Nov 28, 2024

6thTrade

Ethereum Name Service (ENS) and Ethena (ENA) have emerged as the top performers in the crypto market, marking significant gains amid Bitcoin's surge towards $97,000. While Bitcoin tested the $100k level, altcoins like Ethereum (ETH) and XRP also saw strong rallies, as market sentiment remained in the "Extreme Greed" zone. The global crypto market cap rose by over 2%, reaching $3.3 trillion, with a trading volume of $200 billion.

ENS Skyrockets by 36%, up 102% in 30 Days

ENS experienced an impressive surge, spiking over 36% in just 24 hours and up a staggering 102% in the past month. Currently trading at $34.13, it remains down 60% from its all-time high of $85.69 in November 2021. The price jump triggered profit-taking from some whales, with one long-term holder moving 50,000 ENS tokens (worth around $1.66 million) to Binance and locking in nearly $968k in profits.

Coinbase CEO Brian Armstrong shared his optimism, calling ENS a key player in the “Internet of Money” by enabling decentralized digital identities.

Ethena (ENA) Climbs 18%, Arthur Hayes Doubles Down

Ethena (ENA) also saw a strong uptick, surging 15% in the last 24 hours, with a massive 85% gain in the past month. ENA is currently trading at $0.714, and its 24-hour trading volume reached $603 million. Notably, crypto veteran Arthur Hayes has been bullish on ENA, withdrawing 10.36 million ENA (worth $7.49 million) from Binance. Hayes now holds 16.79 million ENA after his recent buys at an average price of $0.666, with unrealized profits of approximately $1.14 million.

Bitcoin & Ethereum Show Resilience

Bitcoin's price rose 3% over the past 24 hours, with the Thanksgiving weekend historically known for triggering price shifts. Ethereum outperformed Bitcoin with a 7% gain, while XRP and Binance Coin (BNB) also saw notable increases of 6%.

Ethereum's network is showing strong growth, with rising revenue, transaction fees, and wallet creation. Additionally, ETH futures contracts reached a record $27 billion in open interest. As the ETH/BTC pair surged 13%, market expectations for Ethereum are growing, with ETH trading at $3,630 at press time.

This data highlights the growing optimism in the market, with ENS and ENA standing out among altcoins as they benefit from increasing investor confidence and solid market fundamentals.