While overall NFT volume has fallen off a cliff since January, Ethereum Name Service (ENS) domain sales have soared over the past week.
The collection is now the most highly traded Ethereum-based collection on OpenSea, beating the likes of both CryptoPunks and Bored Ape Yacht Club (BAYC). What’s behind the collection’s sudden climb to the top of the marketplace?
ENS VS NFT Performance
According to OpenSea, ENS has generated 876 ETH in sales over the past 24 hours alone, at writing time. At current prices, that’s $1,376,196 in trades.
By comparison, CryptoPunks have only generated 253 ETH in trades, while BAYC has generated 157 ETH in trading volume. ENS now ranks second on OpenSea overall, beaten only by the “yoots mint t00b” collection’s 191,000 SOL ($5,730,000) volume following its minting event on Tuesday.
The weekly volume for ENS stands at 2565 ETH, demonstrating that the bulk of it has been generated over the past two days. Multiple other top NFT collections including BAYC and Moonbirds are down roughly 50% each within that time.
NFTs – short for Non-Fungible Tokens – are unique digital blockchain tokens tradeable over a cryptocurrency network. They can be used to represent other tangible/ non-tangible assets or as independently valued assets all their own.
While the most popular NFTs today are mostly used as speculative collectibles, ENS domains operate slightly differently. While tradeable as NFTs, ENS domains also let owners attach human-readable names to their cryptocurrency addresses.
This can make transactions more convenient and natural to perform, rather than using long strings of numbers and letters to identify another user. Given that each domain is one of a kind, certain domains – especially for popular words – are highly valuable.
OpenSea data says that there are over 510,000 ENS owners.
Why the Sudden Pump?
Part of the rise in ENS volume may be attributable to longer-term trends. The collection is the only top 5 collection by trading volume that’s risen in volume over the past 30 days. August went down as the service’s third highest month of revenue.
Khori Whittaker, the executive director for ENS, told Decrypt that falling ETH prices have likely contributed to this. Prices for registering with ENS are denominated in ETH, meaning the bear market has made registration cheaper in dollar terms.
However, a more recent contributor is likely Merge excitement. Ethereum’s Beacon chain completed its Bellatrix upgrade on Tuesday – the final step before the network moves on to proof of stake. The excitement surrounding the upgrade could have users seeking to mark their territory on Ethereum with a domain name before its too late.
“[Users] registering their personal ENS is a staple for every Web3 user heading into this new chapter of Ethereum’s life,” said Whittaker. “Since our launch we’ve steadily grown in tandem with Ethereum.”
ETH as an asset has considerably outperformed Bitcoin and other cryptos over the past month as excitement builds for the upgrade. Even Ethereum Classic has soared by 28% in its wake, reclaiming its position as a top 20 cryptocurrency.
Ethereum’s Layer 2 TVL Nears $30 Billion as ETH-Related Tokens Surge
Ethereum has witnessed a notable surge in the past week as its Layer 2 TVL nears the $30 billion milestone with sustained momentum.
As shown by L2Beat, the cryptocurrency, second only to Bitcoin in market capitalization, has shown an upward trajectory. It is worth highlighting that assets and tokens associated with its ecosystem have also demonstrated positive movements.
Arbitrum Leads Ethereum L2 TVL Surge
Ethereum is up more than 10% over the last week to trade at $3,254, a new multi-month high. The Ethereum L2 TVL has also seen growth, reaching a new peak of $29.60 billion, a 12.08% growth over the last seven days.
Arbitrum takes the lead with 45.18% of the total TVL, representing $13.37 billion, followed by OP Mainnet at 25.55%, or $7.56 billion. Other notable ones were Manta Pacific at $1.89 billion, Starknet at $1.38 billion, and Base at $929 million.
The ongoing surge in the ETH price and the Ethereum L2 TVL could have come from the increasing adoption and use of Layer 2 solutions.
One of the most notable increases was in Mantle, an Ethereum Layer 2 blockchain, which rose over 20% to hit an all-time high of $0.9494. While the price has since consolidated to $0.92, the trading volume is at $254 million, a 50% increase over the last day.
Other L2 solutions such as Cybria, Polygon Ecosystem Token, and Polygon were the biggest gainers, up 14.7%, 4.6%, and 4.75 respectively, according to CoinGecko data.
Ethereum Takes Center Stage
In 2023, Bitcoin outpaced Ethereum regarding price gains with a surge of over 150%, while the latter had only about 90% growth. BTC’s increase at the time came about due to the anticipated spot Bitcoin ETF approvals that would potentially skyrocket capital inflow.
However, as time passes following the approval of the ETFs, the attention is slowing down, and the focus seems to be shifting to Ethereum. The ETH community is looking forward to the launch of spot Ethereum ETFs after several companies applied to provide them following the Bitcoin ETF approval.
Analysts see the ETH ETFs going live in May 2024 since the spot Bitcoin ETFs approval has laid the foundation. Meanwhile, the upcoming Dencun upgrade is coming closer, bringing more positive sentiment.
