Cardano Surges Monday as the Large-Cap Token Nears $1 Once Again

Core Insights - Cardano's native token ADA has surged over 5% recently, trading around $0.88, although it remains below its pandemic-era highs of over $3 per token [1][2] - Investors are optimistic about ADA reaching the $1 level, supported by a bullish macro environment and potential catalysts [2][4] Market Dynamics - The demand for Cardano is being driven by bullish bets on the approval of a spot ETF by the SEC, which has shifted its stance to view cryptocurrencies as investment-worthy [3][4] - As one of the largest Layer-1 networks, Cardano benefits from strong name recognition and interest from large investors, or "whales," which influences trading decisions [3][5] Future Outlook - If Cardano receives approval for a spot ETF, it is expected that liquidity on the network will increase, attracting developers to build new applications [5][8] - The sustainability of the current rally is uncertain, as Cardano has previously struggled to maintain momentum around the $1 level [6][8]