Ethereum Name Service (ENS) has surged 30% in the past 24 hours to reach its highest price since January 2022.
As of writing, ENS is trading at $32.61, still up 27.7% over the past 24 hours, according to CoinMarketCap (CMC). The project has a circulating supply of 31.6 million ENS and its market cap has surpassed $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 set on November 11, 2021. At the same time, the asset’s daily trading volume has increased by 64% and currently hovers at $264 million.
ENS has also surged more than 250% in a year, while Ethereum and Bitcoin have risen 81% and 108%, respectively.
ENS is a decentralized naming system on the Ethereum blockchain that allows users to take a human-readable name (like “jenny.eth”) and link it to various identifiers, including addresses, content hashes, and metadata.
Unlike the traditional Domain Name System (DNS), ENS domain names are managed by smart contracts and decentralized autonomous organizations (DAOs), ensuring that there is no central control.
Ethereum Name Service is compatible with multiple blockchains, including popular ones like Optimism, Solana, Arbitrum, and Base.
ENS’s latest rally comes as investors await the upcoming ENSv2 upgrade, which is designed to improve scalability, affordability, 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 a specific timeline for the V2 upgrade, but the roadmap suggests it could take several months to complete.
In addition, the price of Ethereum domain name service surged on Monday, driven by the performance of other cryptocurrencies. Bitcoin rebounded to $63,500 after falling to $60,000 on June 29, hitting its highest level in nearly two weeks, triggering a significant rise in the cryptocurrency market. Ethereum also rose above $3,500.
Additionally, there are signs that the SEC may approve an Ethereum spot ETF this quarter. Although the agency has sent the S1 filing back to the issuer, there are signs that approval could come later this quarter. If approved, the ENS token is expected to perform well.
Market analyst Javon Marks noted that the recent price surge has pushed ENS to a new high, with a target price of $76.12. If this trend continues, ENS could rise another 138%.
Another analyst, Matthew Hyland, is more optimistic, predicting that if the current upward momentum continues, ENS could reach $120.
Finally, there are still many things that are not written down, such as specific opportunities and specific decisions. These things are often not something that can be summarized in one article.