Ether Nears $2.7K, Dogecoin Zooms 9% as Crypto Market Remains Cheery
Ether (ETH) and dogecoin (DOGE) led majors gains on Wednesday with a 9% jump in the past 24 hours, extending a bullish streak that's seen both tokens gain double digits over the past week.
The broader crypto market showed modest gains with total capitalization up 1.7%, per CoinGecko, with bitcoin (BTC) hovering around $103,700 in Asian morning hours.
Ethereum traded above $2,600, with dogecoin around 24 cents. XRP, BNB Chain's BNB, Cardano's ADA and Solana's SOL gained between 3%-5%.
Despite a burst of green across major altcoins, crypto traders are starting to feel the weight of macro markets and warn of profit-taking in the short term. A stronger dollar and renewed trade tensions temper momentum, even as bitcoin flirts with record territory.
'The strengthening dollar on news of tariffs has been a natural drag on cryptos,' explained Alex Kuptsikevich, chief market analyst at FxPro, in an email to CoinDesk. 'This is doubly true due to bitcoin's proximity to the highs, reinforcing the pull for short-term profit taking after rallying in just over a month.'
As global markets shift from protectionism to cautious optimism, bitcoin remains in limbo. The asset is once again caught between competing narratives for some trader.
"BTC remains caught in a tug-of-war between its identity as 'digital gold' and its function as a risk-on proxy," traders at Singapore-based QCP Capital said in a market broadcast. "This tension continues to obscure its directional conviction. As the macro narrative moves from protectionism toward renewed trade optimism, BTC could remain range-bound."
Still, sentiment remains strong. The widely-tracked Fear & Greed Index has held steady above 70 for four consecutive days — a 'greed' level typically associated with sustained bullish appetite in the near term.
'Bitcoin showed its unpredictable nature on Monday,' Kuptsikevich added. 'But with the positivity remaining, it's worth paying attention to the price dynamics near $105. Will we see an acceleration or a new failure? The answer will guide the coming days.'
Elsewhere, latest fund flow data from CoinShares shows $882 million in institutional inflows last week — the third straight week of strong buying.
BTC led with $867 million, while ETH saw just over $1.8 million in flows despite a 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, as reported.
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