Ether Approaches $2,700 and Dogecoin Jumps 9% Amid Market Gains
Ether (ETH) and dogecoin (DOGE) increased by 9% in the last 24 hours, continuing a bullish trend with double-digit gains over the past week.
- The total cryptocurrency market capitalization rose by 1.7%, with bitcoin (BTC) around $103,700.
- Ethereum traded above $2,600 and dogecoin at approximately 24 cents.
- XRP, BNB, Cardano (ADA), and Solana (SOL) gained between 3%-5%.
Traders express caution due to macroeconomic factors, including a stronger dollar and trade tensions, which may lead to short-term profit-taking. Alex Kuptsikevich from FxPro noted that the strengthening dollar impacts cryptocurrencies negatively.
Bitcoin is currently seen as struggling between its identity as "digital gold" and a risk-on asset, according to QCP Capital. This tension obscures clear directional movement.
Despite these concerns, the Fear & Greed Index remains above 70, indicating strong bullish sentiment. Kuptsikevich highlighted the importance of price dynamics near $105 for future movements.
- CoinShares reported $882 million in institutional inflows last week, marking three consecutive weeks of strong buying.
- Bitcoin led with $867 million in inflows while Ethereum saw just over $1.8 million.
- Solana experienced $3.4 million in outflows despite traders purchasing call options set to expire in late June.