ENS jumps 32%, ENA 18% as Bitcoin blinks to $97k

Ethereum Name Service (ENS) and Ethena (ENA) turned up as the biggest gainers in the crypto market over the last 24 hours while Bitcoin (BTC) took another chance to hit $100k. Major altcoins like Ethereum (ETH) and XRP also rallied over 4% as the market sentiments remained “Extreme Greed”.

The global crypto market printed green indexes all around since Bitcoin surged above $97,000, fueling speculation about a potential breakout. BTC gains were pared back to nearly $95,500 after a confident attempt. The cumulative digital assets market cap is up over 2% to stand at $3.3 trillion with a trading volume of $200 billion.

ENS spikes by over 36%

Ethereum Name Service turned out to be the biggest winner of the day as its price spiked by over 36% in the last 24 hours. ENS price is now up by 102% in the last 30 days, trading at an average price of $34.13, at the press time. However, it is still down by 60% from its all time high of $85.69, recorded on November 11, 2021.

Data shows that the ENS mega pump pushed some whales to cash in profits. A long term holder whale wallet reportedly became active after 5 months and deposited 50k ENS (approx worth $1.66 million) to Binance and booked a profit of $968k profit.

This whale wallet had accumulated more than 322K ENS in 2022 at a price of $13.86 and has unloaded 272.7 ENS at a price of $20.75 since January 2024. It is now holding 50K ENS more with an est profit of $2.9 million.

Coinbase CEO, Brian Armstrong, in an X post, stated that the Internet of Money is happening and Lego pieces are ready to be assembled for consumer utility. He mentioned that ENS is building identity while Base is helping blockchains scale. 

Arthur Hayes goes behind ENA

Ethena became another major gainer of the day after recording a surge of over 15%. ENA price is up by  85% in the last 30 days, trading at an average price of $0.714, at the press time. Its 24 hour trading volume is up by 27% to stand at $603 million.

Amid ENA’s recorded fresh surge, Arthur Hayes again decided to go long on the project. He withdrew another 10.36 million ENA (approx worth $7.49 million) from Binance. This brings his 2 day total accumulation to 16.79 million ENA and that too at an average price of $0.666. His unrealized profit stands at around $1.14 million.

Can Ether perform a comeback?

Bitcoin saw a 3% increase in the past 24 hours, with Thanksgiving weekend historically being a period for sudden price shifts. Major tokens followed BTC’s lead, with Ether outperforming with a 7% gain, while XRP and BNB Chain rose 6%, and Dogecoin saw a 5% surge.

Data shows an increases in Ethereum’s revenue, fees, and wallet creation, along with a record $27 billion in open interest for ETH futures contracts. This points to strong market expectations for ETH. QCP Capital reports that money flows are shifting towards ETH, with the ETH/BTC pair surging 13%. Ether is trading at an average price of $3,630, at the press time.

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