ENS token increased by 70% after "great" words from Vitalik Buterin
ENS (Ethereum Name Service) is emerging as a rare bright spot in the crypto market, while many other cryptocurrencies, including Bitcoin, are undergoing significant declines.
On the evening of January 3rd, ENS recorded an impressive growth of over 70%, pushing the price from $8.9 to $14.2 in just a few hours. Although it later retraced to $12.35, it still maintained a substantial increase of 47% compared to two weeks prior. Notably, ENS reached an all-time high of $74.25 on November 28, 2021, precisely when the crypto market began to experience turbulence.
While ENS appears resilient, Bitcoin, on the same evening, sharply dropped to $40,000 after surpassing $45,000 just a day earlier. According to data from TradingView, Bitcoin is currently trading at $42,900, reflecting a 5.5% decrease in the past 24 hours. The downturn has also spread to other major cryptocurrencies such as Ethereum, Solana, and Ripple, all experiencing declines ranging from 6-8%.
The catalyst behind ENS's breakout may be attributed to positive attention from Vitalik Buterin, co-founder of Ethereum. On his personal Twitter account, Buterin spoke highly of the Ethereum Name Service, confirming its "crucial role" and emphasizing its convenience and affordability for all Ethereum users, especially those utilizing layer 2.
According to Buterin, "All layer 2 should operate on CCIP protocols so that we can use ENS domains directly on layer 2."
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