stance. ADA and other assets may rise to new highs following his inauguration.
According to CoinCodex, Cardano (ADA) will consolidate around current levels for the rest of January 2025. The platform anticipates the asset to break into a rally by early February 2025. According to CoinCodex, ADA will hit $2.88 on Mar. 19, 2025. The platform does not expect ADA to breach the $3 mark in Q1 2025. Hitting $2.88 from current price levels will entail a rally of about 152.63%.
