Ethereum Name Service (ENS) and Theta Network (THETA) Lead Altcoin Market Rally, Eyeing New All-Time Highs

The anticipation of an upcoming altcoin season has positively impacted the market capitalization of most cryptocurrencies in the top 100.

The anticipation of an upcoming altcoin season has positively impacted the market capitalization of most cryptocurrencies in the top 100. Some tokens have managed to nearly double in value or gain by 50% over the past week.

Among the leaders is Ethereum Name Service (ENS), a blockchain-based naming system on Ethereum that converts Ethereum addresses into human-readable alphanumeric codes and vice versa. According to CoinMarketCap, ENS has risen by 88% in the past seven days, reaching nearly $39. The network’s popularity is fueled not only by its founders’ close ties to the Ethereum Foundation but also by support from Binance, Chainlink, Metamask, and other crypto leaders. Even with its recent price surge, ENS remains far from its all-time high of over $74, achieved in 2021.

Investors are also keeping an eye on Theta Network, a blockchain system featuring a dual network architecture. The Theta Proof-of-Stake Blockchain handles payments, rewards, staking, and smart contracts, while the Edge Network supports video streaming, AI tasks, and other computational needs.

The Theta Web3 infrastructure allows media companies to boost revenues by attracting new users and lowering costs for video transcoding, storage, and content delivery. Additionally, Theta powers the ThetaDrop NFT marketplace, which has partnerships with Katy Perry, Samsung, Sony, American Idol, and other well-known brands.

The Theta Network Governing Council includes major companies like Google, Samsung, Sony, Creative Artists Agency (CAA), Binance, and Blockchain Ventures. Strategic investors include Samsung NEXT, Sony Innovation Fund, Bertelsmann Digital Media Investments (BDMI), and other leaders in the media industry. At the time of writing, Theta has seen a weekly increase of 59%, trading at $3.05.

A blend of innovation and experience

Worldcoin’s token WLD, rebranded as World, surged by 54% over the past week, reaching $3.60. Despite regulatory bans in several countries, Sam Altman’s company announced the launch of World ID Credentials this week. This feature allows iOS users to link NFC-enabled passports to their World ID, enabling them to claim WLD tokens without the need for iris scans via the Orb.

Currently, this functionality is available only in Chile, Colombia, Malaysia, and South Korea. The announcement of Credentials significantly boosted interest among futures traders, doubling the trading volume of WLD and pushing World’s market capitalization beyond $2 billion.

Following WLD, The Sandbox (SAND) token rose by 52% this week to $0.67. A pioneer in blockchain gaming, the Play-to-Earn (P2E) platform launched in 2011 enables users to purchase, develop, and sell virtual land plots. Despite waning interest in such projects in recent years, SAND reached an all-time high of $8.44 in 2021. Prominent companies like Helix, Atari, HSBC, and Forbes have previously purchased plots on the platform.

This brief list of the week’s top gainers highlights the enormous potential of the altcoin market. Savvy investors are actively searching for the most promising yet undervalued projects that could double or triple their returns—or even yield greater multiples—during the altcoin season.

Grayscale’s cryptocurrency assets saw a significant rise in November, driven by triple-digit growth in altcoins within its portfolio.