Ethena native cryptocurrency ENA has seen more than a 14% surge in price within the last 24 hours amid positive sentiments surrounding the USDe stablecoin.
By Godfrey Benjamin
Edited by Julia Sakovich
Updated
3 mins read
Ethena ENA $0.61 24h volatility: 3.1% Market cap: $3.86 B Vol. 24h: $1.24 B started this week with a momentum that has got the broader cryptocurrency industry buzzing. This digital asset has registered a more than 14% rally over the last 24 hours, with its market capitalization up by almost the same percentage and resting at $3.95 billion at the time of this writing.
In the wake of a new week, ENA, the native cryptocurrency of Ethereum-based synthetic dollar protocol Ethena, entered a major bullish era. According to CoinMarketCap data, it has surged by 14.84% within the last 24 hours and is now pegged at $0.6230. This marks a significant recovery from its price action a week ago.
Apart from the increase in ENA price and market cap, its 24-hour trading volume has increased by 33.59%. With these increments in key metrics, Ethena’s USDe stablecoin has successfully reached the position of the third-largest in the category following Tether’s USDT USDT $1.00 24h volatility: 0.0% Market cap: $163.91 B Vol. 24h: $67.70 B and Circle’s USDC USDC $1.00 24h volatility: 0.0% Market cap: $64.10 B Vol. 24h: $11.77 B . On this premise, it has now outperformed Sky Dollar (USDS).
This reflects the growing demand for USDe in the Decentralized Finance (DeFi) space. Even on-chain data confirms that the Ethereum ecosystem saw a massive surge in the stablecoin’s supply, up to 75% over the past month. Based on insight gathered from DeFiLlama, USDe supply has reached $9.3 billion.
Ethena is Third Largest Stablecoin | Source: DeFiLlama
Moreover, the Ethena DeFi protocol is now at the sixth position in terms of Total Value Locked (TVL). A major boost in this metric has now brought it to over $9.47 billion. Significantly, this surge can be attributed to high yields and recent integrations, which have obviously attracted a mix of risk-seeking DeFi users and more conservative stakers.
Beyond the increase in ENA price and the positive sentiments surrounding USDe, Ethena is working on the issuance of a USD-compliant stablecoin, riding on the recent passing of the GENIUS Act. It plans to achieve this feat in collaboration with Anchorage Digital, the first federally chartered crypto bank in the United States.
Bitcoin Hyper (HYPER) may successfully bring crypto enthusiasts the same returns as ENA and USDe. The HYPER project is designed to deliver a promising Layer 2 solution for BTC to risk-hungry investors.
Markedly, the BTC Hyper project’s presale is presently ongoing, with about 33 hours left before a price adjustment.
The BTC HYPER protocol is designed to enhance transaction speeds and reduce costs while leveraging Bitcoin’s security. The presale has raised a total of $6,873,141.49, reflecting growing adoption of the project.
Current Presale Stats:
Participation in the presale can be done via ETH, BNB, USDT, or credit card directly on the official Bitcoin Hyper website, with Best Wallet recommended for token management. Investors seeking new opportunities can participate in the presale.
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Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.