Following the recent milestone of Bitcoin Spot ETF approval, altcoins are displaying notable divergence in market dynamics:
Ethereum Name Service (ENS) has witnessed an impressive surge, marking a remarkable 163% gain in the last month. ENS, propelled by positive remarks from Ethereum founder Vitalik Buterin, reached a peak of $27 last week.
The 24-hour trading volume for ENS exceeded $180 million during this period, reflecting strong market interest.
Threshold ($T), another altcoin in focus, has demonstrated robust growth, boasting a surge of over 30% in the past month. Positive indicators suggest that the protocol is experiencing significant expansion in both market share and adoption within the DeFi sector.
Notable Altcoins Price Movements To Monitor
#Altcoins are creating separation from one another as market polarity continues after last week’s big news:
Net. Growth Risers (3 weeks):
$ETH +6%
Net. Growth Fallers (3 weeks):
$ENJ -32%
$BAT -42%$APE -23%https://t.co/g66cGSuBG8 pic.twitter.com/VXVWssRR48
— Santiment (@santimentfeed) January 18, 2024
A recent analysis by Santiment sheds light on the substantial network growth experienced by $ETH, $ENS, and $T, indicating their increasing prominence:
Net Growth Risers (3 weeks):
- $ETH: +6%
- $ENS: +124%
- $T: +195%
Conversely, some altcoins have witnessed a decline in network growth, as highlighted by Santiment’s findings:
Net Price Drop (3 weeks):
- $ENJ: -32%
- $BAT: -42%
- $APE: -23%
This distinctive pattern in network growth underlines the evolving landscape of altcoins, with some experiencing significant upswings fueled by positive sentiments and endorsements, while others face a slowdown in growth.
As the crypto market continues to respond to major developments like the Bitcoin Spot ETF approval, the varying trajectories of different altcoins provide investors and enthusiasts with an intriguing panorama of the evolving digital asset landscape.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any projects.
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