Is It Too Late to Buy Ethereum Name Service? ENS Price Doubles as New Bitcoin Mining Protocol Goes Viral
As decentralized naming systems gain traction, Ethereum Name Service has seen ENS price double, leaving some FOMO investors asking is it too late to buy Ethereum name service – find out in ENS price analysis.
The bullish moves come after Ethereum founder Vitalik Buterin commented that ENS has layer-2 potential for DeFi applications.
ENS surged 96% this week – Vitalik is bullish on its application in DeFi.
BlackRock’s Larry Fink highlights the potential value in Ethereum ETFs; I have no doubt it'll be up next.
Revolut/Venmo use a mobile phone number to send value – ENS will become the decentralized… pic.twitter.com/Mlr93XVRt8
— s4mmy.moca (@S4mmyEth) January 15, 2024
Indeed, decentralizing naming systems are gaining traction as a web3 alternative to naming systems used by major payment facilitators Revolut and Venmo.
ENS Price Analysis: As Ethereum Name Service Price Doubles – Is it Too Late to Buy ENS?
As price action reels from the dramatic pump, Ethereum Name Service is currently trading at a market price of $24.26 (representing a 24-hour change of +2.24%).
Consolidation is fighting to hold position above an immediate lower support level at $23.45, which is forming a bullish foothold for a further push high in the ongoing trading channel (yellow).
This comes after a major two-day skyrocket, which saw ENS gain a whopping +89% following Vitalik’s bullish tweet.
However, some warning signs emerge from the 20DMA, which while ascendant has seen ENS price action diverge +62% above the current moving average level at $14.99.
Meanwhile, the 200DMA remains low in the chart ($9.08) despite showing a glimmer of weakness in a quick test of support on January 3.
Ethereum Name Service’s over-extended position is worsened by a strong bearish signal from the RSI, which shows as overbought at 79.45.
Yet, the MACD continues to reflect the dramatic move showcasing strong bullish divergence at 1.18 – suggesting a disjuncture between price momentum and price potential at current levels (fuelled largely by Vitalik’s tweet).
Further fundamental influences from the increased likelihood of a spot Ethereum ETF approval, have also fostered growth as ENS stands out as a potentially lucrative ETH beta play.
Overall, ENS looks strong on the long-term here, but vulnerable to more substantial retracement as the impact of Vitalik’s tweet wains. Despite this, a potential fundamental headwind from ETF’s could still push ENS higher.
This leaves ENS price targeting an upside move to $26 (a potential +7.53%).
While downside risk could see ENS price tumble down to $20.37 (a possible -15.79%).
ENS price analysis therefore reveals a current risk: reward composition of 0.48 – a bad entry characterized by retracement risk, but not withstanding the potential boost of a spot Ethereum ETF, this suggests on the short-time frame it is too late to buy.
But while ENS offers an unappealing entry point, a huge opportunity is still open to early backers interested in innovation in Bitcoin Mining and network security.
ENS Price Analysis Alternative? New Bitcoin Cloud Mining Project BTCMTX Smashes $8.47M Raised
Dive into the innovative world of Bitcoin Minetrix and its pioneering stake-to-mine system – as the skyrocketing presale smashes +$8,479,337 raised.
Offering an enticing 86% Staking APY, Bitcoin Minetrix provides a platform where users can buy, stake, and then watch as the rewards start accumulating.
The end of Stage 19 for #BitcoinMinetrix is just around the corner, with only 1 day remaining! ⌛️
How has #Bitcoin mining changed or influenced your understanding of #Cryptocurrencies? pic.twitter.com/HFhQb1VKDy
— Bitcoinminetrix (@bitcoinminetrix) January 15, 2024
The true essence of passive income in the crypto world has never been this accessible.
With the Bitcoin Minetrix approach, gone are the days of heavy initial capital and navigating complex mining contracts.
$8.5M In The Crosshairs: Bitcoin Minetrix Surges Past $8M – Poised to Outperform ENS Price Analysis
Since the 2021 Bull Run, Bitcoin mining has defied expectations by undertaking something of a renaissance in network growth.
