Altcoin watchlist snapshot: Cardano rallies 8.6% post-van Rossem hard fork, Ethena gains 11.5% on Arthur Hayes accumulation, Zcash extends upgrade momentum at $484.
Tech & Launches ·
Cardano rallied 8.6% over 24 hours following completion of its van Rossem hard fork and announcement of the Dijkstra upgrade roadmap, with the move coinciding with reported whale accumulation. The token's market cap reached approximately $6.88B, outperforming major altcoins on the strength of technical progress rather than speculative momentum alone.
Ethena gained 11.5% after reports surfaced that Arthur Hayes accumulated roughly $248K of the token, alongside broader commentary identifying ENA among altcoins attracting smart-money interest. The rally occurred against the backdrop of a scheduled unlock of approximately 171.9M tokens—1.15% of total supply—due August 5, which could offset near-term bullish pressure. Ethena's market cap stood near $849.6M.
Zcash extended its post-Ironwood upgrade momentum with a 4.6% 24-hour gain, trading near $484, while over $240M migrated into the new shielded pool since activation. The $8.14B market-cap token benefited from sustained privacy-focused demand, though elevated relative strength index readings and negative on-balance volume suggest consolidation may follow the initial upgrade-driven rally.