Altcoin Boom: Cardano, Polygon Emerge as Week’s Massive Winners

This week saw the continuation of cryptocurrencies’ apparently inexorable ascent, which has been on a significant upward since early October. Major currencies led the way, and many altcoins got caught up in the rise.

Altcoin Boom: Cardano, Polygon Emerge as Week's Massive Winners
Source: NuWire Investor

Cardano (CRYPTO: ADA) was one among the climbers, with a roughly 18% increase, according statistics gathered by S&P Global Market Intelligence. The 26% pop for Polygon (CRYPTO: POLY) was even more astonishing.

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Although they fell short of those highs, BNB (CRYPTO: BNB) and XRP (CRYPTO: XRP) nonetheless saw respectable increases of more than 10% and over 9%, respectively. The rally’s fuel was the constant flow of positive news.

Altcoin Boom: Cardano, Polygon Emerge as Week’s Massive Winners,Altcoin Boom: Cardano, Polygon Emerge as Week’s Massive Winners

Hopefully, crypto spot ETFs will soon be available.

In this industry, one of the titans frequently guides the smaller players. This helps to partially explain why cryptocurrencies have increased, especially at the conclusion of the week.

As you can see, investor enthusiasm for spot cryptocurrency exchange-traded funds (ETFs) is largely responsible for the current bullishness around cryptocurrencies. In the event that they are approved by regulators as legitimate securities that can be invested in, the demand for the coins and tokens that make them up should spike sharply.

An appeals court in the District of Columbia determined this summer that Grayscale Investment’s request to convert its Grayscale Bitcoin Trust into a spot Bitcoin exchange-traded fund (ETF) was improperly denied by the regulator. Later on, the SEC chose not to file an appeal. To make matters worse, it was reported last week that the Commission had further conversations on the procedure with Grayscale.

This naturally increased confidence in the cryptocurrency world, and BlackRock’s entry into the race to become the Ethereum ETF’s sponsor only served to fuel it further.

Imagine an ETF for spot altcoins (or multiple)

True, as far as the general public is aware, no one is currently creating a spot Cardano or Polygon ETF. However, a handful of the most well-known altcoins will serve as the foundation of these financial instruments, if and when they are introduced to the market.

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We can even picture one or more generic altcoin exchange-traded funds scouring the market. Not at all? Clearly, there are a lot of bulls out there who would think about investing in them.

Ten stocks that outperform Cardano

It pays to pay attention when our research team has a stock suggestion. Motley Fool Stock Advisor, the newsletter they have been publishing for more than ten years, has, after all, quadrupled the market.*

Cardano was not included on their list of the top ten equities that they just disclosed as being appropriate for investors to purchase. Yes, they believe these ten equities to be much more worthwhile investments.

Altcoin Boom: Cardano, Polygon Emerge as Week’s Massive Winners,Altcoin Boom: Cardano, Polygon Emerge as Week’s Massive Winners,Altcoin Boom: Cardano, Polygon Emerge as Week’s Massive Winners , Altcoin Crypto news, Altcoin News

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