Close Menu
  • Home
  • Altcoin
  • Bitcoin
  • Crypto
  • Forex
  • Online Money
What's Hot

op return – What is the justification for allowing multiple OP_RETURN outputs per transaction in Bitcoin Core v30?

October 4, 2025

Highest Lowest MT4 Indicator – ForexMT4Indicators.com

October 4, 2025

Google Search serving issue in some locales

October 4, 2025
Facebook X (Twitter) Instagram
  • Altcoin
  • Bitcoin
  • Crypto
  • Forex
  • Online Money
Facebook X (Twitter) Instagram
Cointelegraphe
  • Home
  • Altcoin
  • Bitcoin
  • Crypto
  • Forex
  • Online Money
Cointelegraphe
Home»Crypto»36% Explosion! ENS Steals The Spotlight In The Crypto Market
36% Explosion! ENS Steals The Spotlight In The Crypto Market
Crypto

36% Explosion! ENS Steals The Spotlight In The Crypto Market

adminBy adminJuly 2, 2024No Comments3 Mins Read
Share
Facebook Twitter LinkedIn Pinterest Email


The ENS token (Ethereum Name Service) has recently taken center stage in the crypto community, sustaining a 36% rise in in the last week. This steady surge has sparked widespread interest, with some analysts predicting a prolonged bullish trend, while others advise caution.

Related Reading

ENS: Price Explosion & Renewed Investor Interest

ENS, the native token of the Ethereum Name Service, which translates human-readable domain names into machine-readable wallet addresses, surged by over 2% in the past day. This propelled the token as one of the highest gainers today. ENS briefly surpassed the $33 mark. It is currently trading at $31.89, data from Coingecko shows.

ENS up in the last day. Source: Coingecko

This excitement wasn’t limited to spot markets; the derivatives sector also saw a ripple effect. Open interest, which reflects the total value of outstanding futures contracts, reached record highs exceeding $160 million, suggesting a dramatic increase in investor participation and speculation around ENS.

Source: Coinglass

Furthermore, the funding rate, which indicates the cost of holding futures contracts, shifted from negative to positive territory. This transition points to rising demand for long positions, where investors bet on the price increasing. A positive funding rate indicates a growing pool of optimistic traders expecting further price hikes for ENS.

Source: Coinglass

Technical Analysis: Bullish Signals

Daily technical analysis of ENS reveals a recent price rally following a period of mixed trends. The most significant development occurred on June 30th, with a substantial price jump pushing the token to $33.21.

ENS is now trading at $31.71. Chart: TradingView

This bullish momentum has continued, with the RSI (Relative Strength Index) hovering near 70, indicating a strong uptrend. While a high RSI can suggest potential overbought conditions, it also reflects significant buying pressure.

However, some analysts caution against interpreting this short-term rally as a guaranteed path to sustained growth. The cryptocurrency market is notoriously volatile, and historical price movements don’t necessarily predict future performance.

Related Reading

Long-Term Prospects & Potential Risks

Several factors could be contributing to the recent surge in price and activity. The upcoming ENSv2 upgrade, which aims to improve efficiency and scalability, might be fueling investor excitement. Additionally, the growing adoption of decentralized applications (dApps) within the Ethereum ecosystem could be driving demand for user-friendly domain names facilitated by ENS.

Despite the current optimism, potential risks remain. The overall health of the cryptocurrency market can significantly impact individual tokens like ENS. A broader market correction could lead to a pullback in ENS price. Additionally, the success of ENS depends on the continued adoption and growth of the Ethereum network and the dApps built upon it.

Featured image from SpaceRef, chart from TradingView



Source link

altcoins crypto ENS Ethereum Name Service Explosion Market Spotlight Steals
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
admin
  • Website

Related Posts

BTC Nears Record Highs as Total Market Cap Peaks at $4.21T

October 4, 2025

XRP’s Next Rally Predicted To Shock Markets

October 2, 2025

FF is available for trading!

October 1, 2025

Binance Opens Crypto-as-a-Service to Banks and Brokers for Early Access to Spot and Futures

September 30, 2025
Add A Comment
Leave A Reply Cancel Reply

Top Insights

op return – What is the justification for allowing multiple OP_RETURN outputs per transaction in Bitcoin Core v30?

October 4, 2025

Highest Lowest MT4 Indicator – ForexMT4Indicators.com

October 4, 2025

Google Search serving issue in some locales

October 4, 2025

BTC Nears Record Highs as Total Market Cap Peaks at $4.21T

October 4, 2025
ads

Subscribe to Updates

Get the latest creative news from Cointelegraphe about Crypto, bItcoin and Altcoin.

About Us
About Us

At CoinTelegraphe, we are dedicated to bringing you the latest and most insightful news, analysis, and updates from the dynamic world of cryptocurrency. Our mission is to provide our readers with accurate, timely, and comprehensive information to help them navigate the complexities of the crypto market.

Facebook X (Twitter) Instagram Pinterest YouTube
Top Insights

op return – What is the justification for allowing multiple OP_RETURN outputs per transaction in Bitcoin Core v30?

October 4, 2025

Highest Lowest MT4 Indicator – ForexMT4Indicators.com

October 4, 2025

Google Search serving issue in some locales

October 4, 2025
Get Informed

Subscribe to Updates

Get the latest creative news from Cointelegraphe about Crypto, bItcoin and Altcoin.

Please enable JavaScript in your browser to complete this form.
Loading
  • About us
  • Contact Us
  • Shop
  • Privacy Policy
  • Terms and Conditions
Copyright 2024 Cointelegraphe Design By Horaam Sultan.

Type above and press Enter to search. Press Esc to cancel.