Ethereum tokens lead for the second consecutive day
Following a positive spot Bitcoin ETF announcement, Ethereum-based tokens continue to lead with up to 52% price gains.
Leading CoinMarketCap charts on Jan. 11 is Ethereum Name Service (ENS), which functions as a decentralized naming system built on Ethereum. ENS simplifies human-readable Ethereum addresses like john.eth into machine-readable alphanumeric codes commonly associated with wallets such as Metamask. As of the latest data, ENS is sitting at $23.15, following a 55.1% increase in the last 24 hours, amid a positive trend in the overall Ethereum market.
The surge in ENS price coincides with Ethereum briefly surpassing the $2,400 mark on Jan. 10, marking a 10% rise within the week, in anticipation of the Bitcoin ETF Approval. Additionally, an earlier message from Vitalik.eth underscoring the importance of CCIP resolvers for Layer 2 solutions (L2s) has also been said to feed into positive market sentiment.
Taking the second spot in the gainers is Ethereum Classic (ETC), a hard fork of Ethereum (ETH) introduced in July 2016, which primarily operates as a smart contract network supporting decentralized applications (DApps). The live price of Ethereum Classic is recorded at $30.53 USD, after a 46% surge in the past 24 hours. The driving force behind this notable increase is again linked to the approval of Bitcoin ETFs by the U.S. SEC. This notable industry announcement has since resulted in the cryptocurrency surpassing $26 for the first time since October 2022.
The third token on the top gainers is not an Ethereum project, although it does share similarities. Tezos (XTZ) is a blockchain network functioning on smart contracts, although it is said to provide more advanced infrastructure. Its price surge is tied to an announcement from TezFin, the Tezos defi lending platform, which announced the launch of its production version, offering decentralized lending and borrowing on the Tezos blockchain. The live price of Tezos currently stands at $1.17, reflecting a 34.6% increase in the last 24 hours.
With cryptocurrencies being established as a tradeable asset class, many analysts believe big market moves will continue to play out in the coming days.
