Bittime - Arthur Hayes, co-founder of BitMEX, made a surprising prediction about ENA, Ethena's governance token. He estimates the price of ENA could reach $10.
This prediction comes along with news that Bybit, a cryptocurrency exchange, will use USDe, a stablecoin created by Ethena Labs, as a collateral asset.
USDe integration on Bybit
The collaboration between Ethena Labs and Bybit includes the integration of USDe into Bybit's trading platform. Later, USDe can be used as collateral for perpetual futures contracts on Bybit.
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This is expected to improve USDe's functionality and enable more diverse trading strategies, so that users can make better use of their capital.
Apart from that, this integration will also allow USDe to be traded directly (spot trading) with major cryptocurrencies such as Bitcoin and Ether. This will expand USDe's reach and functionality in the crypto trading community.
Also read: Ethereum Based Altcoin: Ethena (ENA) on Binance
Apart from being collateral, USDe will also be included in Bybit's Earn product, where users can participate in the "launchpool farming" program.
By offering more ways to earn returns from crypto assets, this initiative is expected to attract more users, both beginners and experienced traders.
ENA Price Increase
The market responded positively to this news. ENA prices experienced a significant increase. According to the latest data from CoinMarketCap, ENA's price today is $0.8848, with a 24-hour trading volume of $627,280,644.
The Ethena token is up 2.94% in the last 24 hours and is ranked 63rd by market capitalization, with a current total value of $1,347,525,494.
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ENA Growth Prospects
This collaboration, plus predictions from Hayes, attracted the attention of investors and speculators to the potential growth in ENA's value. USDe's integration with Bybit increases USDe's visibility and usage.
This makes USDe a strong competitor in the stablecoin market which has been dominated by other currencies such as USDT.
Also read: Ethena (ENA): Emerging Cryptocurrency
Guy Young, CEO and founder of Ethena Labs, is very optimistic about this development. He sees it as an important step in improving the function and growth of USDe.
He said that this collaboration will open up new opportunities for traders looking for returns while trading on one of the top crypto exchanges. The initiative aims to break the current stablecoin monopoly with a dedicated product aimed at crypto users.
USDe Potential in the Market
Even though the crypto market is weakening and political issues are affecting demand for this type of leveraged trading, USDe's integration with Bybit will help USDe get back on the growth path.
After a rapid rise at launch to reach a market cap of $2.39 billion, USDe is currently stable at around $2.29 billion over the past month. This collaboration is expected to attract more users and expand the USDe ecosystem as a stablecoin and trading asset.
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Currently, USDe is also traded on several of the largest crypto exchanges, such as Binance, Deribit, OKEx, and Bitget. Bybit itself only holds 7% of USDe's collateral, but initiatives like this and being at the forefront of its implementation could encourage other platforms to adopt similar collaborations.
How to Buy Ethena (ENA) on Bittime
You can buy and sell Ethena (ENA) in an easy and safe way via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
Ethena (ENA) is available on Bittime with the market pair ENA/IDR. To be able to buy ENA IDR at Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Learn the complete guide on how to buy Ethena (ENA) on Bittime.
Monitor price chart movements for Ethena (ENA), Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
Also read:
Ethena (ENA) Predicted to Rise by Crypto Analysts
Everything You Need to Know About Ethena (ENA) Listing on Binance
Ethena Labs Strengthens USDe with Bitcoin Support
Ethena Airdrop Distribution: Providing Benefits to Ethana Shard Holders
DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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