• Fri. Jul 12th, 2024

Top Performing Altcoin Emerge as SEC Approves BTC ETFs

Maria Bartiromo

ByMaria Bartiromo

Jan 12, 2024

Following the historic revelation that the U.S. Securities and Exchange Commission (SEC) approved Bitcoin Exchange-Traded Funds (ETFs), there was a great deal of excitement in the cryptocurrency market, which resulted in substantial rallies in a number of altcoins.

The native token of the Arbitrum-based Layer 3 blockchain Xai games, XAI, was among the top performers. Among other performers that made the list are Ethereum Name Service (ENS), and Ethereum Classic (ETC).  The BTC, from observation, didn’t garner the required price increase expected of it he NB CE, still at the $40,000 price range. 

The excitement around XAI’s surge, meanwhile, was fleeting as the token experienced an abrupt and significant correction. After just a few hours at its highest point, XAI fell by than 35%, leaving investors and market watchers perplexed by the quick changes in the market.

XAI Makes the List, As it Witnesses Upward Price Volatility

The decline was ascribed to token owners taking advantage of the chance to profit from their investments after the sharp increase. XAI started experiencing huge patronage by traders hours before the official confirmation of the BTC ETF approval.

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Binance also listed XAI on January 8, few hours after the token’s farming ended. Binance have also pair several cryptocurrencies to the XAI. Some of the pairs are XAI/TRY, XAI/FDUSD, XAI/USDT, and XAI/BNB.

The recent rave in the market has pushed the price of XAI to an all time of $0.7864.  XAI has also witnessed a 35% withdrawal rate as traders and holders alike have began to withdraw their profits. XAI market capitalization has also saw a major increase to up to $182,832,820. 

Ethereum Classic (ETC) Increase Price Momentum, Trades at $27.96

Ethereum Classic (ETC), a product of Ethereum (ETH) hard fork, also made it to the list of top performing altcoins that made it after the spot BTC ETF was approved. The token is currently witnessing a renewed hope from Ethereum investors.

According a statistical data posted by CoinStats: a portfolio management app, ETC has seen a 30% increase in it’s price in less than 24 hours, to trade for $28.64 (as at press time). The market capitalization also witnessed a significant increase in the last 24 hours after hitting $4 billion.

It also recorded $1.2 billion in trading volume in the last 24 hours while it was exchanging for $27.96. Amid this significant changes, ETC is still 85% behind is former all time high of $167, as at  May 6, 2021.

ENS Experience Significant Increase 24 Hours After SEC’s ETF Approval 

The Xai games project and XAI token will probably continue to garner attention as they add to the developing story of blockchain-based gaming in the future. The project’s relationships, technological achievements, and plans will be actively monitored by investors and stakeholders who aim to comprehend the long-term potential of XAI and the wider Xai gaming ecosystem.

Ethereum Name Service (ENS) was also named the most performing altcoins. The price of ENS, 24 hours after the ENS was approved increased from $14.08 – $21.56, and has remained so as at press time. The monthly rally of ENS was also reported to have increased by 150%.

The token recorded a trading volume of  $580 million in the last 24 hours. It’s present market capitalization stands at $655 million, while currently trading at 75% discount from it’s previous all time high of $83 as at November 2021.

Maria Bartiromo

Maria Bartiromo

Maria Bartiromo is a renowned news writer and journalist, celebrated for her insightful reporting and authoritative voice. With a career spanning years, she has established herself as a trusted source of accurate and comprehensive news analysis, keeping readers informed on vital global developments.

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