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Ethereum Name Service (ENS) up 30% as market anticipates ENSv2 upgrade

ethereum-name-service-ens-up-30-as-market-anticipates-ensv2-upgrade
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Ethereum Name Service (ENS) up 30% as market anticipates ENSv2 upgrade

Ethereum Name Service (ENS) has surged 30% in the last 24 hours to reach a price point not seen since January 2022.

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). With a circulating supply of 31.6 million ENS, the project’s market cap has moved over $1 billion.

Ethereum Name Service (ENS) up 30% as market anticipates ENSv2 upgrade - 1
ENS 24-hour price chart | Source: CoinMarketCap

Despite the price surge, ENS is still down by 62% from its all-time high of $85.69, attained on Nov. 11, 2021. Meanwhile, the daily trading volume of the asset is up 64% and currently hovers at $264 million.

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

ENS, a decentralized naming system on the Ethereum blockchain, 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 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.

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 $63,500, its highest level in nearly two weeks, triggering 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.

Market analyst Javon Marks noted that the recent price surge has pushed ENS to new 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.