Ethereum Stalls, But Inexpensive Similar Sounding Plays Like ETC And ENS Are Spiking
Ethereum may have been muffled, but inexpensive alternatives to the second-largest cryptocurrency attracted investors' interest on Tuesday.
What happened: Ethereum Name Service rallied over 7% to become the cryptocurrency market's fourth-largest gainer over the last 24 hours. The coin's trading volume soared 85% to $420 million, indicating significant buying pressure.
Similarly, Ethereum Classic rose over 2% from the previous day, adding to its ongoing boom, which has returned more than 25% to holders over the last month.
On the other hand, ETH barely moved in the last 24 hours, as its heated rally cooled off.
Top Gainer (24 Hours)
See Also: ‘I’d Rather Have An iPhone Than A Landline’, Says Ether Machine CEO About Why He Doesn’t Own Bitcoin
Why It Matters: When compared to ETH, ENS and ETC have far lower market capitalizations, at $1.08 billion and $330 million, respectively, as well as lower per-unit costs, making them potentially cheaper alternatives to the $450 billion asset.
Ethereum Classic was created as a hard fork of the original Ethereum chain in 2016 due to disagreements within the community after a hack. The new chain inherited the name Ethereum, 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.
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Posted-In: Cryptocurrency