Currently, Ethereum is trading above $3,254 and the 100-hourly Simple Moving Average. The primary resistance lies around the $3,275 mark, with a notable hurdle near $3,320.
Ethereum Price Surges Past $3k to Hit 96-Week High as eTukTuk Presale Steams Ahead
Ethereum’s (ETH) progress shows no signs of slowing down, shattering investor expectations as it reaches a 96-week high.
ETH is now trading for $3,040, yet rose past $3,100 yesterday before pulling back.
While ETH’s surge grabs the headlines, some investors are keeping an eye on the rising star eTukTuk (TUK) – a disruptive presale project looking to transform transportation in developing countries.
Crypto Whales Stockpile ETH, Fueling Price Surge Past $3,100
Ethereum’s recent rise hasn’t just been down to bullish investor sentiment.
Technical indicators point to underlying strength, with the critical resistance level at $3,000 being breached for the first time since April 2022.
This upward momentum aligns with an eye-catching trend – Ethereum whales have been on an accumulation spree.
Over the weekend, the top holders amassed a staggering 170,000 ETH, worth over $514 million.
This massive vote of confidence signals that whales anticipate further gains, and their buying power is fueling Ethereum’s current surge.
The market is taking notice, with retail investors opting to follow the lead of these whales.
As a result, a self-fulfilling prophecy appears underway, pushing ETH’s price higher.
Analysts are now eyeing a daily close above $3,100, which would strengthen the bull case even more.
However, should ETH struggle to sustain above $3,100, a reversal back to $3,000 could be on the cards.
Grayscale Endorsement Propels Ethereum’s Price Rally
The optimistic outlook from Grayscale’s Will Ogden Moore on Ethereum’s prospects seems to be driving additional demand for ETH.
In his recent blog post, Moore highlighted several key tailwinds for Ethereum, including the upcoming Dencun upgrade in March and the over $2 billion in network revenue generated in 2023.
This vote of confidence from a major research firm and Moore’s emphasis on Ethereum’s maturity appear to be boosting investor sentiment.
Investors seem to be anticipating these upgrades and pricing them into ETH’s current rally.
The potential for an SEC-approved spot Ethereum ETF this year is also providing a positive catalyst for speculation.
With Grayscale giving Ethereum’s evolution a ringing endorsement, it’s adding even more momentum to ETH’s price ascent.
Whether this ascent continues remains to be seen, but with solid technicals and whale backing, the signs look positive for Ethereum.
eTukTuk Rides Bullish Market Sentiment & Raises $1.4 Million in Funding
While Ethereum’s push to 96-week highs dominates social media chatter, it’s not the only project making waves.
The eTukTuk presale is also riding high on bullish sentiment in the crypto market, raising over $1.4 million in funding.
Early investors can purchase TUK tokens for just $0.0272 during the presale – although this price will rise as more funding milestones are met.
The eTukTuk project, aiming to revolutionize transportation with electric tuk-tuks in developing countries, is attracting investors who are eager to support sustainable technology.
Moreover, given that eTukTuk’s unique model also integrates AI to optimize routes and reduce congestion, it could prove genuinely transformational for the communities it serves.
Aside from the environmental benefits, eTukTuk also features a staking protocol where presale participants can immediately begin earning rewards on their TUK tokens.
Yields are currently sitting at 167% per year – and over 30 million TUK tokens have been pledged already.
Additionally, eTukTuk’s roadmap lays out plans to launch TUK on centralized exchanges (CEXs) once the presale ends.
Early investors are already looking forward to these listings, believing they could be the catalyst for a substantial price spike, given eTukTuk’s unique features.
YouTuber Jacob Bury even speculated that TUK’s price could 10x once the token hits the open market.
So, although Ethereum is creating all the headlines, eTukTuk presents a limited-time opportunity for investors seeking exposure to a project with strong long-term potential.
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Reddit Is Invested In Bitcoin and Ethereum, SEC Filing Shows
Social media platform Reddit filed an S-1 registration statement with the Securities and Exchange Commission (SEC) on Thursday in a bid to go public on the New York Stock Exchange (NYSE).
The filing revealed that the company had invested some of its “excess cash reserves” into multiple cryptocurrencies, including Bitcoin (BTC) and Ethereum (ETH).
- According to the filing, the firm also acquired both ETH and one of the network’s layer 2 tokens, Polygon (MATIC), “as a form of payment for sales of certain virtual goods.”
“We also acquired and hold digital assets that are cryptocurrencies for use by our product and engineering teams, which is limited to specific uses,” the company stated.
- As of December 31, the firm clarified that it only held BTC and ETH as crypto assets for treasury purposes. It also said that the net carrying value of its BTC and ETH holdings was, at that time, “immaterial.”
- In the future, Reddit does not intend to invest in other cryptos unless they are identified as likely not being securities by federal regulators.
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