The cryptocurrency market is a fascinating place where sometimes the numbers just don't seem to add up. Take $ENA , for example. Yesterday, its market cap was at $5.06 billion, and today it's sitting at $5.12 billion—a clear increase. However, if you look at the price per coin, it's actually gone down. This seems counterintuitive, but it's a dynamic that traders often see.
Why the Discrepancy?
A rising market cap with a falling price usually indicates that more coins have entered circulation. As the supply of a coin increases, its individual price can drop even as the total value of all coins (the market cap) rises.
This situation can be a sign of volatility, and many experienced traders are watching it closely. With 79% of positions currently being long, there's a strong sentiment that the price will eventually go up. However, a large majority of traders betting on one outcome can sometimes precede a sharp move in the opposite direction, known as a "long squeeze."
Looking at Past Performance
It's also helpful to look at how ENA has behaved in the past. When the entire market was experiencing a downturn, $ENA surprised many with a significant 23% upward movement. This shows that it can sometimes move independently of the broader market trend.
Given this history, the current 4% price correction, especially on a day when the rest of the market is up, might not be a major cause for concern. For long-term holders, this could simply be a minor fluctuation. As always, the crypto market is full of surprises, and patience is often a key asset.
What do you think will happen next for ENA?
