Cryptocurrencies Surge as Bitcoin Hits february Highs
Last week, the crypto market saw a important boost, with Bitcoin reaching its highest point since February. The total market cap of all cryptocurrencies soared to over $3 trillion. This surge is largely due to expectations surrounding the Federal Reserve’s interest rate decision on Wednesday. If the Fed hints at three rate cuts this year, which could further fuel crypto prices.
Additionally, any progress in US-China trade talks could also positively impact the market. Some specific cryptocurrencies, like Immutable (IMX), Ethena (ENA), and IOTA (IOTA), have their own unique catalysts this week.
Immutable X Token Unlock
Immutable X,a layer-2 network for gaming and NFTs,is set to unlock tokens worth $10.4 million on Tuesday. this represents 1% of the float. Despite the unlock, IMX’s price has formed a small inverse head and shoulders pattern, suggesting potential gains.
ethena Token Unlock
Ethena, the creator of USDe, will unlock tokens worth $23 million on May 5. This is part of its monthly schedule, with the final unlock set for 2028. Though, the token’s price has been under pressure, falling below key levels. It may continue to decline, targeting $0.2520 and $0.20.
IOTA’s Rebased Upgrade
IOTA is launching its Rebased upgrade,aiming for full decentralization with over 150 validators. This will allow holders to earn monthly returns and introduce move-based smart contracts. This upgrade positions IOTA as a stronger competitor to Ethereum and Cardano.
