The first-ever Ethereum ETH/USD spot ETFs have been greenlighted by the SEC and are set to begin trading tomorrow morning. Interestingly, two relatively lesser-known Ethereum-branded coins seem to have outperformed the marquee asset in 24-hour gains.
What Happened: Ethereum Name Service popped more than 5%, emerging as the best-performing cryptocurrency in the last 24 hours. The coin's trading volume jumped 66% to $191 million, signaling significant buying activity.
Similarly, Ethereum Classic popped 3% to hit a monthly high. ETC's trading volume nearly exploded 184% to $452 million in the last 24 hours.
| Cryptocurrency | Gains +/- | Price (Recorded at 10:44 p.m. EDT) |
| Ethereum Name Service ENS/USD | +5.63% | $28.08 |
| Ethereum Classic ETC/USD | +3.06% | $24.78 |
These increases come despite a drop in Ethereum, which has lost 1.47% in the last 24 hours.
Ethereum Classic was created as a hard fork of the original Ethereum chain back in 2016 over disagreements within the community following a hack. The new chain inherited the name Ethereum as we know it, while the original one functions as Ethereum Classic.
Additionally, ENS is a token associated with Ethereum Name Service, a decentralized naming system that converts complex, machine-readable names to ones easily understandable by humans.
See Also: Dogecoin Up 15% In 7 Days And One Indicator Shows It May Be ‘Primed For An Aggressive Up Move’
Why It Matters: ENS and ETC are fundamentally different from Ethereum, but many retail investors see them as cheaper alternatives.
It is worth noting that both ENS and ETC have much lower unit prices than ETH. So, while ETH gains popularity among institutions, individual investors may be tempted to shift their focus to lower-cap ‘Ethereum’ coins
Price Action: At the time of writing, Bitcoin was exchanging hands at $67,503 trading mostly flat in the last 24 hours, according to data from Benzinga Pro.
Read Next:
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