Bitcoin’s Hash Rate (a measure of the total amount of computational power directed at mining Bitcoin blocks) has surged to an incredible all-time high of 525 Exahashes per second (EH/S).
This dramatic growth has been fuelled by a substantial increase in the scale of Marathon Digital and Riot Platforms’ mining operations.
The world’s largest Bitcoin miner – Marathon – reported that for Q3 2023 it had an average hash rate of 14.2 EH/s (a 500% growth YoY), around 4% of the overall network hash (mining around 1153 BTC per month, or, $42.2M USD).
Meanwhile Riot Platforms reported a new record hash rate of 10.9 EH/s (mining around 368 BTC per month, or, $13.3M USD), with Riot’s operations expected to grow to 20.2 EH/s by summer 2024.
But while the all-time high in Bitcoin network hash rate is healthy for Bitcoin network security, and clearly profitable for growing mining operations, it has also begun to lose sight of the original promise of Satoshi Nakamoto’s decentralization.
Bitcoin mining in 2023 is the most centralized it has ever been in its short 15-year history.
Why Has Bitcoin Mining Become So Centralized?
A closer look at the summary of mined blocks over the past 48-hours reveals that a shocking 55.79% of all Bitcoin block rewards go to just two Bitcoin mining pools.
AntPool took the largest share at 83 blocks mined (29.123%), while second largest mining pool Foundry USA mined 76 blocks (26.667%).
This dwarfs the number of blocks mined by even third-place F2Pool (34 blocks mined, around 11.93%), highlighting the growing challenge of increased mining centralization.
This heightened network activity, and increased centralization of mining power has become clearly reflected in the consequent all-time high in the difficulty rate for mining Bitcoin.
Currently standing at 70,440,798,833,881 – it has never been harder for individual participants to engage in profitable Bitcoin mining.
This challenge of heightened network difficulty, fuelled by increased competition and centralization of mining power, has created the need for new solutions for the retail investor to participate in Bitcoin mining – both for network decentralization and preserving Bitcoin as a profitable activity for the individual.
Enter Bitcoin Minetrix, which was launched to deliver secure and transparent Bitcoin mining rewards for the retail investor through an innovative, decentralized Bitcoin cloud mining approach.
Key Highlights of the BTCMTX Advantage Over Ethereum Name Service:
- Distinctive Edge in the Market: In an industry filled with numerous cloud mining platforms, Bitcoin Minetrix carves a niche for itself. As the first-ever tokenized Bitcoin cloud mining initiative, it offers an automated system that’s geared for cloud-based Bitcoin mining, setting a new standard for the industry.
- Safety First with Ethereum Blockchain: Bitcoin Minetrix operates on the tried and trusted Ethereum blockchain. This ensures top-notch security and reliability, allowing users to sidestep the risks associated with external mining pools, and offering a safeguard against potential fraudulent cloud mining services.
- Championing True Decentralization: At its core, Bitcoin Minetrix upholds the ethos of decentralization. In an age where centralization often introduces vulnerabilities, Bitcoin Minetrix breaks the mold, redistributing mining profits from big corporations to individual retail investors through its novel Stake-to-Mine system.
- Tapping into the Bitcoin Halving Opportunity: Perfectly poised to make the most of the upcoming Bitcoin halving, Bitcoin Minetrix provides investors with a golden opportunity. The impending halving might seem daunting for miners due to reduced block rewards, but historically, such events have driven up Bitcoin’s value. Bitcoin Minetrix provides a platform for investors to tap into this potential surge, sans the associated capital risks.
- The BTCMTX Presale Opportunity: The ongoing BTCMTX presale has already garnered significant interest, with over $8m raised towards its $8.5M goal. At a competitive price of just $0.0127 per token, early investors have a unique chance to be at the forefront of this stake-to-mine evolution.
The Bottom Line: Don’t Miss BTCMTX
In sum, Bitcoin Minetrix is set to redefine the Bitcoin landscape. With its innovative methodologies, stringent security measures, and the vast potential of its stake-to-mine mechanism, it beckons as a lucrative opportunity for early-bird investors.
Secure your position in this transformative journey by joining the BTCMTX presale today.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
