A few things to ponder:
- Grayscale Investments applies for an ADA ETF, causing a frenzy.
- ADA jumps by a whopping 11%, leaving BTC and ETH in the shadows.
- Cynics say BTC will have the last laugh.
In a surprising turn of events, Cardano‘s ADA token soared by 11%, outshining the stagnant BTC and ETH. This surge followed Grayscale Investments’ application for the first-ever spot ADA ETF in the U.S.
ADA reached the giddy heights of 80 cents, as reported by CoinDesk. However, it’s still a far cry from its December peak of around $1.37.
Grayscale, a renowned crypto asset manager, filed to list the first spot ADA fund on the New York Stock Exchange. This move would allow investors to dabble in cryptocurrency without the hassle of direct ownership.
Bitcoin and ether ETFs have been all the rage in the U.S. since their inception, attracting billions in funds and fueling the institutional adoption narrative. However, the U.S. SEC’s approval of these ETFs hinged on the assumption that the CME’s surveillance system for bitcoin and ether futures would curb price manipulation concerns. The CME, unfortunately, has yet to list ADA futures.
Despite this, the market remains unperturbed, as evidenced by ADA’s price leap.
Layer 1 Coins Take Center Stage
As per analytics firm Santiment, Layer 1 coins like BTC, ETH, SOL, and ADA, among others, could enjoy continued support in the days ahead. This prediction is based on social media chatter suggesting a shift in investor bias from memecoins to Layer 1 coins.
“The crypto community has turned its attention to Bitcoin and other Layer 1 assets like Ethereum, Solana, Toncoin, and Cardano. These top Layer 1 assets are currently the focus of 44.2% of discussions among specific coins. Meanwhile, meme coins like Dogecoin, Shiba Inu, and Pepe are becoming less popular on social media,” Santiment noted.
“A shift in trader attention from meme coins to Bitcoin and Layer 1 assets generally indicates a more stable and sustainable market environment,” Santiment added.
BTC: A Sleeping Giant?
Bitcoin has been trading sideways between $95,000 and $100,000, with its upside seemingly capped by trade war fears and rising inflation expectations in the U.S. Ether, the second-largest token by market value, has been stuck in the $2,500-$2,900 range since recovering from last Monday’s crash to $2,000 on various exchanges.
Macro traders have recently shifted their focus to gold, pushing the yellow metal’s price to new highs above $2,900 per ounce.
Cynics say BTC will eventually have the last laugh.
“The recent decrease in volatility, coupled with the rising price of gold, should emphasize Bitcoin’s growing appeal as an alternative store of value. Despite short-term fluctuations, Bitcoin’s fundamental narrative remains solid, with increasing institutional interest and its positioning as a potential hedge against inflation and currency devaluation continuing to
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2025-02-11 09:08