Following a positive bitcoin ETF announcement, ethereum-based tokens continue to lead with price gains of up to 52%.
CoinMarketCap's leading charts for January 11 are ethereum Name Service (ENS), which functions as a decentralized naming system built on ethereum. ENS simplifies human-readable ethereum addresses, such as john.eth, into machine-readable alphanumeric codes commonly associated with wallets such as Metamask. According to the latest data, ENS stands at $23.15, following a 55.1% increase in the last 24 hours, amid a positive trend in the overall ethereum market.
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The rise in ENS price coincides with ethereum briefly surpassing the $2,400 mark on January 10, marking a 10% increase on the week, in anticipation of the approval of the bitcoin ETF. Furthermore, a previous message from Vitalik.eth highlighting the importance of CCIP solvers for Layer 2 (L2) solutions has also been said to fuel the positive market sentiment.
Coming in second place among the winners 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 was recorded at $30.53 USD, after a 46% increase in the last 24 hours. The driving force behind this notable rise is again linked to the approval of bitcoin ETFs by the US SEC. This notable industry announcement has since resulted in the cryptocurrency surpassing $26 for the first time. from October 2022.
The third token among the top gainers is not an ethereum project, although it shares similarities. Tezos (XTZ) is a blockchain network that is powered by smart contracts, although it is said to provide more advanced infrastructure. Its price increase is linked to an announcement by TezFin, the Tezos defi lending platform, which announced the launch of its production version, which offers 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.
As cryptocurrencies are establishing themselves as a tradable asset class, many analysts believe that big moves will continue to occur in the market in the coming days.
