The crypto market is heating up again as Bitcoin climbs to its highest level since February and the total market cap crosses $3 trillion. But beyond Bitcoin, there are three altcoins catching the eye of investors this week — Immutable (IMX), Ethena (ENA), and IOTA.
Let’s break down what’s driving interest in these cryptocurrencies right now.
1. Immutable (IMX): Big Token Unlock on the Way
Immutable, a layer-2 blockchain focused on gaming and NFTs, is set to unlock $10.4 million worth of tokens on Tuesday. That’s about 1% of its circulating supply.
While token unlocks often cause short-term price dips due to added supply, IMX is showing signs of strength. The token recently bounced from $0.34 to $0.60 and has formed an inverse head and shoulders pattern — a classic technical sign of a possible breakout.
Investors will be watching closely to see if this momentum continues through the unlock.
2. Ethena (ENA): Pressure Builds Ahead of Unlock
Ethena, the team behind the popular stablecoin USDe, is also scheduled for a major token unlock. On Monday, May 5, the project will release 171.88 million ENA tokens, worth about $23 million.
This is part of a long-term monthly schedule that continues until 2028.
However, ENA hasn’t been performing strongly ahead of the unlock. Its price recently slipped below the 50-day moving average, and it’s trading under a descending channel. Traders are watching to see if it drops toward $0.2520 or even $0.20, especially if unlock selling pressure picks up.
3. IOTA: Major Upgrade Set to Launch
IOTA is making headlines for a very different reason — a massive upgrade called Rebased is rolling out this week.
Rebased will shift the IOTA network to full decentralization, with more than 150 validators securing the chain. It will also introduce move-based smart contracts, allowing developers to build dApps directly on IOTA, making it a stronger rival to platforms like Ethereum and Cardano.
What’s more, IOTA holders will be able to earn monthly rewards, a feature that could attract long-term stakers.
What Else Is Driving the Market?
Beyond these individual projects, the entire crypto market is waiting on Wednesday’s Federal Reserve meeting. If the Fed signals interest rate cuts are coming this year, it could give crypto assets a major boost.
Also in play: reports that the U.S. and China may resume trade talks. Any positive news here could lift investor confidence in risk assets like crypto.
