YEREVAN (CoinChapter.com) — The US Securities and Exchange Commission (SEC) has approved the first Bitcoin ETFs (exchange-traded funds). The development comes as a major victory for the crypto industry. While the BTC price did not put up the largely expected massive rally, several altcoins are surging as a result of the news.
Here are the top-performing altcoins amid the spot Bitcoin ETF approval.
1 Xai (XAI) price surges over 25% among top-performing altcoins
XAI, the native token of the Arbitrum-based Layer 3 blockchain Xai games, which brings traditional gamers to the world of web3 gaming, is on a massive rally.
Over the past 24 hours, XAI has surged over 25%, reaching $0.7227 before facing a forced correction to $0.6465.
Traders began rallying behind the XAI altcoin before the spot Bitcoin ETF confirmation. After the token’s farming period ended on Jan. 8, Binance, the largest crypto exchange by volumes, listed the XAI token the following day.
Post its listing, Binance offered several trading pairs for XAI, including XAI/BTC, XAI/USDT, XAI/BNB, XAI/FDUSD, XAI/TUSD, and XAI/TRY. While the market excitement pushed the token to an all-time high of $0.7864, the token soon tanked over 35% in the subsequent hours as holders began withdrawing profits.
With the SEC approving Bitcoin ETFs, the market surged, causing XAI price to capitalize on the surge, making it one of the top-performing altcoins.
2 Ethereum Classic (ETC) puts up a massive rally
Ethereum Classic (ETC), born in 2016 out of a hard fork of Ethereum (ETH), is putting up a massive rally. The market is seeing renewed interest from investors post-spot Bitcoin ETF approval. ETC is among the best-performing altcoins today.
According to charts from the portfolio management app CoinStats, the Ethereum Classic price has surged 30% to reach $28.64 during midday trade.
With a total market cap of $4 billion and a 24-hour trading volume of $1.2 billion, ETC exchanges hands at $27.96 while writing. However, Ethereum Classic remains around 85% below its all-time high of $167.09 on May 6, 2021.
3 Ethereum Name Service (ENS) among top performing altcoins
ENS, the native token of the Ethereum Name Service, leads the list of best-performing altcoins. In the past 24 hours, amid the ongoing excitement of spot Bitcoin ETFs, ENS price surged from $14.08 to $21.56 while writing.
The ENS monthly rally amounts to an impressive 150%. Over the past 24 hours, Ethereum Name Services has reached a trading volume of $580 million. Its current market cap stands at $655 million, with the ENS price trading at a 75% discount from its all-time high of $83 from November 2021.
