Positive Spot Bitcoin ETF Announcement Boosts Ethereum-Based Tokens with Up to 52% Price Gains
Leading the charts on Jan. 11 is Ethereum Name Service (ENS), a decentralized naming system built on Ethereum. ENS simplifies human-readable Ethereum addresses into machine-readable codes associated with wallets like Metamask. ENS has seen a significant increase of 55.1% in the last 24 hours, currently sitting at $23.15.
The surge in ENS price aligns with Ethereum’s recent rise above the $2,400 mark on Jan. 10, indicating a 10% increase within the week. This positive market sentiment is further fueled by Vitalik.eth’s message emphasizing the importance of CCIP resolvers for Layer 2 solutions (L2s).
Ethereum Classic (ETC) Surges 46% Following Bitcoin ETF Approval
Ethereum Classic (ETC), a hard fork of Ethereum introduced in July 2016, ranks second among the gainers. It functions as a smart contract network supporting decentralized applications and has experienced a remarkable surge of 46% in the past 24 hours, reaching $30.53 USD. This increase can be attributed to the approval of Bitcoin ETFs by the U.S. SEC, propelling ETC to surpass $26 for the first time since October 2022.
Tezos (XTZ) Rises by 34.6% on Launch of TezFin’s Production Version
Tezos (XTZ), a blockchain network known for its advanced infrastructure and smart contracts, secures the third spot among top gainers. TezFin, the Tezos defi lending platform, recently announced the launch of its production version, offering decentralized lending and borrowing on the Tezos blockchain. As a result, XTZ has surged by 34.6% in the last 24 hours, currently valued at $1.17.
Anticipating Further Market Moves
As cryptocurrencies continue to establish themselves as a tradeable asset class, analysts predict that significant market movements will persist in the coming days.
Hot Take: Ethereum-Based Tokens Soar Following Positive Bitcoin ETF News
Ethereum-based tokens have experienced substantial price gains after the announcement of a positive spot Bitcoin ETF. Ethereum Name Service (ENS) leads the pack with a 55.1% increase in the last 24 hours, reaching $23.15. Ethereum Classic (ETC) follows closely with a surge of 46%, currently valued at $30.53 USD. Tezos (XTZ), although not an Ethereum project, also shows an impressive rise of 34.6% to $1.17 due to the launch of TezFin’s production version. As cryptocurrencies solidify their position as a tradeable asset class, analysts anticipate further market movements in the near future.
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