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

Christian Encila

1 year ago

3 mins read

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The ENS token, commonly referred to the Ethereum Name Service, has garnered significant attention in the cryptocurrency market. The value of it has surged by 36% in the previous week, leading to this heightened interest. There is a lot of interest due to the steady increase in value, and some analysts predict that the market will continue to be advantageous for a long time, while others suggest being careful.

ENS: Price Explosion & Renewed Investor Interest

In the past 24 hours, the ENS token, which is the native currency of the Ethereum Name Service, has experienced a growth of over 2%. The Ethereum Name Service is a system that translates domain names that are easily readable by humans into wallet addresses that are comprehensible to machines. This resulted in the token becoming one of the most successful today. ENS’s price briefly exceeded $33. The current trading price, as per Coingecko, is $31.89.

ENS up in the last day. Source: Coingecko

The excitement affected not only spot markets but also the future business. Measuring the whole value of current future contracts, the open interest has seen an unheard-of surge over $160 million. This suggests a significant rise in investor involvement and ENS-related speculating.

Additionally, the funding rate, which represents the cost of maintaining futures contracts, went from having a negative value to having a positive value that was previously negative. When speculators participate in speculation over the upward movement of the price, this shift indicates that there is an increasing demand for long positions by those market participants. Indicative of an increasing number of enthusiastic traders who anticipate future price increases for ENS is the presence of a financing rate that is positive.

Technical Analysis: Bullish Signals

The ENS has had a recent price rally after a period of fluctuating trends, as observed in the daily technical analysis. On June 30th, there was a notable event as the token experienced a huge increase in price, reaching $33.21.

ENS is now trading at $31.71. Chart: TradingView

The upward trend has persisted, as evidenced by the RSI (Relative Strength Index) remaining close to 70, indicating a robust bullish momentum. Although a high RSI may indicate possible overbought conditions, it also indicates substantial buying pressure.

Nevertheless, several analysts advise against viewing this temporary surge as an assured route to long-lasting expansion. The cryptocurrency market is widely known for its high level of volatility, and past price fluctuations do not necessarily serve as an accurate indicator of future performance.

Long-Term Prospects & Potential Risks

Multiple variables may be influencing the recent upswing in pricing and activity. Investor enthusiasm may be heightened by the forthcoming ENSv2 upgrade, which is designed to enhance efficiency and scalability. Moreover, the increasing usage of decentralised applications (dApps) in the Ethereum ecosystem may be fueling the need for user-friendly domain names supported by ENS.

Although there is currently a sense of optimism, there are still potential concerns that need to be considered. The general well-being of the cryptocurrency market can have a substantial influence on individual tokens such as ENS. A more extensive market downturn may result in a decrease in the price of ENS. Furthermore, the prosperity of ENS relies on the ongoing acceptance and expansion of the Ethereum network and the decentralised applications constructed on top of it.

Featured image from SpaceRef, chart from TradingView

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.