Ethereum Name Service (ENS) has experienced a significant surge, climbing 30% in the last 24 hours to reach levels not seen since January 2022. As of the latest data, ENS is trading at $32.61, marking a 27.7% increase over the past day. With a circulating supply of 31.6 million ENS, the market capitalization has surpassed $1 billion.

Despite this recent rise, ENS is still 62% below its all-time high of $85.69, recorded on November 11, 2021. The daily trading volume has also seen an increase of 64%, currently standing at $264 million. Over the past year, ENS has surged more than 250%, while Ethereum and Bitcoin have seen gains of 81% and 108%, respectively.

What is Ethereum Name Service?

ENS is a decentralized naming system built on the Ethereum blockchain. It allows users to obtain human-readable names such as “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 remain free from centralized control.

Ethereum Name Service is compatible with various blockchains, including prominent ones like Optimism, Solana, Arbitrum, and Base.

Upcoming ENSv2 Upgrade

The recent surge in ENS comes as investors anticipate the upcoming ENSv2 upgrade. This upgrade aims to improve scalability, affordability, and flexibility. According to the updated roadmap, developers are focusing on enhancing name resolution and managing reserve resolution.

ENS is gearing up for ENSv2! To address community concerns about the impact on current ENS names and the platform’s future, we’ve put together an FAQ with some of the most commonly asked questions.

While the exact timing of the V2 upgrade has not been specified, indications from the roadmap suggest it may take a few months to complete.

Market Influences

The price increase in ENS on Monday was also influenced by the performance of other cryptocurrencies. Bitcoin rebounded to $63,500, its highest level in nearly two weeks, after dipping to $60,000 on June 29. Ethereum also saw gains, rising to over $3,500.

Additionally, 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. If this approval occurs, the ENS token is expected to perform well.

Analyst Predictions

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.

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