TL;DR
- The approval of Ethereum ETFs by the SEC could benefit other altcoins such as Cardano (ADA) and Avalanche (AVAX).
- Analysts like Dan Gambardello believe that ADA and AVAX are well-positioned to become leaders in the altcoin market.
- Firms like Bernstein and Standard Chartered suggest that Solana (SOL) and XRP could be next in line to receive approval for their own ETFs, potentially in 2025.
The recent approval of Ethereum ETFs by the United States Securities and Exchange Commission (SEC) has generated enthusiasm in the crypto market, triggering a domino effect that could benefit other altcoins such as Cardano (ADA) and Avalanche (AVAX). Experts are beginning to nominate candidates to become the next exchange-traded fund.
Dan Gambardello, an analyst at CryptoCapitalVenture, believes that ADA and AVAX are well-positioned to become the top-performing altcoins in this cycle. Gambardello argues that the solid decentralization of Cardano and its potential to be classified as a commodity, similar to Ethereum, could facilitate the approval of an ETF for ADA in the future.
Ethereum ETF APPROVED! Parabolic Crypto BOOM Incoming!
Intro 00:00
Ethereum ETF approved! 1:00
Total crypto market cap ramping up 3:10
Bitcoin dominance falling 6:20
Ethereum kicking off altcoin season 7:10
Short term ETH price 10:00
ADA and AVAX 11:00 pic.twitter.com/kZdiifwwZP— Dan Gambardello (@cryptorecruitr) May 23, 2024
Gambardello has also stated that Avalanche has a strong narrative. His opinion is backed by the president of Ava Labs, who is actively promoting an ETF for AVAX. According to the analyst, both ADA and AVAX could achieve leadership positions among top-tier altcoins, despite the patience required by their investors in the short term.
On the other hand, brokerage firm Bernstein has issued a report suggesting that Ethereum’s approval could be a precursor to the approval of ETFs for other cryptocurrencies, especially Solana (SOL). Brian Kelly, a renowned CNBC trader, also shares this view regarding SOL.
ADA, AVAX, SOL, and XRP: Candidates for the Next ETF
Analysts Gautam Chhugani and Mahika Sapra believe that the SEC’s decision regarding ETH is an indication of a more flexible regulatory stance, possibly influenced by the upcoming November elections. The analysts think that if Donald Trump is re-elected, significant legislative support for cryptocurrencies could be expected, with a change in the leadership of the SEC.
Oh weird @cnbc says $SOL is the next ETF.
Hmm, where have I heard that before… pic.twitter.com/aYAedMhcM0
— ◢ J◎e McCann 🧊 (@joemccann) May 22, 2024
Moreover, Standard Chartered has predicted that an ETF for XRP could be launched in 2025. Ripple CEO Brad Garlinghouse considers the creation of XRP-based products inevitable. His optimism has been backed by a bipartisan group of lawmakers who recently urged the SEC to approve exchange-traded funds for Ethereum and other digital assets.
Geoffrey Kendrick, an analyst at Standard Chartered, has noted that the approval of Ethereum ETFs suggests that ETH is not considered a security by the SEC, which could imply the same for other similar cryptocurrencies. Kendrick foresees that the dominance of Bitcoin and Ethereum will increase, with strong inflows for Bitcoin spot ETFs and a possible price target of $150,000 for BTC by the end of the year.
This shift in regulatory dynamics could be a true turning point for the crypto industry, paving the way for greater acceptance and stability in the market.
