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- ENS tops the list of top gainers in the crypto market, despite high volatility.
- Ethereum Name Service integration with Layer 2 domains boosts investor interest and market performance.
Despite today’s rather placid market, Ethereum Name Service (ENS) recently claimed the top rank among the top gainers among the 100 largest cryptocurrencies by market cap.
As of this writing, ENS is trading around $27.07, up 4.02% over the last 24 hours, after moving sideways for the previous week. A sizable daily trading volume of $236.58 million, which has increased by 85.76%, is supporting this upward trend.
ENS Gains Momentum Amidst Market Volatility with Bullish Outlook
Despite not being as well-known as tokens in the memecoin and real-world asset (RWA) sectors, ENS has managed to weather extreme market volatility.
Nihilus, a professional trader, has also given his bullish outlook for the Ethereum Name Service token on a 1-hour chart. In the chart he provided, the ENS price has broken out of a trendline, with targets set at $28.84 and $32.30, indicating a relatively bullish short-term outlook.
$ENS ~ scalp longed, thank me later.#ens #ENS pic.twitter.com/VLC0NKT5MC
— Nihilus (@nihilus_XBT) July 21, 2024
Earlier this month, CNF noted that the ENS token has outperformed its competitors on the list of popular cryptocurrencies, emerging as a leading player in the blockchain industry with over 2.14 million names registered.
The improvements to ENSv2 appear to have piqued investor attention, resulting in far greater price movement for this token than several competitors.
Furthermore, as we previously reported, the Ethereum Name Service has integrated Layer 2 interoperability with ENS domains, distinguishing it from other crypto initiatives. This integration is likely to have contributed to the current surge in investor interest and positive price movement.
With these developments, ENS continues to show resilience and growth potential in the ever-changing cryptocurrency industry.
