Ethereum Name Service (ENS) Surges 30% in 24 Hours, Nears $1.1B Market Cap

At the time of writing, ENS was trading at $32.61, still up 27.7% in the last 24 hours, as per data from CoinMarketCap (CMC).

Cryptocurrency prices surged on Monday, with Bitcoin and Ethereum rising to their highest levels in nearly two weeks.

The price of ENS also surged by 27.7% in the last 24 hours, reaching $32.61, as per data from CoinMarketCap (CMC).

At the time of writing, ENS is still trading at a loss of 62% from its all-time high of $85.69, which was attained on Nov. 11, 2021.

However, the project's market cap has crossed the $1 billion mark, with a circulating supply of 31.6 million ENS.

Moreover, the daily trading volume of the asset also increased by 64%, currently hovering at $264 million.

ENS has also surged over 250% over a year, while both Ethereum and Bitcoin have seen gains of 81% and 108% respectively.

ENS is a decentralized naming system on the Ethereum blockchain that allows users to acquire human-readable names like “jenny.eth” and link them with 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 is also compatible with a wide range of blockchains, including popular ones such as Optimism, Solana, Arbitrum, and Base.

The latest surge in ENS comes as investors await an upcoming ENSv2 upgrade, which will be aimed at improving scalability, affordability, and flexibility. According to the updated roadmap, the developers are currently focusing on upgrading the name resolution and managing the reserve resolution.

ENS is gearing up for ENSv2! To address community concerns about the impact on current ENS names and the platform's future, we've put together an FAQ with some of most of the commonly asked questions.https://t.co/hK0Xf89khh

The developers have not yet specified the exact timing of the V2 upgrade, but indications from the roadmap suggest it may take a few months to complete.

Additionally, the Ethereum Name Service price surged on Monday, buoyed by the performance of other cryptocurrencies. Bitcoin, after dipping to $60,000 on June 29, rebounded to reach $63,500, its highest level in nearly two weeks, which triggered a notable rise in the crypto market. Ethereum also rose to over $3,500.

Furthermore, there are signs that the SEC may approve a spot Ethereum ETF this quarter. While the agency has sent back the S1 filings to the issuers, indications point towards a potential approval later this quarter. The ENS token is expected to perform well if this approval occurs.

According to market analyst Javon Marks, the recent price surge has pushed ENS to new all-time highs, with a target of $76.12. If this trend continues, ENS could potentially increase by another 138%.

Another analyst, Matthew Hyland, is even more optimistic, predicting that ENS could reach $120 if the current upward momentum holds.

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