The Ethena Cryptocurrency (ENA) has seen a notable bullish rally, with the price rising over 12% today and over 45% in the last seven days.
Ethena (ENA) price currently stands at $0.4034, consolidating in a key resistance zone. A move above the $0.41 level could propel ENA to new heights, with some analysts forecasting an increase to USD 0.72, which would represent 75% more than its current priceindicates that price tracking site.
This strong bullish momentum has generated considerable interest in the cryptocurrencywith many speculating on the factors behind this outstanding performance. Despite the recent rally, ENA is still trading 70% below its all-time high reached in April, when it hit $1.44.
ENA’s push dates back to the September 26 announcement of a collaboration with two significant players in the financial world: BlackRock and Securitize. Together, they gave light to a new stablecoinUStb, as reported by CriptoNoticias.
ENA is still trading 70% below its all-time high reached in April, when it hit $1.44. Source: CoinMarketCap.
UStb distinguishes itself in the stablecoin market by being backed by BlackRock’s tokenized US Treasury fund, known as BUIDL. This support ties UStb directly to US Treasury assets, offering a level of security and trust that differentiates it from other traditional stablecoins, such as USD Tether (USDT) or USD Coin (USDC).
On the same day of the announcement, ENA experienced a 44% increase in its price, reaching $0.37, as reported by this media. This partnership and the launch of UStb have been interpreted by the market as a positive sign, not only for the new stablecoin, but also for Ethena’s governance token, ENA.
The cryptocurrency community and investors are watching this development closely, as backing from financial giants like BlackRock and innovation in the stablecoin space may have broader implications for the digital asset market.
There are expectations that UStb, with its unique backing and strong financial connections, can attract both cryptocurrency users and traditional financial institutions, looking for a safe and regulated way to interact with the world of cryptocurrencies. Bitcoin-criptomonedas-finanzas-stablecoin-exchanges-prestamos/” target=”_blank” rel=”noreferrer noopener”>decentralized finance (DeFi).
This article was created using artificial intelligence and edited by a human Editor.
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