Dogecoin Surges 9% as Crypto Market Gains 1.7%
1min read Ether (ETH) and dogecoin (DOGE) led the gains in the cryptocurrency market on Wednesday, with dogecoin surging by 9% in the past 24 hours. This surge extended a bullish trend that has seen both tokens gain double digits over the past week. The broader crypto market also showed modest gains, with the total capitalization increasing by 1.7%. Bitcoin (BTC) hovered around $103,700 during Asian morning hours.
Ethereum traded above $2,600, while dogecoin was around 24 cents. Other major altcoins, including XRP, BNB Chain’s BNB, Cardano’s ADA, and Solana’s SOL, gained between 3% and 5%. Despite the widespread gains across major altcoins, crypto traders are beginning to feel the impact of macroeconomic factors and are warning of potential profit-taking in the short term. A stronger dollar and renewed trade tensions are tempering the momentum, even as bitcoin approaches record territory.
Analysts have noted that the strengthening dollar, driven by news of tariffs, has been a natural drag on cryptocurrencies. This effect is amplified by bitcoin's proximity to its highs, which reinforces the pull for short-term profit-taking after a rally that has lasted just over a month. As global markets shift from protectionism to cautious optimism, bitcoin remains in a state of limbo, caught between its identity as “digital gold” and its function as a risk-on proxy. This tension continues to obscure its directional conviction, and as the macro narrative moves from protectionism toward renewed trade optimism, bitcoin could remain range-bound.
Despite these challenges, sentiment in the crypto market remains strong. The widely-tracked Fear & Greed Index has held steady above 70 for four consecutive days, indicating a “greed” level typically associated with sustained bullish appetite in the near term. Bitcoin's unpredictable nature was on display on Monday, but with positivity remaining, attention is focused on the price dynamics near $105. Whether this will result in an acceleration or a new failure remains to be seen, and the answer will guide the coming days.
Institutional inflows into the crypto market continue to be robust, with the latest fund flow data showing $882 million in institutional inflows last week—the third straight week of strong buying. Bitcoin led with $867 million in inflows, while Ethereum saw just over $1.8 million in flows despite its stellar price performance over the last week. Notably, Solana (SOL) posted $3.4 million in outflows, even as traders loaded up on $200 call options expiring in late June.
