Coinbase CEO Brian Armstrong’s endorsement of ENS as an essential component of the “Internet of Money”.
The Ethereum Name Service ENS $15.97 24h volatility: 2.2% Market cap: $529.72 M Vol. 24h: $43.22 M has recently gained remarkable attention, with its price surging by 44.50% amidst the altseason excitement. This surge has come as part of a broader rally in altcoins, and ENS has quickly emerged as one of the standout performers this week, climbing more than 100% in just a few days.
Photo: CoinMarketCap
Coinbase CEO’s Endorsement Fuels Momentum
ENS’s rapid ascent has been further boosted by a key endorsement from Coinbase CEO Brian Armstrong. Armstrong, one of the most influential voices in the blockchain industry, has been vocal about the role decentralized identity solutions like ENS play in shaping the digital economy’s future.
In a recent tweet, Armstrong branded ENS as an essential component in the development of the “Internet of Money”, a vision for how blockchain can transform financial services and digital identity. His endorsement has added significant weight to the growing optimism around ENS, suggesting its potential to become a cornerstone of Web3 adoption.
Armstrong’s vision ties directly into the functionality that ENS offers. ENS allows users to register human-readable names, replacing complex wallet addresses and making blockchain interactions simpler and more accessible. With millions of ENS names being registered, the system is becoming increasingly vital as a form of digital identity.
ENS Rally Signals 250% Potential Gain
As of November 26, 2024, the price of ENS stands at $35.01, supported by a market cap nearing $1.20 billion. The 24-hour trading volume has also surged to $2.56 billion, a striking 320% increase. This rally coincides with a notable spike in Ethereum’s price, which has increased by over 15% in the past week, crossing the $3,600 mark. However, ENS is still trading around 59% below its all-time high of $85 in November 2021.
ENS is currently testing a critical resistance level at $40, a zone it has struggled to break since early 2022. Analysts predict that if ENS can surpass this resistance, it could trigger a significant rally, pushing the price as high as $82—potentially representing a 250% gain. This possibility has many investors optimistic, particularly with the ongoing altseason that has historically fueled massive price movements in altcoins.
ENS’s performance is also improving compared to Bitcoin and Ethereum, suggesting rising investor confidence in the project. As Bitcoin’s dominance fluctuates, altcoins like ENS are beginning to capture more attention, with inflows increasing as the cryptocurrency market enters a phase of “extreme greed”.
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