Cardano daily growth outpaces ETH and BTC after Grayscale ETF
Cardano’s ADA token surged 11% to reach 80 cents late Wednesday, outperforming both Bitcoin and Ether.
However, despite the rally, ADA remains 36% below its December high of approximately $1.37.
Grayscale’s Spot ADA ETF Sparks Investor Optimism
The upward momentum in ADA came on the heels of Grayscale Investments’ filing for the first-ever spot ADA exchange-traded fund (ETF) on the New York Stock Exchange. A spot ETF would allow investors to gain exposure to Cardano without the need to hold the cryptocurrency directly—a model that has already attracted billions in investor funds for Bitcoin and Ether ETFs that began trading in the U.S. last year.
The U.S. Securities and Exchange Commission’s approval of previous spot ETFs for Bitcoin and Ether was predicated on the assumption that the CME’s surveillance system for futures trading would help mitigate price manipulation risks; however, no ADA futures have been listed by CME yet. Despite this, the market has largely brushed aside concerns, as ADA’s price action demonstrates robust investor interest.
Shifting Focus to Layer 1 Assets
Analytical insights from Santiment suggest that market sentiment is pivoting away from meme coins towards more established Layer 1 assets such as Bitcoin, Ethereum, Solana, Toncoin, and Cardano. According to the firm, discussions on social media now allocate 44.2% of conversations to these Layer 1 coins, while attention on meme coins like Dogecoin, Shiba Inu, and Pepe is waning. This shift is seen as a positive indicator, pointing to a more stable and sustainable crypto market environment. The renewed focus on fundamental blockchains is encouraging for investors seeking long-term value in an increasingly competitive digital asset landscape.
Looking ahead, industry watchers will closely monitor ADA’s performance as the regulatory landscape evolves and Grayscale’s ETF proposal progresses, potentially paving the way for greater institutional adoption of Cardano and other core Layer 1 cryptocurrencies.
Recently we wrote, that NYSE Arca, a subsidiary of the New York Stock Exchange, has filed for a spot Cardano (ADA) exchange-traded fund (ETF) on behalf of Grayscale.
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