There is little doubt that cryptocurrencies are convenient payment methods. They allow for relatively fast and inexpensive transactions worldwide. Yet, crypto transactions have some drawbacks. One of the most critical problems with crypto payments is their irreversibility. It means that once funds are deposited in a wallet, they cannot return to the sender (unless the receiver agrees to send the funds back).
Each crypto wallet has a unique address to facilitate global transactions. However, irreversibility leaves no room for mistakes. A typo in a wallet address will result in funds being sent to the wrong receiver, representing a loss of funds in most cases. Since wallet addresses are usually 20 characters long (or longer!), one can easily make a mistake while sending crypto funds. Ethereum Name Service, with its ENS token, addresses this problem effectively.
Learn more about this interesting project and the ENS token in the following Ethereum Name Service price prediction.
What Is Ethereum Name Service (ENS)?
Ethereum Name Service is a distributed, open, and extensible naming system aiming to translate complex crypto wallet addresses into human-readable names. This idea is analogous to the Internet’s Domain Name Service (DNS), which converts numerical IP addresses into words. This naming system runs on the Ethereum blockchain.
The Ethereum platform itself founded Ethereum Name Service. However, this service can be used to send and receive other cryptocurrencies besides Ether (ETH). Ethereum Name Service issues the ENS token, which is used for governance only. This naming service is the most popular blockchain domain standard, with over two million wallet addresses and 50,000 users.
ENS Live Price Chart
As of March 28, 2023, CoinMarketCap ranked ENS as the 130th most valuable cryptocurrency by market capitalization. Other relevant data for that date are summarized in the table below. However, these parameters are continuously changing. Hence, we recommend consulting an ENS live price chart for updated values.
Ethereum Name Service History Price
The ENS token began trading on the open market on November 9, 2021, at $33.6, closing at $43.4 the same day. On November 11, ENS reached its all-time high at $85.7. Such an impressive hike in a few hours showed the enormous volatility of this digital asset. Unfortunately, the ENS abruptly dropped, ending at around $39 in 2021.
During the first days of 2022, ENS lost rapidly more value. On January 22, it was trading at around $16. The ENS price plummeted as the crypto winter began in earnest, closing that year at approximately $10.8. In the first months of 2023, the ENS price showed some signs of recovery. On February 20, this token traded at $17.9. As of March 28, 2023, the ENS price was $13.2.
Ethereum Name Service Price Prediction
Ethereum Name Service Price Prediction 2025
In 2025, ENS will likely increase its price more quickly as more users adopt this naming system. TechNewsLeader expects an average ENS price of $38.3 and a maximum of $44.9 in 2025. PricePrediction indicates an average price of $41 and a maximum of $45.6. DigitalCoinPrice expects an average ENS price of $45.5 and a maximum of $47. Hence, your ENS investment at the current trading price could yield a maximum gain of +257% in 2025.
ENS Price Prediction 2030
In 2030, the ENS price will reach new highs. DigitalCoinPrice expects an average ENS price of $137.4 and a maximum of $139.5. For its part, PricePrediction indicates an average price of $243.6 and a maximum of $283.1. TechNewsLeader is significantly more optimistic, forecasting an average ENS price in 2030 of $281.1 and a maximum of $328.3. Hence, you could receive a return of up to +2,387% in 2030 if you invest in ENS at the current trading price of $13.2.
Conclusion
Ethereum Name Service gives users easy-to-read wallet addresses, making sending and receiving cryptocurrency more intuitive. However, as one could expect, this utility has yet to translate into a good performance for the ENS token. But according to most price predictions, it is a matter of time before this token increases its price more rapidly. So, if you want to invest in this digital asset, you can purchase it on LetsExchange.io at competitive rates and without hassle.
ENS Price Forecast FAQs
Will Ethereum Name Service go up?
Ethereum Name Service shows steady growth in the number of users. Likewise, price predictions indicate the ENS token will increase its value in the coming years.
What will ENS be worth in 2025?
Price predictions for 2025 vary, but DigitalCoinPrice expects a maximum ENS price of $47 in 2025.
Is ENS a good crypto?
The ENS token is primarily used for governance of Ethereum Name Service’s DAO. However, it could be a fair investment if predictions about its future price are correct.
Disclaimer
Please keep in mind that the above information is based exclusively on our observations and is provided for informational purposes only. It doesn’t constitute any kind of financial advice nor represents an official forecast. Cryptocurrency is a highly volatile asset, and you are investing in it at your own risk.
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