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- Despite Ethereum seeing institutional inflows, Ethena (ENA) climbed 125% in a month, boosted by its stablecoin USDe crossing $10 billion market cap.
- On the other hand, OKB soared 155% on the news of a 65 million token burn and blockchain upgrade plans.
Ethereum (ETH) has outperformed the rest of the crypto market, and even giants like Bitcoin (BTC), with a strong 52% rally over the past month. With 8% upside over the last 24 hours, ETH is on the verge of a breakout to a fresh all-time high above $5,000.
The daily trading volume has also surged 45% to more than $65 billion, showing strong bullish sentiment among traders.
Ethereum Drives the Broader Altcoin Market Rally
The world’s second-largest cryptocurrency, Ethereum (ETH), has been driving the broader altcoin market rally, hitting a four-year high and moving closer to $4,700. A large part of this rally comes with heavy institutional accumulation, led by the ETH treasury race between Bitmine Technologies (NYSE: BMNR) and SharpLink Gaming (NASDAQ: SBET). Amid this heavy accumulation, Ethereum has overtaken giants like Mastercard, as reported by CNF.
As the ETH price sees a 4-year breakout consolidation, market analysts predict a rally to $10,000 and beyond. In his latest message, popular crypto analyst Ted Pillows stated:
$ETH is about to break out of its 4-yr sideways range, and people are calling for top. Last time ETH broke out of its sideways range, it pumped 20x in just 1 year. $10,000 ETH is coming.
While Ethereum has been leading the broader altcoin market rally, there are two other digital assets – Ethena (ENA) and OKB, which have registered triple-digit gains over the past month.
Ethena (ENA) Price Eyes Rally Past $1
With 125% gains over the past month, Ethena (ENA) has been on investors’ radar. This Ethereum-based synthetic dollar protocol has been grabbing all the limelight with its stablecoin USDe hitting $10 billion market cap in less than a year of launch.
As of now, ENA price is trading at $0.80 with its daily trading volume surging 21.3% to more than $1.54 billion. With its massive monthly upside, ENA is the second-best-performing cryptocurrency after OKB.
Last month, Ethena entered into a major deal with Anchorage Capital, a federally regulated crypto bank in the US, as reported by CNF. This has led to a renewed interest among big market players for ENA. As per the latest data from Arkham Intelligence, crypto millionaire Arhut Hayes repurchased 2.14 million ENA tokens for $1.75 million at a higher price of $0.816. This re-entry comes after dumping 7.76 million ENA tokens, at an average price of $0.59.
OKB Token Tops the Chart With 155% Rally
OKB, the native cryptocurrency of crypto exchange OKX, has been in the spotlight with a solid 155% upside over the past month, while crossing $105, as mentioned in our previous story. OKX announced on Wednesday that it will carry out a one-time burn of more than 65 million OKB tokens, permanently fixing the total supply at 21 million. Additionally, the exchange plans a major upgrade to X Layer, its zkEVM-based public blockchain built on Polygon technology.
