Dan Gambardello, a prominent market analyst and founder of CryptoCapitalVenture, has identified Cardano (ADA) as a potential beneficiary following the SEC’s recent approval of spot Ethereum exchange-traded funds (ETFs).
In a video on X, Gambardello referenced Coinbase’s chief legal officer, Paul Grewal, who noted that Ethereum is now classified as a commodity. Gambardello suggested that this classification could also apply to Cardano, stating:
“ADA has its own narrative in terms of the ETFs for being as decentralized as it is and for its unique construction. AVAX also has its narrative, with the president of Ava Labs advocating for the AVAX ETF.”
Gambardello expressed his belief that both Cardano and AVAX are “extremely well positioned to be top performers among blue-chip altcoins.” He predicted that ADA will “make its move out of nowhere,” despite currently testing the patience of its holders.
Additionally, Gambardello highlighted that the approval of ETH ETFs is beneficial for all altcoin holders, including those of Solana (SOL) and Cardano (ADA). He concluded by stating that the “anti-crypto army” is losing ground.
May 2024, Cryptoniteuae