Cardanos ada-token rose 11%and surpassed Bitcoin (BTC) and ether (ETH) after gray scalinarvests applied for the first spot ada exchange-thraded find (ETF) in the US
Ada jumped to 80 cents, with the move, which started late Wednesday, according to Coindesk Data. However, the ninth largest cryptocurrency with market value is still down by 36% from its December height of about $ 1.37.
Grayscale, a prominent Crypto Asset Manager, filed to list the first spot ada fund ever on the New York Stock Exchange. A spot -TF would allow investors to get exposure to cryptocurrency without having to own it directly.
Bitcoin and Ether Spot ETFs began shopping in the United States last year and attracted billions in investor funds since their start and strengthened the story of institutional adoption.
Note that the US SEC’s approval of Spot BTC and ETH ETFs was primarily based on the assumption that CME’s surveillance system for Bitcoin and Ether Futures would reduce the concerns of pricing manipulation. In other words, CME futures have been a prerequisite for obtaining spot ETF approval. Global Derivatives Giant is not yet on the ADA -Futures list.
The market is not concerned about what is evident from ADA’s Price Spike.
Focus on layer 1 -coins
Cryptocurrency and its LAG 1 -Peers such as BTC, ETH, Sun and others could remain well supported for days to come as social media chatter suggests a shift in investor bias from Memecoins to LAG 1 coins, according to the analysis company Santiment.
“The crypto community has largely moved their attention to Bitcoin and other layers 1 assets such as Ethereum, Solana, Toncoin and Cardano. Upper meme coins such as Dogecoin, Shiba Inu and Pepe are less and less discussed across social media, “Santiment said at X.
“A shift in trader attention from meme -coins to Bitcoin and LAG 1 assets is generally a sign of a more stable and sustainable market environment,” Santiment added.
BTC in Stasis
Bitcoin continues to trade smoothly between $ 95,000 to $ 100,000, with upward, which is likely to be limited by trade war’s fears and rising inflation expectations in the US ether, the second largest token by market value, has been locked between $ 2,500- $ 2,900 since he became come after last Monday’s crash to crash to $ 2,000 on multiple exchanges.
Macro dealers have recently turned to gold and sent the yellow metal price at all times over $ 2,900 per day. Ounce.
Some analysts said Bitcoin wants the last laughter.
“The recent decrease in volatility, combined with the rising price of gold, should highlight Bitcoin’s growing appeal as an alternative value of value. Despite short -term fluctuations, Bitcoin’s basic narrative remains intact, with rising institutional interest and its positioning as a potential hedge Against inflation and currency evaluation, continuing to support its long -term potential, “BitFinex analysts said.
“A shift [away from gold] can be in progress. Over $ 196 billion value of Bitcoin is now owned by ETFs, public and private companies and even nation states. With central banks expanding the money supply and Fiat Devaluation Risks rising, Bitcoin’s regular delivery narrative becomes increasingly attractive, “analysts added.
