Ethena Labs’ New ENA Token Rallies Overnight

Bitcoin’s (BTC) steep rally has recently lost impetus. Still, the supply of stablecoins or dollar-pegged cryptocurrencies, often considered a powder keg that could be used to fund token purchases, continues to rise, a sign of reassuring stability to bitcoin bulls. Bitcoin hit record highs above $73,500 on March 14 and has since struggled to keep gains above $70,000, mainly due to the dwindling probability of a Fed rate cut in June. At press time, the leading cryptocurrency by market value was changing hands at $66,300, down 10% from its all-time high. Meantime, the cumulative supply of the top three stablecoins, tether (USDT), USD Coin (USDC), and DAI (DAI) – which dominate the stablecoin market with over 90% share – increased by 2.1% to $141.42 billion, the highest since May 2022. The cumulative supply is up over $20 billion this year.