Bitcoin Stalls At $78K While Hyperliquid, Zcash, Ethena Ride Fresh Catalysts

The rally in altcoins comes as September rate hike odds sit at about 62% after Kevin Warsh’s Jackson Hole speech.

• Bitcoin fell as Ethereum, Hyperliquid, Zcash and Ethena outperformed the apex cryptocurrency.
• HYPE’s price rose after Bloomberg reported that Hyperliquid Labs was negotiating with Payward to provide perpetual futures to U.S. traders.
• Zcash continued the rally from the prior week boosted by Grayscale's launch of the first U.S. spot Zcash exchange-traded fund on NYSE.

Bitcoin (BTC) traded flat while Hyperliquid (HYPE), Zcash (ZEC) and Ethena (ENA) outperformed the top cryptocurrency on Tuesday, as each token rode its own catalyst despite the broader market pulling back.

Bitcoin’s price rose 0.1% in the last 24 hours, while Ethena’s price led the gains among major altcoins, rising over 7%, while  Zcash and Hyperliquid gained more than 2% in the same time frame.

The rally in altcoins came amid token-specific developments, ranging from regulatory talks to a new exchange-traded fund (ETF) launch and shaping price action across individual tokens over the past week.

Hyperliquid Gains On US Access Talks

Hyperliquid's HYPE token climbed after Hyperliquid Labs was reportedly in advanced talks with Payward, the parent company of Kraken, to bring the platform's perpetual futures to U.S. traders.