The approval of Ethereum ETFs is currently being considered a “floodgate” moment for the cryptocurrency industry. The “monumental” decision is now opening new avenues for other tokens to potentially make their grand entrance. The rumors of SOL and XRP ETFs are also gaining traction, with Cardano being the newest member to join this space.
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Cardano (ADA) ETF on the Cards for the Crypto Community?
With the crypto space buzzing with excitement following the Ethereum ETF approval, the industry is now anticipating some more noteworthy crypto ETF-centric news. As Solana and XRP ETFs were also predicted by Standard Chartered analysts, the crypto community is now expecting a Cardano ETF development, which may help users robustly explore ADA.
The ADA ETF hype gained momentum soon after Deutsche Borse, a German multinational organization, introduced Cardano staking ETP for its users to explore and experiment with.
The firm, in association with Liquid Finance and Issuance.swiss.AG, launched a CASL that will holistically track the ADA ecosystem.
“CASL not only tracks the performance of its underlying Cardano token. But it also tracks ADA, recognized for its extensive academic peer-reviewed research but also generates staking rewards. Admitted to the exchange as an exchange-traded product (ETP). The product is already available to investors on the Swiss SIX exchange and, as of May 2. On the regulated segment of Deutsche Börse XETRA,” as reported by Yahoo Finance.
The above-mentioned development led several crypto analysts to predict an ADA ETF in the works. However, with the Ethereum ETF in the mix, a Cardano ETF can soon become a reality if it continues to show robust price action and support in the near future.
Cardano Price Forecast for June
With the market abuzz with the ETF mayhem, the price of Cardano is expected to undergo elemental changes in June. Per CoinCodex, the token may gain 4% in the process to trade at $0.48 by June 26.
“The price of Cardano may rise by 4.89% and reach $0.485436 by June 26, 2024. Per our technical indicators, the current sentiment is bearish, while the Fear & Greed Index is showing 74 (greed). Cardano recorded 12/30 (40%) green days with 3.34% price volatility over the last 30.”
ADA’s road to $1 seems a little cumbersome, as the token may shed some of its valuation before June 3.
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“Based on these Cardano projections, ADA may trade at $0.43663 on June 3, 2024, losing 5.66% in the process.”
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