Smaller speculative tokens are emerging like bitcoin and other major tokens extend Wednesday’s advance. The CoinDesk 20 index rose nearly 5% in 24 hours to its highest level in a week, with all members in the green.
Memecore’s M and Audiera’s BEAT have gained 81% and 12%, respectively, making them the best performers among the top 100 coins by market value. At number 3, Venice Token (VVV) is up 9%.
Bitcoin, the largest cryptocurrency, added more than 4% to $61,200, and ether (ETH), the second largest, rose 5%. Solana’s SOL gained 9% when the network introduced an on-chain governance system that requires staking at least 100,000 tokens to submit proposals. XRP is up almost 4%.
“The first real bounce of the entire sell-off, and it has something behind it,” Marex analysts said in an email. “[Federal Reserve Chairman Kevin] Warsh told Sintra that inflation risks have diminished, the July rally bet was called off, and BTC recovered over $60k for the first time in a week. SOL is the star, up about 16% for the week and leading everything.”
