The crypto market continued its strong performance on Friday, July 18, as total market capitalization jumped to $4 trillion for the first time ever.
Small-cap coins like Chainbase (C), Assemble AI (ASM), DegenCoin (DEGE), and Sologenic (SOLO) were the best performers, rising by over 50% in the last 24 hours.
The main catalyst for their rally was the passing of the GENIUS Act and two additional bills in the House of Representatives. This marked the first time both the House and the Senate voted in favor of crypto-related legislation.
These tokens also surged following reports that Donald Trump is considering allowing crypto investments in retirement plans, a move that could open the digital asset space to an industry managing trillions of dollars in assets.
Further supporting the bullish sentiment, Christopher Waller, a top Federal Reserve official who may succeed Jerome Powell, reiterated his view that the central bank should cut interest rates. He said:
“With inflation near target and the upside risks to inflation limited, we should not wait until the labor market deteriorates before we cut the policy rate.”
Sologenic price jumps as XRP hits all-time high
Meanwhile, the Sologenic token jumped by double digits as most tokens in the XRP Ledger ecosystem surged after XRP reached an all-time high. SOLO’s rally pushed its total market capitalization above $203 million.
Sologenic leverages XRP Ledger technology to facilitate real-world asset tokenization. It also operates the Sologenic decentralized exchange and the SOLO wallet.
SOLO jumped as the XRP price jumped to a record high, with its market capitalization jumping to over $200 billion. It is common for a tokens in an ecosystem to rise when its price is soaring.
Chainbase jumps after Binance listing
Chainbase is a platform that provides a structured layer connecting all blockchains, agents, and applications on the Base Blockchain. It jumped over 230% in the past 24 hours, pushing its market capitalization above $72 million.
This rally followed a Binance listing, which came just days after its token-generation event. It is common for cryptocurrencies to spike following listings on major exchanges.
Assemble AI jumps as AI growth continues
Assemble AI token rallied, bringing its market cap above $55 million. There was no direct news tied to the gain, but the move may reflect increased investor interest in AI-related assets.
Most AI-focused assets in both the stock and crypto markets advanced this week after Trump allowed chipmakers to sell products to China, propelling NVIDIA’s market cap above $4 trillion.
Similarly, there was no specific catalyst behind DegenCoin’s rally. The move could be related to the recovery of Solana-based meme coins or speculative activity by insiders.
