It was a volatile day on the stock market, with all three major indices ending the day lower, remaining a day after critical gains in early morning trading. Nevertheless, for many top crypto projects, it was the right day to start the first “first fee” trading day of the year (although the crypto market was officially opened yesterday, because it is a 24/7 market).
For Salt flats (CRYPTO: SOL), Cardano (CRYPTO: ADA)and Aptos (CRYPTO: APT)it was a mostly green day, with these three tokens up 5.9%, 4.4% and 3.1% respectively in the last 24 hours as of 15:30 CET.
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Needless to say, the steady rise in costs Bitcoin and Ethereum may represent some movement in other large-cap crypto projects equivalent to the themes. But there are other unusual catalysts that the price will dive into in relation to Solana, Cardana and Aptos.
Let’s dive into why these premium tokens are on the rise today.
Observing the prices of key catalysts
Based on the sheer size of these three projects (with Solana, Cardano, and Aptos having market caps of roughly $100 billion, $34 billion, and $5 billion, respectively), it is more than likely that exchange-traded funds (ETFs) will be launched. and approved by the Securities and Substitute Payment (SEC), is one of the key catalysts that traders are clearly watching. In the case of Solana, Grayscale’s Solana ETF utility currently has until Jan. 23 to be reviewed by the SEC, with a call expected shortly thereafter. Speculating markets (and most advisors) expect this ETF to be confirmed, setting up the draw for the Cardano ETF and potentially the Aptos product (we’ll see).
Cardano is an enticing project as it appears to be a funding vehicle that many see as a play on the wider adoption of blockchain. The main promotional point in favor of Cardan is that it is an interoperable blockchain, this plan should be satisfied with interoperability with other available blockchain projects. So, when extra clean contracts and Bitcoin layer-2 solutions are introduced, it is believed that this particular community could succeed. So far, based on its ticket, the mood is very positive about the future prospects of this project.
Aptos has been steadily climbing the dreaded files weeks before project co-founder Mo Shaikh could step down (though he’ll keep his job as strategic leader). Investors seem to be focusing on the actual usage files and generally feel that Aptos is on the receiving end of an overall improvement that is expected to occur in the crypto sector in 2025 and beyond.
What will admire these three projects in 2025?
In addition to being some of the top large-cap crypto projects in the sector, these are actually three very different projects with strange catalysts that traders now specialize in as legitimate. Accordingly, I say that there would likely be some divergence between these three tokens as traders pick winners in what will be an additional and even more aggressive area that will drive excitement forward.
It is noteworthy that the liquidation files for all three projects are critically skewed towards short positions. This model, which assumes that these cryptocurrencies continue to grow, is forced to exit their positions, if truth be told, culminating in additional stress buying (sending the prices of these tokens reassuringly). So, momentum shifts aside, these are the top three crypto projects traders and speculators might just want to watch moving forward. For those with a long-term time frame, there are major reasons to be happy with these projects, and that’s why they choose to keep them minimally on the watch list for now.
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Chris MacDonald has positions in Ethereum and Solana. The Motley Fool has positions and recommends them in Aptos, Bitcoin, Cardano, Ethereum, and Solana. The Motley Fool has disclosure protections.
The views and opinions expressed herein are those of the creator and do not necessarily reflect the views and opinions of Nasdaq, Inc.