After a positive development of a Bitcoin ETF announcement, Ethereum-based tokens are leading the way with significant price gains of up to 52%.
At the top of the CoinMarketCap charts on January 11th is Ethereum Name Service (ENS), a decentralized naming system built on the Ethereum platform. ENS simplifies human-readable Ethereum addresses like john.eth into machine-readable alphanumeric codes commonly used in wallets such as Metamask. The latest data shows ENS at $23.15, following a 55.1% increase in the last 24 hours, amidst a positive trend in the overall Ethereum market.
The surge in ENS price coincides with Ethereum briefly surpassing the $2,400 mark on January 10th, marking a 10% rise within the week in anticipation of the Bitcoin ETF approval. Additionally, a message from Vitalik.eth emphasizing the importance of CCIP resolvers for Layer 2 solutions (L2s) has also contributed to the positive market sentiment.
In second place among the gainers is Ethereum Classic (ETC), a hard fork of Ethereum introduced in July 2016, functioning primarily 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, driven by the approval of Bitcoin ETFs by the U.S. SEC. This significant industry announcement has led the cryptocurrency to surpass $26 for the first time since October 2022.
The third token among the top gainers is Tezos (XTZ), a blockchain network operating on smart contracts but providing more advanced infrastructure. Its price surge is linked to an announcement from TezFin, the Tezos DeFi lending platform, about the launch of its production version offering decentralized lending and borrowing on the Tezos blockchain. The live price of Tezos is currently at $1.17, reflecting a 34.6% increase in the last 24 hours.
As cryptocurrencies establish themselves as a tradable asset class, many analysts anticipate significant market movements in the days ahead.