Ethereum Name Service (ENS) Price Prediction

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Contributor, Benzinga
January 27, 2023

In the world of decentralized finance (DeFi), managing cryptocurrency addresses can be stressful and challenging. Users have to memorize long, complex, alphanumeric strings of data, which represent addresses when sending and receiving cryptocurrency. To make matters worse, a mix-up of two addresses that can appear identical or an incorrect entry can lead to an irreversible loss of funds.

Ethereum Name Service (ENS) is a promising project that solves this problem by replacing complex Ethereum machine-readable addresses with human-readable addresses. Despite the overall decline in prices within the broader cryptocurrency, ENS saw strong growth in demand in 2022. The project is well positioned to continue to develop as more users flock to the platform, particularly as increased liquidity flows into Ethereum.

The following discussion will explore the fundamentals of ENS and how high the price of ENS can go in the next crypto bull run.

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What is Ethereum Name Service?

Ethereum Name Service (ENS) is a decentralized, open-source naming service for wallet addresses, hashes and other machine-readable identifiers. 

An easy way to think about ENS is as a phonebook for the Ethereum blockchain. Just like a phone book maps people's names to their phone numbers, ENS maps human-readable names (like "alice.eth" or "bob.eth") to machine-readable addresses (like 0x6f6820cD3f11A27Cb1e 91D33a0627EB06F6D921A) on the Ethereum blockchain. This process makes it easier for crypto users to send and receive transactions with familiar and memorable names, as opposed to having to memorize abstract and complicated addresses.

Under the ENS framework, each address has .eth at its end and can be attached to multiple cryptocurrency addresses, hashes and other information. Names can be conveniently bought or rented through the ENS decentralized application (dApp). 

ENS Market Position

In late January 2023, the market capitalization for ENS is roughly $200 million, which places it just outside the top 100 cryptocurrencies by total market capitalization. Market capitalization is calculated by multiplying the total circulating supply of coins by the current market price of a single coin. It measures the total value of a cryptocurrency on the open market and can be useful for determining growth potential. 

As a project designed for the Ethereum blockchain, growth expectations for ENS are largely predicated on the growth and longevity of the Ethereum blockchain. Ethereum possesses over 50% of the liquidity among all blockchains as measured by total value locked (TVL). Ethereum is the largest altcoin by a wide margin – trailing Bitcoin with a market cap of roughly $150 billion. 

At $10 on Jan. 25, 2023, if ENS were to return to its all-time high of roughly $85 in November 2021, investors would experience a return of over 8x. In terms of market capitalization, this would mean that ENS would be worth roughly $1.5 billion – about 1% of the current Ethereum market value. Considering the key problem of wallet management that ENS solves, many astute investors believe that such price appreciation is possible if Ethereum continues to dominate the market in the near future.

Troy Norcross’ Bearish ENS Price Prediction

Troy Norcross is the co-founder of Blockchain Rookies – a consultancy specializing in blockchain business value creation. Norcross has been working in the blockchain industry for over 5 years and helped bridge the gap between Web2 and Web3 for countless enterprises.

In a recent editorial written by Norcross, Norcross commented on the dark side of immutability and how it could ruin ENS. He stated that “people traffickers, terrorist organizations, illegal online casinos and more can equally benefit from these services. Once their websites are up and running, they cannot be removed.”

“When their ENS records are written into the blockchain, they can’t be removed. Suddenly this idea of censorship resistance isn’t so great anymore. You’ve gone from anti-censorship to enabling criminal activity.” Although there are undisputable benefits to using ENS, he believes that “bad actors are more likely to use ENS for darker purposes than the good actors would for good causes.” He didn't give an exact bearish ENS price prediction but his sentiment is extremely bearish.

Where to Buy Ethereum Name Service

ENS can be traded on major exchanges such as Gemini, Binance (Binance.US for U.S. investors), OKX, Many of these platforms allow you to purchase ENS using your credit card, through swapping features or via trading pairs such as ENS/USDT. 

How Long Will It Take for ENS to Reach ATHs?

The future performance of ENS will likely be influenced by investor sentiment toward Bitcoin and the overall market. Bitcoin is the flagship of the cryptocurrency space, possesses significant first-mover advantages and maintains a dominant market position. However, in the case of ENS, the price movement of Ethereum is also equally important. 

Most experts, such as Coin Bureau Benjamin Cowen, believe that a recovery could take place by the end of 2023, which would set the stage for ENS to increase in price in 2024 or 2025. Predictions about the future value of cryptocurrencies, including ENS, are highly speculative and should be taken with a grain of salt.

Where to Store Ethereum Name Service Safely

ENS can be stored using either hardware wallets or software wallets. Software wallets, such as Coinbase Wallet, enable users to easily manage their cryptocurrency, including buying, selling, swapping and lending through the internet. Alternatively, hardware wallets, which keep private keys offline, are considered the most secure way to store ENS. Hardware wallets cannot be hacked through cyber attacks or phishing schemes. 

Best Hardware Wallet: Ledger

Ledger is a hardware wallet that is highly regarded for its security features and is considered a top-tier choice for storing crypto assets such as ENS. In addition to ENS, Ledger hardware wallets are compatible with a wide range of altcoins, including Ethereum (ETH), Dogecoin (DOGE), Chainlink (LINK) and all ERC-20 tokens. 

Over 1,800 altcoins can be stored on a Ledger hardware wallet. Currently, Ledger offers three wallets: the Nano X, Nano S Plus and the Stax. The most recent wallet, the Stax, supports a sleek touchscreen interface that makes it a great choice for savvy investors who want to manage their day-to-day transactions in comfort.

Best Software Wallet: Wallet is a popular centralized cryptocurrency exchange that offers a non-custodial wallet. Non-custodial wallets provide users with full control over their private keys, and the exchange is not responsible for securing user funds since they are not stored on a central server.’s DeFi wallet provides access to a wide range of DeFi services in one place and allows users to easily manage 100+ cryptocurrencies.’s non-custodial wallet is a great choice for beginner investors who want to leverage the platform and who value convenience and ease of use. 

Current Crypto Prices

Cryptocurrency is characterized by extreme levels of volatility, with prices fluctuating significantly over short periods of time. The volatility is from the highly speculative nature of crypto, which causes the market to be heavily driven by investor sentiment. To stay informed and aware, investors closely monitor the prices of cryptocurrencies and crypto-related news. It is important to be aware of the risks of cryptocurrency before investing. 

So, Is ENS a Good Investment?

Overall, ENS is a promising project with a lot of growth potential. If Ethereum-based DeFi is to scale, the Ethereum community will need an efficient way to manage wallets. Increased adoption of ENS domain names will likely drive up the price of ENS, provided that the Ethereum ecosystem continues to thrive.

However, ENS and other cryptocurrencies are risky investments. Prudent investors will acknowledge that risk and only invest money that they are willing to lose.

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