Litecoin and Cardano saw significant price jumps over the last 24 hours, with Litecoin climbing by 11% and trading above $128, while Cardano rose 16%, surpassing $0.81. This contrasts with Bitcoin and Ethereum, which only experienced modest gains of 0.5% and 1%, respectively.
The surge in prices is linked to growing optimism around the approval of cryptocurrency exchange-traded funds (ETFs). Bloomberg analysts James Seyffart and Eric Balchunas have highlighted that the likelihood of approval for ETFs tracking cryptocurrencies like Litecoin, Solana, Dogecoin, and XRP has increased. They estimate that Litecoin ETFs, filed by Canary Capital and Grayscale, have a 90% chance of approval. Solana and XRP ETFs are expected to have approval chances of 70% and 65%, while Dogecoin products are seen to have a 75% chance of success.
The excitement is further fueled by a recent filing by NYSE Arca, part of the NYSE Group, for a spot Cardano ETF on behalf of Grayscale. If the filing is approved, it would be Grayscale’s first standalone investment product for Cardano.
According to B2C2 Senior Client Relationship Manager Nikolay Karpenko, the price movements of Litecoin and Cardano are primarily driven by increased market optimism around potential ETF approvals. He also noted that Polymarket currently places Cardano’s ETF approval odds at 64%, showing measured optimism but still a strong belief in progress. The movement in the market reflects the growing expectation of institutional adoption of digital assets, especially as the market anticipates more ETFs for non-Bitcoin cryptocurrencies.
Paul Howard, senior director at Wincent, explained that ETF filings for Litecoin and Cardano have helped boost their prices over a short time. Even though non-Bitcoin ETFs have faced lackluster demand in the past, analysts increasingly see them as a key avenue for bringing in institutional and retail investors.
The current climate in the U.S. also plays a role in this surge. Under President Donald Trump, the government has shifted towards a more crypto-friendly stance. This shift is expected to reduce regulatory obstacles that previously hindered the digital asset market’s growth. As a result, issuers are now more eager to launch spot crypto ETFs that track a range of cryptocurrencies beyond just Bitcoin and Ethereum.
These developments have sparked significant momentum in the market for Litecoin and Cardano, with both digital assets showing strong gains amid the growing anticipation of future ETF approvals.
