Dogecoin Hits 3-Week High as Broader Crypto Market Turns Green

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The price of Dogecoin (DOGE) jumped 7.8% during the day, making it the second best performing asset among the top 10 cryptocurrencies.

According to CoinGecko, the volatile meme coin hit a 3-week high of $0.0787 earlier on Monday before falling back to $0.0778 at press time. DOGE is also up more than 10% in the past seven days, erasing the losses it suffered throughout December.

In terms of daily gains, Dogeco is currently the ninth-largest cryptocurrency in the industry by market capitalization, behind Cardano (ADA), which is up 11.4% over the period.

Market turns bullish as Dogecoin rallies

The latest price action also comes as the broader crypto market experiences a wave of positive sentiment, with the price of Bitcoin (BTC) surging back to levels above $17,000 on Sunday for the first time since mid -December.

Other notable gainers of the day include Solana (SOL), which continues to enjoy a massive price rise of almost 20% during the day and up to 64% in one week.

Litecoin (LTC) is up 7.6% in the past 24 hours, followed by Uniswap (UNI) and Binance Coin (BNB) with price spikes of 7.3% and 6.3%, respectively.

Ethereum (ETH), the world’s second-largest cryptocurrency by market capitalization, rose 4.6% during the day, trading at a four-week high above $1,323.

Investors are also keeping a close eye on the upcoming Consumer Price Index (CPI) report, which is due out Thursday at 8:30 a.m. ET.

The CPI report, which details inflation developments for the month of December, is considered the most important economic report ahead of the Federal Open Market Committee (FOMC) meeting which ends on February 1. . This ratio will help determine the size of federal inflation. Reserves subsequent increase in interest rates.

With inflation expected to rise by 0.3% in December, markets expect the Fed to hike rates by 0.25 percentage points to 4.5%-4.75%, although there is chances for a larger increase of 0.5 percentage points.

Disclaimer

The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment or other advice.

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