In a remarkable display of market momentum, the **Ethereum Name Service (ENS)** has experienced a 30% increase in value within the past day, achieving a price level not witnessed since January 2022. As of the latest update, ENS is priced at **$32.61**, marking a 27.7% rise in the past 24 hours according to CoinMarketCap data. The circulating supply of ENS stands at 31.6 million, propelling the project’s market capitalization beyond the **$1 billion** threshold.
**ENS 24-hour price chart | Source: CoinMarketCap**
Despite this surge, ENS’s current value is still 62% lower than its peak of **$85.69** reached on November 11, 2021. Concurrently, the daily trading volume has escalated by 64%, now sitting at **$264 million**.
Over the past year, ENS has soared by more than 250%, outpacing Ethereum and Bitcoin, which have seen increases of 81% and 108%, respectively.
ENS operates as a decentralized naming protocol on the Ethereum blockchain, enabling users to secure easily recognizable names such as “jenny.eth” and associate them with various identifiers, including addresses, content hashes, and metadata.
Diverging from conventional Domain Name Systems (DNS), ENS domains are governed by smart contracts and a Decentralized Autonomous Organization (DAO), ensuring autonomy from centralized oversight.
The Ethereum Name Service boasts compatibility with an array of blockchains, including prominent ones like Optimism, Solana, Arbitrum, and Base.
The recent uptick in ENS’s value coincides with anticipation for the forthcoming ENSv2 upgrade, aimed at enhancing scalability, affordability, and flexibility. The development team is currently concentrating on refining name resolution and managing reserve resolution, as outlined in the updated roadmap. While the precise timing for the V2 upgrade remains unspecified, the roadmap hints at a completion timeline spanning a few months.
Moreover, the Ethereum Name Service’s valuation surged on Monday, bolstered by the overall performance of the cryptocurrency sector. Bitcoin rebounded from a low of $60,000 on June 29 to $63,500, marking its highest point in nearly two weeks and catalyzing a significant uplift in the crypto market. Ethereum also ascended to over $3,500.
There are emerging indications that the SEC might greenlight a spot Ethereum ETF within this quarter. Despite returning the S1 filings to the issuers, the signals suggest a potential approval later in the quarter. Such an approval is expected to bode well for the ENS token’s performance.
Market analyst Javon Marks has observed that the recent price rally has propelled ENS to new heights, setting a target of **$76.12**. Should this upward trend persist, ENS could see an additional 138% increase.
Matthew Hyland, another analyst, holds an even more bullish outlook, forecasting that ENS could ascend to **$120** if the current positive momentum continues.
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