Ethereum Name Service In the last 24 hour (ENS), it has risen 30% to a point that was not reached since January 2022.
According to CoinMarketCap data (CMC), ENS is currently trading at $32.61 and has gained 27.7% within the last 24 hour. The project has a market capitalization of over $1 billion with a circulating stock of 31.6 millions ENS.
Despite its price increase, ENS remains 62% below the all-time record high reached on November 11, 2021, which was $85.69. The daily volume is also up by 64%, and hovers around $264 million.
ENS also grew by over 250% in a single year. Ethereum and Bitcoin grew 81% and 108%, respectively.
ENS allows you to create human-readable name like “jenny.eth” Link them to various identifiers such as addresses, hash values, metadata, etc.
Unlike the traditional Domain Name System (DNS), ENS Domains are controlled by Smart Contracts and a Decentralized autonomous Organization (DAO), ensuring that they are not under centralized control.
Ethereum Name Service can be used with a variety of popular blockchains including Optimism and Solana.
Investors have been waiting for ENSv2, which aims to increase scalability. affordability and flexibility. In the latest roadmap, developers have focused on managing and upgrading the Reserve Resolution as well as the Name Resolution.
Developers have not specified an exact timeframe for V2 but the roadmap indicates that the upgrade may be completed in a couple of months.
Also, Ethereum Name Services price soared Monday as a result of performance by other cryptocurrency. Bitcoin is now back to $60,000. rebounded The crypto market has seen a significant rise as Bitcoin climbed to its highest level since nearly two weeks at $63,500. Ethereum rose also to more than $3,500.
There is also signs that the SEC may approve a spot Ethereum ETF This quarter. Although the agency sent back S1 files to issuers in this quarter, there are indications that a possible approval will occur later. If the ENS token receives approval, it is likely to do well.
Market analyst Javon Marks noted The price increase has pushed ENS into new highs. A target of $75.12 is set. ENS’s price could increase 138% if this current trend is maintained.
Matthew Hyland is another analyst who has a more positive outlook. predicting If the upward trend continues, ENS may reach $120.
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Source: crypto.news
