BTC hovers at $98K, while ADA and LTC surge over 14% amid ETF launch news

The recent announcement from the Wall Street asset management firm Grayscale about its filing for a spot ADA exchange-traded product has triggered a bullish momentum among multiple coins, including BTC, ADA, SOL, LTC, and XRP. The NYSE Arca submitted the filing to the U.S. SEC on Monday, proposing to list and trade spot Cardano ETF shares on the exchange. 

The filing also suggested a rule change that would allow the listing to increase market competition related to ADA investment products while providing consumers with more investment options. If the commission approves the spot ADA ETF, it will be the asset management firm’s first standalone Cardano product. Recently, the commission allowed Grayscale to convert its Solana Trust into a spot SOL ETF.

The ETF announcements have currently boosted ADA’s price by over 13% over the past 24 hours, trading at about $0.7972 at the time of writing. The coin’s 24-hour trading volume has also surged by over 70%, reaching above $1.3 billion at the time of writing. The coin’s price is still over 74% lower than its all-time high of $3.10 recorded in 2021. 

Litecoin has also surged by nearly 10% in the past 24 hours, hitting $127.56 at the time of writing. BTC surged by over 0.25% to about $98,050, while XRP gained over 2.4% to $2.49. Other coins, such as BNB, SUI, DOGE, SHIB, and ETH, have also gained over 5%, 9%, 5.2%, 1.52%, and 1.55%, respectively. Despite the bullish trend of other altcoins, SOL is still down over 1% in the past 24 hours. 

Analysts speculate the altseason could be close

Crypto analysts speculate that the altcoin season might be close, pointing out that coins are nearing the bullish crossover for 2025. Crypto Rover highlighted that the last time altcoins had the crossover was in 2021, leading to an over 500% surge in altcoin prices. Several investors are still skeptical about the current cycle fueling the altseason despite the season reportedly beginning in February in previous years, including 2021 and 2017. 

YouTuber and X crypto and stocks analyst Mathew Hyland is still skeptical, pointing out the underperformance of altcoins this February. Hyland commented on the recent crypto liquidation at the beginning of the month, saying it is the largest since the 2022 crypto winter. The analyst speculated that most altcoins will wait for about 2 months before recovering to the highs seen in December. 

Glassnode co-founders also warned investors in December that the altcoin season was possibly ending. The co-founders mentioned altcoins losing their critical support levels while BTC dominance increased, adding that altcoins might recover if BTC crossed above $100,000.

The CoinMarketCap Crypto Altcoin Season Index is notably at 41, suggesting that the markets are not yet closing in on the altseason. 

Altcoin-based ETF filings to increase in 2025

Prediction…

There will be several spot crypto ETF filings this week.

XRP, SOL, ADA, etc.

Assume multiple issuers were highly prepared for election results.

No downside to getting aggressive now.

— Nate Geraci (@NateGeraci) November 11, 2024

The co-founder and president of the ETFStore, Nate Geraci, predicted in November last year that there would be several ETF approvals for altcoin-based products. Geraci speculated that the commission might receive filings for Cardano, Solana, and XRP  ETFs.

The ETFStore president’s prediction aligns with Bloomberg analyst Eric Balchunas, who believes that ETFs for HBAR, LTC, XRP, and SOL are looming under the new administration. 

JPMorgan Chase also predicted that the set of ETFs filed with the U.S. SEC would increase fund inflows into crypto. The Wall Street bank speculated that the investment products would rake in over $14 billion. JPMorgan Chase pointed out that SOL ETFs could introduce over $6 billion into crypto, while XRP ETFs could introduce over $8 billion into crypto. The bank still insists that the investments will depend on investor interest in the new ETFs.

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