Altcoins Ride Catalysts as Bitcoin Stagnates Amid Rate Hike Expectations

The crypto market has seen a mixed performance in recent days, with some altcoins experiencing significant price gains. Bitcoin (BTC) is trading flat at $78,229 after a 0.1% rise over the last 24 hours.

However, Hyperliquid's HYPE token surged by more than 7%, while Zcash (ZEC) and Ethena (ENA) gained over 2% in the same period. The rally is attributed to various catalysts specific to each token, rather than a broader market trend.

Hyperliquid Labs' reported talks with Payward to provide perpetual futures to U.S. traders have boosted HYPE's price. Meanwhile, Zcash has reached a multiyear high of $855 following the launch of the first U.S. spot exchange-traded fund (ETF) by Grayscale.

Ethena Labs' beta launch of Ethena Pay, a self-custodial money app built on Avalanche, has also contributed to ENA's price rise. The app integrates Ethena's USDe stablecoin and offers users up to 6% annual yield on balances and cashback at select brands.