What Next as Ether Zooms 7%, DOGE Leads Majors Gains Amid Bitcoin Euphoria
Ether posted a sharp 7% gain in the past 24 hours as bitcoin's steady climb past $109,000 boosted an otherwise flat crypto market.
Dogecoin added over 5% to trade near 19 cents as of Asian afternoon hours Tuesday, while Cardano's ADA rose more than 5% as risk appetite returned after last week's volatility. Overall market capitalization rose more than 3%, with the broad-based CoinDesk 20 (CD20) adding 4%.
The rebound came as traders continued to digest the latest US-China trade developments and braced for key inflation data this week that could set the tone for interest rate expectations.
'Bitcoin surged to around $110K as US-China trade talks resumed while the SEC greenlights new crypto ETFs, giving investors a renewed bullish sentiment,' said Augustine Fan, Head of Insights at SignalPlus, in an email to CoinDesk. 'We anticipate a continuation of the bullish trends as crypto attracts more institutions and retail investors with innovations and competitive returns.'
Kay Lu, CEO of HashKey Eco Labs, said the market's reaction to the Trump-Musk spat last week may have been overdone. 'We're seeing some market recovery as fundamentals remain strong,' Lu said. 'The CPI data on Wednesday could be a key catalyst for price moves.'
Meanwhile, Jeff Mei, COO at BTSE, warned that the current cycle may not be straightforward. 'We're seeing more options for investors to get crypto exposure, whether through ETFs, corporate treasuries, or stablecoin issuers,' Mei said. 'This cycle will be more nuanced as crypto matures as a macro asset class.'
Nick Ruck, director at LVRG Research, noted that Bitcoin's price action above $109,000 showed resilience in the face of mixed signals. 'Bitcoin's climb amid geopolitical and macro headwinds reinforces its standing as a macro asset class,' Ruck said. 'ETF momentum has put crypto back on the radar for mainstream investors.'
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