The announcement of Grayscale's filing for a new Cardano-based ETF has spurred growth in the cryptocurrency market.
Grayscale Expands ETF Lineup
The Wall Street firm Grayscale has filed to create a Cardano ETF, which could stimulate competition in the market. The application was submitted to the U.S. SEC via NYSE Arca, proposing a rule change for listing. If approved, this would be Grayscale's first standalone Cardano product.
Market Changes in Cryptocurrency
The ETF announcement led to ADA's price increase by over 13% in the past 24 hours. Trading volume also surged by more than 70%. Prices for Bitcoin, Litecoin, and other coins also increased. However, Solana decreased by over 1% in the past 24 hours.
Analyst Predictions and Growth Expectations
Some analysts predict the altseason could be near, referencing past growth periods in 2021 and 2017. However, some, like YouTube analyst Matthew Hyland, express skepticism about the current cycle. The Altcoin Season Index is at 41, suggesting the altseason has not arrived yet.
Interest in altcoin-based ETFs may increase in the future. The president of ETFStore and other analysts also predict a rise in filings for such products.
