Ethereum Rally Overshadowed by Searing Gains in Cheaper Altcoins: ENS and…
Ethereum made a big splash in the cryptocurrency market recently, and its cheaper alternatives followed suit with some impressive gains.
The Ethereum Name Service (ENS) stole the show by surging over 45% in the last 24 hours, making it the top performer in the market. This rally pushed the token to price levels not seen since January 2022 and pushed its market capitalization to $1 billion after almost five months. Trading volumes for ENS shot up by 520%, indicating a significant increase in buying pressure.
Not to be outdone, Ethereum Classic (ETC) also saw double-digit gains, reaching a six-month high. Its trading volume more than doubled to $1.18 billion in the past day.
While ENS and ETC are distinct from Ethereum, many retail investors view them as more affordable options. Positive news surrounding Ethereum, such as the approval of spot exchange-traded funds (ETFs), has historically led to substantial gains for these alternative coins.
Ethereum Classic came into existence in 2016 as a hard fork of the original Ethereum chain following community disagreements after a hack. The new chain retained the name Ethereum, while the original chain operates as Ethereum Classic.
As for ENS, it is tied to the Ethereum Name Service, a decentralized naming system that translates complex, machine-readable names into easily understandable ones for humans.
It’s fascinating to see these lesser-known coins thrive in the shadow of Ethereum’s success. And as always, it’s important to stay informed and cautious when navigating the volatile world of cryptocurrencies.
