Ethereum has surged 13%, signalling a potential altcoin season as Bitcoin rises 5%. Notable altcoins such as Dogecoin and Solaxy see significant gains, prompting investors to explore these opportunities. Solaxy aims to improve Solana’s capabilities, while Ethena offers a yield-bearing stablecoin, USDe, showcasing market growth.
A notable rally in the cryptocurrency market sees Ethereum (ETH) surging by 13%, reaching $1,790, marking its highest price since early April. Bitcoin is also trending positively with a 5% increase. Numerous large-cap altcoins are reporting impressive gains today, including DeepBook Protocol with 121%, ImmutableX at 33%, and Bonk rising by 28%. This surge indicates a potential arrival of altcoin season, prompting investors to reassess their portfolios.
In the spotlight is Solaxy, the first Solana layer 2 blockchain that aims to mitigate congestion in the Solana network. Despite Ethereum’s recent rally, Solana has gained a wider user base—over 80 million users recently engaged with it. This week, Galaxy Digital exchanged $105 million from ETH to SOL, further highlighting Solana’s growing institutional interest. Solaxy aims to enhance transaction speed and cost efficiency using off-chain computation, and it has already raised over $31 million in its presale, promising significant growth potential.
As altcoin season progresses, traders may increase their risk exposure by indulging in meme coins, with Dogecoin (DOGE) standing out in this category. Notably, it has risen 14% today, bolstered by its established reputation and public figures such as Elon Musk advocating for it. Its popularity and risk/reward characteristics make it an attractive option in the current market context.
Ethena is gaining traction as a governance and staking token that supports a yield-bearing stablecoin, USDe. Users leveraging USDe can earn yield through delta-neutral strategies across hybrid and digital asset markets. Ethena has seen its market cap grow to $4.9 billion, more than doubling from the previous year. As an Ethereum-based initiative, Ethena is poised for increased volatility, as indicated by its 19% gain linked with ETH’s rise.
