Some New Coins After ETF Approval Had Nothing to Do With Bitcoin

Markets have always been forward-looking, and the Bitcoin (BTC) Spot ETF was a classic example. Most of the highest gaining coins after the ETF approval had nothing to do with Bitcoin. Observing altcoins like Xai (XAI), Ethereum Classic (ETC), Ethereum Name Service (ENS), and Galaxy Fox (GFOX) may offer some insights as to where the market is headed next.

Galaxy Fox (GFOX) Next-Gen Hybrid Model

Galaxy Fox pumped 15% despite still being in its presale post-ETF. Already raising more than $2.7 million and with another price increase expected at stage 8. GFOX combines the P2E and memecoin genres, delivering an exciting new hybrid concept.

The Web3 runner game enables users to compete globally; those ending the season in the top 20% earn prizes. Rewarding ecosystem participants is a core ethos of this protocol, and its staking program links ecosystem development and staking payouts. More activity means greater payouts for holders due to the burn campaign, all these rewards get paid out in a deflationary asset.

The hybrid model positions Galaxy Fox in both the memecoin and GameFi narratives.

Galaxy Fox Presale 

Xai – GameFi Goes Mainstream

Xai has posted impressive performance since launch, up more than 60% in the last week. This platform provides a market layer to facilitate the trading of in-game items. Built by Offchain Labs, Xai is a layer 3 Abritrum (ARB) Orbit chain opening up real economies for video games.

The central breakthrough made by Xai is the ability to trade these in-game items without the need for traditional crypto wallets and without the hassle of paying gas fees. Xai is abstracting away blockchain for end users, only providing them the utility of trading their favorite in-game items.

Ethereum Classic (ETC): Post-ETF Pump

Ethereum Classic has pumped more than 30% since the ETF approval. This fork of the Ethereum (ETH) network maintains the original record and still utilizes proof of work as its consensus mechanism.

The ETC pump was mainly motivated by ETH’s strong performance post ETF. Ethereum Classic is seen as one of the more leveraged plays for Ethereum exposure. The regulatory approval for BTC (another PoW chain) alongside ETH’s huge surge saw Ethereum Classic put in a very respectable performance. Naturally, as it began to rally, the high trading volume drew more market participants in, further propelling price upwards.

Ethereum Name Service (ENS) Vitalik’s Pumponomics

Ethereum Name Service allows users to claim a human-readable name for their blockchain addresses. The whole purpose of the protocol is to make blockchain addresses more accessible, and since its launch in 2021, it has seen thousands and thousands of unique domains registered.

But its pump after the ETF was due to a tweet made by Vitalik. He emphasized the importance of ENS within Ethereum and its potential integration with layer twos to facilitate broader adoption. Markets did what markets do, and this endorsement from Vitalik sent the price of ENS skyrocketing to eight-month highs.

Closing Thoughts: 

Markets are always pricing in new events. Fresh narratives among the top 10 crypto coins explain why new projects outperform the market.

Learn more about GFOX here: Galaxy Fox Presale | Telegram Community

Best crypto platforms in Europe | January 2024


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The post Some New Coins After ETF Approval Had Nothing to Do With Bitcoin appeared first on BeInCrypto.

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