The cryptocurrency market has seen a sudden uptick in the last 24 hours. Cardano (ADA) has rallied by over 10% in the daily charts, with the price hitting $0.53. However, the asset is still down by 15.7% in the weekly charts, 14.2% in the 14-day charts, and over 11% since the last month.
The market seems to follow Bitcoin (BTC), which reached a new peak of just below $47k. BTC began to rally as new developments around a spot BTC ETF (Exchange Traded Fund) made the rounds. On Jan. 8, 2024, all spot BTC ETF applicants filed their final step. The US SEC (Securities and Exchange Commission) can now approve or decline a spot BTC ETF.
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Cardano (ADA) and other altcoins are currently riding Bitcoin’s wave. If a spot BTC ETF is approved, BTC’s price may skyrocket, pulling the rest of the market with it.
Cardano (ADA) price prediction mid-January 2024
According to Changelly, Cardano’s (ADA) price will fall to around $0.49 on Jan. 15, a drop of 3.74% from current price levels. Moreover, for January, Changelly does not anticipate ADA’s price to surpass $0.56, which it may achieve on Jan. 22.
CoinCodex also paints a bearish outlook for Cardano (ADA) in the near term. According to the platform, ADA could hit $0.50 on Jan.15, 2023, a drop of around 5.6% from current levels. Nonetheless, CoinCodex anticipates ADA to pick up steam by the end of the month.
Also Read: Cardano: Here is How to be a Millionaire When ADA Hits $5
However, if the SEC approves a spot BTC ETF in the next few days, the crypto market may enter a new bull run. If we enter another bull market, Cardano (ADA) and other altcoins may reach new peaks earlier than anticipated.