Bitcoin ETF Approval Triggers Altcoin Rally – These Coins Are Going Parabolic
While the false news about a Spot Bitcoin ETF approval triggered a pump-and-dump-like scenario, the real news about the actual approval one day after barely moved the price of BTC. On the day of the approval Ethereum, Cardano and Avalanche were the top gainers, with around 9-10% price increase. Looking at CoinMarketCap we can see three altcoins which have outperformed the rest in the past seven days with around 50% increase.
Ethereum Name Service
Ethereum Name Service (ENS) has gained 52% week-on-week and is up 25% in the past day. ENS is likely experiencing a surge due to Ethereum founder Vitalik Buterin posting about its importance. Buterin called for greater interoperability and efficiency in the Ethereum ecosystem, specifically regarding the use and management of ENS domains across various networks and layers.
ENS is super-important, it needs to be affordable!
ENS is a decentralised domain name system built on the Ethereum blockchain. It lets users pick and register their desired web3 username which includes storing an avatar and other data. As one of the most broadly integrated name standards ENS has over 2 million names, which usually end in ‘.eth,’ as in yourname.eth.
Ethereum Classic (ETC) gained ‘only’ 8% in the past day but over 42% from last week. ETC seems to spike along with the post-Bitcoin-ETF-hype which has seen many altcoins rally.
ETC is the result of a hard fork. This split occurred in 2016 and was mainly due to differing views within the Ethereum community about how to handle the consequences of a high-profile hack. ETC has since lost some of its relevance but remains number 21 in market cap.
Bonk (BONK) is back – it seems. During its meteoric rise in late 2023, Bonk had gained several thousand percent, only to drop around 70% in early January. The rally of Bonk is likely due to the listing on popular exchange OKX a couple of days ago.
Bonk, as a meme coin, does not have any fundamentals to speak of, but a recent post of the official X account hinted at changes. The post mentioned plans for the future and to “keep building” and also referred to an “ecosystem [of] builders and integrations,” without being overly specific. It remains to be seen if there is more to it, or if Bonk was just a “one-bonk wonder.”