Cardano (ADA): A Peek into Mid-January 2024 Price Predictions

• Cryptocurrency Market Witnesses Sudden Surge, Cardano (ADA) Rises by Over 10%
• Market Follows Bitcoin (BTC) Closely
• Current Status of Cardano (ADA) and Other Altcoins
• Cardano (ADA) Price Prediction for Mid-January 2024
• Impact of a Possible Spot BTC ETF Approval on the Cryptocurrency Market

Cryptocurrency Market Witnesses Sudden Surge, Cardano (ADA) Rises by Over 10%

In the past 24 hours, the cryptocurrency market has experienced a sudden surge. Leading this pack is Cardano (ADA), which has witnessed a rally of over 10% in the daily charts, with the price reaching its peak at $0.53. Despite this increase, the asset still demonstrates a 15.7% decline in the weekly charts, a 14.2% dip in the 14-day charts, and a slight over 11% decline since the last month.

Market Follows Bitcoin (BTC) Closely

The market's movements seem to mirror that of Bitcoin$42,260 -0.64% (BTC), which recently reached a new peak of just below $47k. The rally began following news of developments surrounding a spot BTC ETF (Exchange Traded Fund). On the 8th of January, 2024, all spot BTC ETF applicants completed their final step, leaving the US SEC (Securities and Exchange Commission) with the decision to either approve or decline a spot BTC ETF.

Current Status of Cardano (ADA) and Other Altcoins

At present, Cardano (ADA) along with other altcoins appear to be riding the wave created by Bitcoin. This suggests that if a spot BTC ETF is approved, BTC's price may soar, thereby pulling the rest of the market along with it.

Cardano (ADA) Price Prediction for Mid-January 2024

Changelly predicts Cardano's (ADA) price will drop to around $0.49 on January 15, a decrease of 3.74% from current price levels. Furthermore, for the month of January, Changelly does not project ADA's price exceeding $0.56, potentially reaching this figure on January 22.

Meanwhile, CoinCodex paints a somewhat bearish picture for Cardano (ADA) in the near term. The platform suggests that ADA could hit $0.50 on Jan.15, 2023, a fall of around 5.6% from current levels. However, CoinCodex predicts that ADA will gain momentum by the end of the month.

Impact of a Possible Spot BTC ETF Approval on the Cryptocurrency Market

If the SEC gives a green light to a spot BTC ETF in the coming days, the crypto market could witness a new bull run. In such a case, Cardano (ADA) and other altcoins could reach new heights much sooner than predicted.

Edited by Jonathan Stoker