Analyst Bets on ADA & AVAX After SEC’s Ethereum ETF Approval

Dan Gambardello, a leading market analyst and founder of CryptoCapitalVenture, highlighted Cardano (ADA) as a potential beneficiary following the recent U.S. Securities and Exchange Commission (SEC) approval of spot Ethereum exchange-traded funds (ETFs).

Mr. Gambardello, in an X video, cited Coinbase’s chief legal officer, Paul Grewal, who noted that Ethereum is now classified as a commodity. Mr. Gambardello argued this classification could extend to Cardano, stating:

“ADA has its own narrative I think in terms of the ETFs for being as decentralized as it is for being built in the way that it is. AVAX also has its own narrative, that is to say its own president of Ava Labs is out there fighting for the AVAX ETF.”

Mr. 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, Mr. Gambardello emphasized that the approval of ETH ETFs is a positive development for all altcoin holders, including those of Solana (SOL) and Cardano (ADA). He concluded that the “anti-crypto army” was losing ground.