Cardano (ADA) surged over 11% amid speculation of a spot exchange-traded fund (ETF) listing. Grayscale filed to list the first spot ADA fund on the New York Stock Exchange, mirroring the successful launch of spot BTC and ETH ETFs last year. While ADA's price is still down from its December high, the potential for an ETF could drive further growth. The CME's listing of ADA futures is seen as a prerequisite for ETF approval, which is yet to happen.
The CME has not yet listed ADA futures, which is widely considered a prerequisite for gaining approval for a spot ETF ADA jumps over 11% on ETF hopes, outshining the rangebound BTC. ADA jumped to 80 cents, with the move starting late Wednesday, according to CoinDesk data. However, the ninth-largest cryptocurrency by market value, is still down 36% from its December high of around $1.37.
Bitcoin and ether spot ETFs began trading in the U.S. last year, attracting billions in investor funds since their inception and bolstering the narrative of institutional adoption. "The crypto community has largely shifted their attention to Bitcoin and other Layer 1 assets like Ethereum, Solana, Toncoin, and Cardano. Collectively, the top Layer 1 assets are getting 44.2% of discussions among specific coins. Meanwhile, top meme coins like Dogecoin, Shiba Inu, and Pepe are being discussed less and less across social media," Santiment said on X.
CARDANO ADA ETF CME BITCOIN ETHEREUM
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