Crypto analyst predicts Cardano & AVAX as top performers after Ethereum ETF approval by SEC

Crypto analyst Dan Gambardello believes ADA is poised for an upward move following the recent approval of spot Ethereum exchange-traded funds (ETFs) by the US Securities and Exchange Commission (SEC). He points to comments from Paul Grewal, Coinbase’s chief legal officer, who said Ethereum is now classified as a commodity. Gambardello argues that this classification could also apply to Cardano due to its decentralized nature and unique design.

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Potential benefits for ADA and AVAX

In addition to ADA, Gambardello also mentions AVAX as a promising option. He notes that the president of Ava Labs is actively pushing for an AVAX ETF. As a result, he sees both ADA and AVAX as extremely well positioned to become the top performers among blue-chip altcoins. He predicts that ADA will come out of nowhere, even though it is currently testing the patience of its holders.

Positive for all altcoin holders

Gambardello emphasizes that the approval of ETH ETFs is beneficial not only for ADA and AVAX, but also for other altcoins such as Solana (SOL). He believes that this development will have a positive impact on the entire altcoin market and that those who are anti-crypto are losing ground in light of this progress.

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