As a seasoned analyst with over a decade of experience in the crypto market, I must say that the current surge in Ethereum Name Service (ENS) is quite intriguing. It’s not every day you see an altcoin hit a two-year high and gain 85% on the weekly chart!
In the last 24 hours, Ethereum Name Service (ENS) has climbed to reach its highest point in two years. Starting at $21.51, ENS has spiked up to $37.
Currently, at this moment of typing, ENS is being exchanged for approximately $35.64. This represents a significant jump of 45.49% over the preceding 24 hours. Additionally, it has seen impressive growth on both the weekly and monthly charts, rising by 85.91% and 99.69% respectively.
In light of the present market situation, there’s uncertainty as to whether Enjin Coin (ENS) will continue to increase in value, or if its rise is just fueled by speculation.
Is ENS ready to rally?
Based on AMBCrypto’s examination, the Ethereum Name Service (ENS) had a consistent surge in its growth trajectory, fueled by robust optimism among investors.
For instance, The Network Value to Transactions (NVT) Ratio of ENS has decreased during the last week, falling from a peak of 188 to a minimum of 58. This decrease implies that the volume of on-chain activity for this altcoin is expanding at a faster pace than its market capitalization, which could indicate increasing usefulness and adoption.
Additionally, this trend is reinforced by an increase in the number of daily active ENS addresses. As reported by IntoTheBlock, the number of daily active ENS addresses has spiked to reach a peak not seen in five months, totaling approximately 1,690.
An increase in actively used accounts and a decreasing Non-Volatility Token (NVT) ratio imply that this price surge has robust underlying market factors, rather than being fueled solely by speculative activity.
Furthermore, there’s been a significant increase in large transactions for this cryptocurrency alternative, reaching a peak of 695 this year. This spike suggests that larger investors, often referred to as ‘whales’, are actively participating. This trend aligns with our previous findings indicating an escalating on-chain activity level.
As a crypto investor, I’ve noticed an uptick in the influx of large holders, which is a clear sign that whales are buying into this asset. This surge indicates their confidence in the market and belief that the prices will continue to rise. In other words, the accumulation by these whales suggests they see promising gains ahead on our price charts.
Ultimately, the open interest for this alternative coin has spiked to reach a peak not seen in five months at $154 million. This increase suggests that investors keep on establishing fresh investments, indicating their optimism towards the altcoin’s potential growth.
What Next?
Thus, the rise in these figures indicates that the growth of ENS is more likely driven by solid market foundations rather than simple speculation.
Realistic or not, here’s ENS market cap in BTC’s terms
Given the current situation, the trends indicate a possible continued upward movement. If these trends persist, ENS might escalate and potentially surpass the $40 mark, encountering strong resistance around $42.
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2024-11-28 19:03