Today was a volatile day in the stock market, with all three major indices closing lower to end the day after being up considerably in early morning trading. However, for most top-tier crypto projects, it was a solid day to kick off the first “official” trading day of the year (though the crypto market was open yesterday as it’s a 24/7 market).
For Solana (CRYPTO: SOL), Cardano (CRYPTO: ADA), and Aptos (CRYPTO: APT), it’s been a mostly green day, with these three tokens appreciating 5.9%, 4.4%, and 3.1%, respectively, over the past 24 hours as of 3:30 p.m. ET.
Of course, a continued surge in the price of Bitcoin and Ethereum can explain some of the movement in other large-cap crypto projects such as these. But there are some other unique catalysts that may be worth diving into when it comes to Solana, Cardano, and Aptos.
Let’s dive into why these top tokens are on a tear today.
Given the sheer size of these three projects (with Solana, Cardano, and Aptos having market capitalizations of roughly $100 billion, $34 billion, and $5 billion, respectively), expectations that spot exchange-traded funds (ETFs) could be launched and approved by the Securities and Exchange Commission (SEC) is one key catalyst investors are clearly watching. In the case of Solana, Grayscale’s Solana ETF application currently has a deadline of Jan. 23 to be reviewed by the SEC, with a decision expected shortly thereafter. The betting markets (and most experts) expect this ETF will be approved, paving the way for a spot Cardano ETF and potentially an Aptos product down the road (we’ll see).
Cardano is an interesting project in that it appears to be an investment vehicle many view as a play on broader blockchain adoption. The key selling point behind Cardano is that it’s an interoperable blockchain, meaning it can interact with other blockchain projects out there. So, as more smart contract activity and Bitcoin layer-2 solutions are launched, the thesis is that this particular network could take off. Thus far, based on its price action, sentiment remains very bullish with regard to this project’s forward prospects.
Aptos has continued to rise following the shocking news a couple of weeks ago that the project’s co-founder Mo Shaikh would be stepping down (though he will retain a role as a strategic advisor). Investors appear to be keying in on strong usage data and are broadly taking the view that Aptos can be a beneficiary of the overall growth that’s expected to be seen in the crypto sector in 2025 and beyond.