Select Altcoins Defy Market Gloom as Kaspa, Ethena, and Others Post Double-Digit Gains

Crypto markets remain under pressure with the Fear and Greed Index improving slightly to 15 from a historical low of 10, yet still reflecting extreme caution. Bitcoin's trading below recent highs continues to constrain risk appetite, limiting broad altcoin participation. However, a narrow group of altcoins, including Kaspa (KAS), Ethena (ENA), Quant (QNT), Sui (SUI), Bonk (BONK), and XRP, have rallied with significant 24-hour gains, driven by specific catalysts rather than a market-wide recovery.

Kaspa (KAS) surged approximately 22% to near $0.049, supported by a 65% volume increase to $65.56 million. The rise aligns with sustained interest in its proof-of-work design and transition to a smart contract-enabled Layer-1 via Kasplex, attracting developer activity and user engagement. Supply is almost fully circulating, and liquidity conditions have steadied, helping prices hold above key resistance levels.

Ethena (ENA) gained about 16% to around $0.28, stabilizing after volatility tied to its synthetic dollar mechanics. The rebound follows a strategic partnership with Hyperliquid ecosystem, announced by Ethena Labs, and improved risk framework confidence. Additionally, Ethena generated $151 million in Q3 fees, contributing to total revenue of $599 million, with whale activity hinting at bullish momentum.

Quant (QNT) rose roughly 12% to $86, bolstered by focus on interoperability tools and cross-network settlement frameworks. Trading activity remained steady, avoiding sharp drawdowns seen in more speculative segments.

Sui (SUI) increased 11.35%, with volume spiking 66.38% to $1.07 billion. The rally was fueled by Fed rate cut optimism and Coinbase's launch of SUI futures on its derivatives platform, with plans to expand 24/7 trading in early December.

Bonk (BONK), a Solana-based memecoin, jumped over 10% as volume surged 110% to $195.7 million. The key catalyst is BitCapital's BONK ETP launch on Switzerland's SIX Exchange on November 27, enabling regulated exposure for EU investors.

XRP climbed 8.22% to $2.23, driven by spot XRP ETFs recording seven straight days of inflows, totaling $164 million on November 24 alone. Canary's XRPC ETF accounted for $306 million in net assets, and Franklin Templeton's new XRP ETF listing on NYSE Acra added momentum. Analysts suggest sustained inflows could absorb over 2.2 billion XRP weekly, pressuring prices upward.

Despite these gains, the Altcoin Season Index dropped to 22 from 78 in September, indicating restrained broader recovery. Any wider altcoin season depends on Bitcoin stabilization and improved risk conditions, which remain elusive amid macro uncertainty.