For the second day in a row, Ethereum tokens take the lead.
After the exciting news of a forthcoming Bitcoin ETF, Ethereum-based tokens are dominating the market with impressive price gains of up to 52%.
At the forefront of CoinMarketCap’s charts on January 11th is the Ethereum Name Service (ENS). This decentralized naming system, built on the Ethereum platform, simplifies human-readable Ethereum addresses into machine-readable alphanumeric codes used in popular wallets like Metamask. Currently valued at $23.15, ENS has experienced a significant 55.1% surge in the past 24 hours, reflecting the positive trend in the overall Ethereum market.
The surge in ENS price coincides with Ethereum’s brief surpassing of the $2,400 mark on January 10th, demonstrating a 10% increase within the week leading up to the anticipated Bitcoin ETF approval. Furthermore, a recent message from Vitalik.eth emphasizing the importance of CCIP resolvers for Layer 2 solutions (L2s) has contributed to the positive market sentiment.
Ethereum Classic (ETC), a hard fork of Ethereum introduced in July 2016, takes the second spot among the gainers. It primarily operates as a smart contract network supporting decentralized applications (DApps). With a current live price of $30.53 USD, Ethereum Classic has experienced a remarkable 46% surge in the past 24 hours. This notable increase can be attributed to the approval of Bitcoin ETFs by the U.S. SEC, leading the cryptocurrency to surpass $26 for the first time since October 2022.
The third token on the top gainers list is not an Ethereum project, but it shares similarities with the platform. Tezos (XTZ) is a blockchain network that operates on smart contracts, boasting more advanced infrastructure. Its price surge is linked to the announcement from TezFin, the Tezos decentralized lending platform, regarding the launch of its production version, offering decentralized lending and borrowing on the Tezos blockchain. The current live price of Tezos stands at $1.17, representing a substantial 34.6% increase in the last 24 hours.
As cryptocurrencies establish themselves as a tradable asset class, many analysts predict that significant market movements will continue to unfold in the coming days.
