Ethena and Starknet Lead Crypto Gainers as Monero Slips
TREE NEWS reports: Top-100 cryptocurrencies by market capitalization displayed a mixed session on October 21, with Ethena (ENA) surging 16.30% to $0.2186 and Starknet (STRK) climbing 13.61% to $0.06265, while privacy-focused Monero (XMR) fell 3.30% to $595.85. Zcash (ZEC) rose 13.25% to $1,339.80, NEAR Protocol (NEAR) gained 10.96% to $5.32, and Pump.fun (PUMP) added 10.08% to $0.004939. On the downside, MemeCore (M) dropped 2.23% to $0.766.
Broad Market Context
The divergent performance reflects a market still searching for a clear directional catalyst. Gains in ENA and STRK suggest renewed appetite for DeFi and layer-2 infrastructure plays, while the rise in ZEC alongside XMR’s decline points to rotation within the privacy coin segment. NEAR’s double-digit advance highlights continued interest in scalable smart-contract platforms.
Key Movers
- Ethena (ENA): +16.30% to $0.2186 — the synthetic dollar protocol continues to attract yield-seeking capital.
- Starknet (STRK): +13.61% to $0.06265 — layer-2 scaling solutions regain traction.
- Zcash (ZEC): +13.25% to $1,339.80 — privacy assets see selective demand.
- NEAR Protocol (NEAR): +10.96% to $5.32 — smart-contract platform gains.
- Pump.fun (PUMP): +10.08% to $0.004939 — memecoin launchpad activity persists.
- Monero (XMR): -3.30% to $595.85 — profit-taking after recent strength.
- MemeCore (M): -2.23% to $0.766 — memecoin sector cools.
Industry Implications
The session’s standout performers—Ethena and Starknet—are both infrastructure projects that have faced skepticism over token unlocks and protocol sustainability. Their rallies may signal that investors are beginning to differentiate between projects with real usage and those without. Ethena’s synthetic dollar model, which generates yield through basis trades, remains a bellwether for DeFi innovation, while Starknet’s zero-knowledge rollup technology is central to Ethereum’s scaling roadmap.
Meanwhile, the divergence between Zcash and Monero is notable. Both privacy coins have historically moved in tandem, but regulatory pressure on anonymity-enhancing assets has created a more nuanced landscape. Zcash’s optional privacy features may be viewed more favorably by exchanges and regulators than Monero’s mandatory privacy, contributing to the performance gap.
Forward-Looking Perspective
With no major macroeconomic data releases on the immediate horizon, traders are likely to focus on protocol-specific developments and broader risk sentiment. The coming weeks could see increased volatility as markets digest upcoming token unlocks and potential regulatory announcements. For now, the rotation into DeFi and layer-2 tokens suggests that investors are positioning for a potential recovery in on-chain activity, but sustained gains will require broader market participation beyond a handful of outperformers.
