Ethena’s ENA Outperforms the Other Major Coins as Bybit Endorses USDe Token

TL;DR

• ENA is the best performer amongst the top 100 cryptocurrencies by market cap.

• The coin’s positive performance came after Bybit endorsed its USDe token as collateral for derivative trading.

ENA Surges by 4% As Broader Market Retreats

ENA, the native coin of the Ethena network, is the best performer amongst the top 100 cryptocurrencies by market cap. The coin is up by more than 4% over the last 24 hours as it outperforms the other major cryptocurrencies.

Its positive performance comes after Bybit, one of the leading crypto exchanges in the world, integrated USDe as a collateral asset for derivatives trading and also listed spot bitcoin and ether pairs against the token.

The move could help perpetuals traders to reduce risk. At press time, ENA is trading at $0.9017 per coin.

ENA’s rally comes as the broader crypto market records losses. Bitcoin, the world’s leading cryptocurrency by market cap, has lost 2% of its value in the last 24 hours and is now trading at $62,293 per coin.

Ether is set to drop below $3k soon after losing 1.8% of its value. With Bitcoin and altcoins underperforming, the total cryptocurrency market cap has dropped to $2.29 trillion, down by 2.16% in the last 24 hours.