Smaller speculative tokens are surging as bitcoin and other major tokens extend Wednesday’s advance. The CoinDesk 20 Index rose almost 5% in 24 hours to its highest 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 No. 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% as the network unveiled an onchain governance system that requires staking at least 100,000 tokens to submit proposals. XRP is up almost 4%.
“First real bounce of the whole selloff, and it has something behind it,” analysts at Marex said in an email. “[Federal Reserve Chairman Kevin] Warsh told Sintra that inflation risks have come down, the July hike bet got walked back, and BTC ripped back over $60k for the first time in a week. SOL is the star, up roughly 16% on the week and leading everything.”