Ethereum Name Service (ENS) up 30% as market anticipates ENSv2 upgrade

Ethereum Name Service (ENS) surged 30% in the last 24 hours to reach a price level not seen since January 2022.

At the time of writing, ENS was trading at $32.61, still up 27.7% over the past 24 hours, according to data from CoinMarketCap (CMC). With a circulating supply of 31.6 million ENS, the project’s market capitalization exceeded $1 billion.

ENS 24-hour price chart | Source: CoinMarketCap

Despite the price surge, 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 is up 64% and is currently hovering around $264 million.

ENS is also up 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 that they are free from centralized control.

Ethereum Name Service is compatible with a wide range of blockchains, including popular ones such as Optimism, Solana, Arbitrum, and Base.

The latest ENS rally comes as investors await an upcoming ENSv2 upgrade, which will aim to improve scalability, accessibility, and flexibility. According to the updated roadmap, developers are currently focusing on upgrading name resolution and managing reserve resolution.

The developers have not yet specified the exact timeline for the upgrade to V2, but indications from the roadmap suggest that it could take a few months.

Additionally, the price of Ethereum Name Service surged on Monday, boosted by the performance of other cryptocurrencies. Bitcoin, after falling to $60,000 on June 29, bounced to $63,500, its highest level in almost two weeks, triggering a notable rise in the cryptocurrency market. Ethereum also soared to over $3,500.

Also there are signs that the SEC could approve a spot Ethereum ETF this trimester. Although the agency has returned S1 filings to issuers, indications point to possible approval later this quarter. The ENS token should work fine if this approval occurs.

Javon Marks, Market Analyst note that the recent price rally has pushed ENS to new highs, with a target of $76.12. If this trend continues, ENS could potentially rise by another 138%.

Another analyst, Matthew Hyland, is even more optimistic: predict that ENS could reach $120 if the current bullish momentum continues.

Fuente