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Ethereum Name Service (ENS) is up 30% in the past 24 hours to a price point 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 CoinMarketCap (CMC) data. With a circulating supply of 31.6 million ENS, the project’s market cap has surpassed $1 billion.
Despite the price surge, ENS is still down 62% from its all-time high of $85.69, which was reached on November 11, 2021. Meanwhile, the asset’s daily trading volume has increased by 64% and is currently hovering around $264 million.
The value of ENS has also risen by more than 250% over the course of 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 obtain human-readable names like “jenny.eth” and associate 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 central control.
The Ethereum Name Service is compatible with a wide range of blockchains, including popular ones such as Optimism, Solana, Arbitrum, and Base.
The recent surge in ENS comes as investors await the upcoming ENSv2 upgrade, which aims to improve scalability, affordability, and flexibility. According to the updated roadmap, developers are currently focusing on upgrading the name and reserve solution management.
The developers have not yet determined the exact timing of the V2 upgrade, but indications on the roadmap suggest that it could take a few months to complete.
Additionally, the price of Ethereum Name Service rose on Monday, supported by the performance of other cryptocurrencies. After Bitcoin fell to $60,000 on June 29, I recovered to $63,500, its highest level in nearly two weeks, sparking a notable rally in the cryptocurrency market. Ethereum price also rose to over $3,500.
Moreover, there is Signs That the SEC May Approve an Ethereum ETF This quarter. While the agency has returned the S1 filings to issuers, indications are that approval is likely later this quarter. The ENS token is expected to perform well if this approval is granted.
Market Analyst Javon Marks male The recent surge in price has pushed ENS stock price to new highs, with a target of $76.12. If this trend continues, ENS stock price could rise another 138%.
Another analyst, Matthew Hyland, is more optimistic. Forecasting ENS stock price could reach $120 if the current bullish momentum continues.
