Altcoins like DOGE and SUI are rallying as the broader memecoin market shows signs of rejuvenation.
Most cryptocurrencies are in the green, with tokens like Ethena’s ENA and dogecoin DOGE$0.2352 looking to better their already impressive double-digit 24-hour price gains.
The CoinDesk 20 Index , a measure of the broad market, is 2% higher with 16 members advancing.
Still, Alex Kuptsikevich, the chief market analyst at the FxPro, remains cautious.
“The crypto market capitalisation remains below its 50-day moving average, indicating the prevalence of bears in the market. This is a very worrying indicator of underlying risk appetite in financial markets,”
He added that while expected Fed interest-rate cuts are helping stocks stay bid, the weakness of the economy is “still negative for retail customers, the driving force behind prices.”
