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’s (CMC) data, ENS traded at 32.61 dollars as of the writing date, still up by 27.7% over the past 24 hours. Market cap of the project is now over $1 Billion with a circulating 31.6 Million ENS.
Despite its recent price rise, ENS has still fallen by 62% since the high it reached in November 2021 of $85.69. While the price of the asset has risen 64% in the past year, its daily trading volume currently stands at $264million.
ENS is also up over 250% within a year. Ethereum has seen gains of over 81%, and Bitcoin has gained over 108%.
ENS is a decentralized naming scheme on the Ethereum Blockchain that allows users to obtain human-readable names such as “jenny.eth” Link them to various identifiers such as addresses, hashes of content, metadata, etc.
Unlike the traditional Domain Name System (DNS), ENS Domains are controlled by Smart Contracts and a Decentralized autonomous Organization (DAO) to ensure they are not under centralized control.
Ethereum Name Service works with a number of blockchains. These include popular ones like Optimism. Solana. Arbitrum.
As investors wait for ENSv2, the latest surge in ENS has come. upgradeThe new version will improve scalability and affordability as well as flexibility. In the new roadmap, developers have focused on managing and upgrading the reservation resolution as well as the name resolution.
V2 has not been released at a specific date yet. upgradeThe roadmap indicates that it could take several months for the project to be completed.
The Ethereum Name Service also surged in price on Monday due to the strong performance of the other crypto currencies. Bitcoin has risen to $60.000 after falling below $60,000 in June. rebounded The crypto market has seen a significant rise as Bitcoin has risen to its highest level since nearly two weeks. 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 the 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 That the recent price spike has pushed ENS into new highs with a goal of $76.12. If the trend persists, ENS’s price could increase by 138%.
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