Crypto Capital Venture founder, Dan Gambardello, is optimistic about the potential for a “mega altcoin run” led by Cardano (ADA). Gambardello’s positive outlook is based on the outcome of Coinbase’s ongoing legal battle with the U.S. Securities and Exchange Commission (SEC). Last year, the SEC took action against Coinbase for allegedly violating securities laws by offering trading services in unregistered securities, including ADA.
Gambardello believes that an upcoming court hearing between Coinbase and the SEC could ignite this altcoin surge. He draws parallels with Ripple’s legal battle over the XRP token, which saw a significant increase in value after a favorable court decision. If Coinbase wins its case, Gambardello suggests that ADA could experience a similar rise in value.
Analyst Guy Turner has also pointed to a bullish pattern on ADA’s price chart, further supporting the potential for growth. Turner highlights the rising demand for Cardano’s decentralized finance protocols, which have surpassed $400 million in total value locked. However, Turner also acknowledges the short-term bearish trends caused by sell pressure from Emurgo, Input Output Global, and the Cardano Foundation as they sell ADA to fund their operations. Despite these short-term pressures, Turner believes that the overall developments are positive for ADA’s long-term growth.
Data from on-chain analytics firm Santiment shows that Cardano has maintained its top spot in cryptocurrency development activity, surpassing other notable projects like Polkadot and Kusama. IOG’s development reports also highlight the significant growth of the Cardano network, with numerous projects launched and a high number of transactions processed.
In anticipation of the upcoming hearing, lawyer James Murphy outlines potential outcomes, including the possibility of the case being dismissed based on Coinbase’s motion. While the judge is not expected to make a ruling at the hearing, she may provide hints through her questioning. Overall, the outcome of the Coinbase-SEC case could have significant implications for the altcoin market, particularly for Cardano’s ADA.