Crypto market’s weekly winners and losers – PEPE, PUMP, WLFI, HTX

Crypto was up big this week.

Bitcoin [BTC] climbed over 20%, nearing $80k. A wave of ETF inflows, liquidity improvements, and a risk-on mood contributed to the rally. The bullish trend was accompanied by the strong performance of altcoins. 

Large-cap and mid-cap coins saw considerable gains, while smaller ones recorded minor losses of 1-2%. This development is yet another sign of the risk-on scenario that has been unfolding recently.

Weekly winners

Ethena [ENA] sees a FOMO-driven rally

Ethena’s [ENA] price is up more than 100% on the week, topping the rankings in terms of performance. But what’s next for the token? Can ENA sustain its bullish run through September?

Well, the setup suggests that not only is this possible but likely, considering the confluence of favorable factors for the cryptocurrency at the macro level. ENA is seeing a powerful bullish trend following the risk-on rally on the broader market, which is a positive sign for the token. The improving risk appetite usually sends the traders into higher-beta assets, and the FOMO effect can propel even more gains.

Furthermore, the good news is that ENA’s technicals don’t show any sign of entering overbought territory just yet, suggesting additional room for gains. The token broke above the $0.15 level for the first time since Q1, so the bulls have reason to believe that the next round of moves higher is possible.