Ethereum Name Service and Ethereum Classic Outperform ETH as SEC Greenlights First-Ever Ethereum ETFs
- 王林Original
- 2024-07-23 13:13:141193browse
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
The first-ever Ethereum (CRYPTO: ETH) exchange-traded funds (ETFs) have been approved by the Securities and Exchange Commission (SEC) and are set to begin trading on Friday.
However, two lesser-known Ethereum-branded coins seem to have outperformed the marquee asset in 24-hour gains.
What Happened: Ethereum Name Service (CRYPTO: ENS) popped more than 5% to emerge 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 (CRYPTO: ETC) popped 3% to hit a monthly high. ETC’s trading volume nearly exploded 184% to $452 million in the last 24 hours.
These gains come despite a drop in Ethereum, which lost 1.47% in the last 24 hours.
Ethereum Classic was created as a hard fork of the original Ethereum chain 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.
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 view them as cheaper alternatives.
It is interesting to note that both ENS and ETC have much lower unit prices than ETH. So, while ETH gains popularity among institutions, individual investors may be shifting 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.
The above is the detailed content of Ethereum Name Service and Ethereum Classic Outperform ETH as SEC Greenlights First-Ever Ethereum ETFs. For more information, please follow other related articles on the PHP Chinese website!