At the start of the week, the crypto market appears largely unchanged. Bitcoin remains trading at just over $110,000, and Ethereum is at around $4,300. Behind the facade of these two heavyweights, however, one or two altcoins are shining brightly and posting enormous price gains thanks to fundamental developments.
First, on September 5, the Ethereum treasury company StablecoinX announced that it had raised an additional $530 million for ENA purchases as part of a PIPE financing round. ENA is therefore up more than 20 percent over the past seven days.
The stablecoin company Paxos has also presented a proposal for the launch of USDH. This is intended to be the first hyperliquid stablecoin to be fully compliant with both the US GENIUS Act and the European MiCA regulation.
According to the announcement published on Saturday, 95 percent of the interest generated from the USDH reserves would be used to buy back Hyperliquid’s native token. This allowed HYPE to rise back to just under $50, putting it less than $2 below its all-time high.
Rob Hadick, General Partner at crypto VC Dragonfly, emerged as a Circle bear, given Hyperliquid’s significant importance to the USDC issuer.
Wonder if the market has realized yet that Circle's biggest growth engine and likely ~10% of its net revenue is at significant risk this week pic.twitter.com/gpw76Y1Tte
— Rob Hadick ＞|＜ (@HadickM) September 7, 2025
Worldcoin is also currently dependent on the competition. In the past 24 hours, the token rose by more than 25 percent, and over the past seven days, it is up almost 50 percent.
Unlike Hyperliquid and Ethena, however, its performance is driven less by actual news than by speculation about a WLD treasury company.
The memecoins SPX6900, Dogecoin, and Bonk have also risen by 6 to 10 percent in the past 24 hours. However, the much-heralded altcoin season is still out of the question – Bitcoin dominance remains at a relatively high level at over 58 percent.
Current inflation data from the US and the ECB’s latest interest rate decision are likely to significantly influence the price performance of Bitcoin and other cryptocurrencies this week.
