Crypto market update: Ethena, Hyperliquid and Worldcoin lead the rally
The crypto market started the week without big price swings, but a few altcoins nevertheless performed notably well.
The crypto market started the week without big price swings, but a few altcoins nevertheless performed notably well. Ethena (ENA), Hyperliquid (HYPE) and Worldcoin (WLD) are among the clear winners of the past few days.
Bitcoin and Ethereum stay steady
Bitcoin is currently a touch above $110,000, while Ethereum trades around $4,300. Although the two biggest cryptos are showing little movement, they leave room for alternative projects to grab the spotlight.
Ethena benefits from big investment
The treasury company StablecoinX announced on September 5 that it had raised $530 million in a PIPE financing round. The capital will be used to buy ENA tokens. The announcement gave the price wings: ENA rose more than 20% in a week.
Paxos targets compliant stablecoin
Also at Hyperliquid, news pushed higher prices. Stablecoin issuer Paxos filed a proposal to launch USDH, a stablecoin that would fully comply with both the U.S. GENIUS Act and the European MiCA regulations.
Under the plan, 95% of interest income from the USDH reserves will be used to repurchase HYPE tokens. As a result, the price climbed toward $50, just $2 off the all-time high.
Worldcoin spikes on speculation
Worldcoin is making waves too. The token jumped more than 25% in the last 24 hours and is up about 50% on a weekly basis. Unlike Ethena and Hyperliquid, this rally is largely driven by speculation around a potential treasury vehicle, rather than hard announcements.
Memecoins and market dominance
Memecoins like SPX6900, Dogecoin, and Bonk also benefited, with 6% to 10% gains in a single day. Still, there isn’t a new “altcoin season” in sight. Bitcoin dominance remains solid above 58%.
Outlook
The market is watching macroeconomic factors this week. New inflation data from the United States and the European Central Bank’s rate decision could be pivotal for the further price trajectory of Bitcoin and the broader crypto market.
