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Market revs up: Cardano leads price rally

Bitcoin breaks through its all-time high and the entire crypto market steps up a notch.

By Mike Hesp
• 2 min read
Market revs up: Cardano leads price rally

Bitcoin breaks through its all-time high and the entire crypto market steps up a notch. Standout of the day: Cardano, up 16 percent to take the top spot. Solana isn’t left out either, climbing 6 percent, breaking above the $200 mark. All in all, the crypto market is up nearly 3 percent. For Cardano, the turbo kicked in mainly after news that asset manager Grayscale has filed an ADA ETF.

The Altcoin Season Index has recently surged to almost 50 percentage points, signaling investors are taking more risk and targeting smaller and mid‑cap cryptos. We also see this in Ethereum's outperformance vs. Bitcoin. Meanwhile the Fear & Greed Index stays below 70 but hasn’t entered the overheated zone yet.

Optimism about a potential rate cut in the US and favorable regulatory signals reinforce the positive sentiment. Recent remarks from the Federal Reserve that rate cuts may be possible in the second half of the year boost market liquidity, a key driver for risky assets like Bitcoin.

Additionally, spot ETFs for Bitcoin and Ethereum continue to see strong inflows. Heavyweights like BlackRock and Fidelity are expanding their positions, further fueling buying interest. And there’s more on the way: ETFs for Solana and Ripple are in the works. That will give traditional investors from the 'TradFi' space access to these coins for the first time.

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