Why Cryptocurrencies Cardano, Litecoin, and Dogecoin Are Rising Today
Certain cryptocurrencies zoomed higher today as rumors swirled about the potential for new spot crypto exchange-traded funds (ETFs). Spot ETFs previously served as powerful catalysts for the largest cryptocurrencies, Bitcoin and Ethereum.As of 10:23 a.m. ET, the price of Cardano (CRYPTO: ADA) had shot 12.5% higher from the late afternoon yesterday, Litecoin (CRYPTO: LTC) traded 5% higher, and the meme token Dogecoin (CRYPTO: DOGE) was up 1.5%.President Donald Trump's pro-crypto administration has significantly increased expectations for new possibilities in the crypto world, including the addition of more spot crypto ETFs. Spot crypto ETFs mirror the price of one cryptocurrency by actually buying and storing the cryptocurrency and then issuing a certain number of shares based on the number of tokens they own. ETFs are considered very liquid, so crypto spot ETFs are likely to increase overall exposure to a token.Continue reading
Certain cryptocurrencies zoomed higher today as rumors swirled about the potential for new spot crypto exchange-traded funds (ETFs). Spot ETFs previously served as powerful catalysts for the largest cryptocurrencies, Bitcoin and Ethereum.
As of 10:23 a.m. ET, the price of Cardano (CRYPTO: ADA) had shot 12.5% higher from the late afternoon yesterday, Litecoin (CRYPTO: LTC) traded 5% higher, and the meme token Dogecoin (CRYPTO: DOGE) was up 1.5%.
President Donald Trump's pro-crypto administration has significantly increased expectations for new possibilities in the crypto world, including the addition of more spot crypto ETFs. Spot crypto ETFs mirror the price of one cryptocurrency by actually buying and storing the cryptocurrency and then issuing a certain number of shares based on the number of tokens they own. ETFs are considered very liquid, so crypto spot ETFs are likely to increase overall exposure to a token.
