The value of Ethereum Name Service derivatives trading volume has risen by 95% in the past 24 hours. This has further led to a 23% increase in open interest for the token.

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The data shows that sentiment on ENS is bullish, with high price volatility at 12.18%. Supply inflation is also high at 9.92%, with only 31% of the supply circulating in the market.

Currently, the token’s market cap has risen by 10% in the past 24 hours, and its trading volume has also surged by 106%. Changes in the following metrics indicate a surge in demand for the token.

The fully diluted market cap of ENS is $2.775 billion and its spot market cap is $877.979 million. Moreover, according to the data, the token is ranked 70th by market cap.

The top 10 holders of Ethereum Name Service hold 80.50% of the supply, with a total of 59K addresses holding the token.

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Among the total coin holding addresses, there are 31,390 profitable addresses, accounting for 52.77%, and 26,100 loss-making addresses, and 87% of the coin holders are large holders with large amounts of funds. In addition, 80% of the token holders have held the token for more than one year, while 16% of the holders have held ENS in the past 1-12 months.

ENS cryptocurrency technical analysis

ENS surged higher after finding support at key levels. Over the past three months, ENS has surged from swing lows of $10.36 to $32.00, an impressive return of over 180%. This significant breakout suggests strong upside momentum ahead. Recent price action suggests that continued gains are more likely as ENS gains investor confidence and market attention.

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ENS has performed strongly and has broken above the key EMAs on the chart. The 50-day and 200-day EMAs have formed a golden cross, indicating a bullish trend. Both the MACD and the signal line are on a bullish trajectory, supported by the golden cross of the indicators. The histogram on the chart also shows strong bullish sentiment, suggesting that the rise will continue.

Furthermore, the RSI has entered a bullish cycle, breaking above the 50 level and maintaining its position. Currently, the RSI is at 54.02, highlighting the positive momentum and investor confidence in the coin’s price action.

Significant growth in trading volume and market capitalization, coupled with bullish technical indicators, suggests the bullish momentum is continuing. With strong investor confidence and market traction, ENS shows potential for further gains.