ethereum Name Service (ENS) has surged 30% over the past 24 hours to hit a price not seen since January 2022.
At the time of writing, ENS was trading at $32.61, representing a 27.7% increase over the past 24 hours, according to data from CoinMarketCap (CMC). With a circulating supply of 31.6 million ENS, the project’s market cap has surpassed $1 billion.
Despite the price increase, ENS is still down 62% from its all-time high of $85.69, reached on November 11, 2021. Meanwhile, the asset’s daily trading volume has increased by 64% and currently stands at around $264 million.
ENS has also increased by more than 250% in a year, while ethereum and bitcoin have seen gains of 81% and 108% respectively.
ENS, a decentralized naming system on the ethereum blockchain, allows users to acquire human-readable names like “jenny.eth” and link them to various identifiers, including addresses, content hashes, and metadata.
Unlike traditional Domain Name Systems (DNS), ENS domains are managed by smart contracts and a Decentralized Autonomous Organization (DAO), ensuring they are free from centralized control.
ethereum Name Service supports a wide range of blockchains, including popular ones like Optimism, Solana, Arbitrum, and Base.
The latest ENS surge comes at a time when investors are looking forward to an upcoming ENSv2 upgrade, which will aim to improve scalability, affordability, and flexibility. According to the updated roadmap, developers are currently focusing on upgrading name resolution and handling reservation resolution.
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The developers have not yet specified the exact timing of the V2 update, but roadmap indications suggest it could take a few months to complete.
Additionally, the price of ethereum Name Service rose on Monday, driven by the performance of other cryptocurrencies. bitcoin, after falling to $60,000 on June 29, rebounded to $63,500, its highest level in nearly two weeks, triggering a notable surge in the cryptocurrency market. ethereum also rose to over $3,500.
Additionally, there are indications that the SEC could approve a spot ethereum ETF this quarter. While the agency has sent S1 filings to issuers, indications point to a possible approval later this quarter. The ENS token is expected to perform well if this approval happens.
Market Analyst Javon Marks x.com/JavonTM1/status/1807577544683622433″ target=”_blank” rel=””>noted that the recent price surge has taken ENS to new highs, with a target of $76.12. If this trend continues, ENS could potentially rise another 138%.
Another analyst, Matthew Hyland, is even more optimistic: x.com/MatthewHyland_/status/1807546005652390131″ target=”_blank” rel=””>predicting that ENS could reach $120 if the current upward momentum continues.
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