Crypto tokens Solana (SOL) and Cardano (ADA) led gains among major tokens in the past 24 hours, as the Bitcoin (BTC) price gradually recovered from last week’s liquidation event. Both tokens rose 3%, while Bitcoin and Ether added as much as 1.2% and BNB (BNB) rallied 1%. The CoinDesk Markets Index, a weighted collection of the largest tokens, rose 1.6%. Maker (MKR) rose 6% and AI-focused Render (RNDR) jumped 9%, as investors found favor in MKR’s boosted savings product and Nvidia (NVDA) topped second-quarter earnings estimates.
Last week, some $1 billion worth of crypto futures were liquidated after a sudden sell-off that hit trading volumes and the broader market recovery. Now it seems large holders are returning to the market, aiding a recovery. “Bitcoin jumped back as high as $26,800 Wednesday as key whale & shark addresses are now collectively adding to their stacks once again,” on-chain analytics firm Santiment said in a tweet. “There are currently 156,660 wallets holding 10 to 10,000 $BTC, and they have accumulated $308.6M since August 17th.” Gains in Bitcoin came as European stocks and U.S. equity futures climbed in a broad-based rally fueled by surging tech shares.