Dogecoin Hits 3-Week High as Wider Crypto Market Flips Green

The price of Dogecoin (DOGE) has surged 7.8% over the day, making it the second-best performing asset among the top 10 cryptocurrencies.

As per CoinGecko, the volatile meme coin hit a 3-week high of $0.0787 earlier on Monday before backtracking to $0.0778 by press time. DOGE is also up more than 10% in the last seven days, wiping off losses it suffered throughout the end of December.

DOGE

-22.97%$0.1705

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DOGE price

In terms of daily gains, Dogecoin—currently the industry’s ninth-largest cryptocurrency by market capitalization—trails Cardano (ADA), which is up 11.4% over the span.

Market flips bullish as Dogecoin rallies

The latest price action also comes as the wider crypto market has been enjoying a surge of positive sentiment, with the price of Bitcoin (BTC) making a return to levels above $17,000 on Sunday for the first time since mid-December.

Other notable top gainers of the day include Solana (SOL), which continues to enjoy a massive price rally of almost 20% over the day and as much as 64% in a week.

Solana, Cardano Both Up 21% Late Sunday, Setting Monthly Highs

The value of both Solana and Cardano spiked by over 21 percent late Sunday, according to data from CoinGecko, both reentering territory not seen by either since November. Cardano, the eighth-largest cryptocurrency by market cap, saw its price spike to $0.33—a price not seen since November 19. Meanwhile, Solana, which kicked off a remarkable run with an 11% jump in value on Monday, spiked again Sunday to $16.04, territory it hasn't seen since Nov. 9, when it was partway through a collapse of more...

Litecoin (LTC) is up 7.6% over 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 cap, is up 4.6% over 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, set to be released at 8:30 am ET on Thursday.

The CPI report, which outlines details on the inflation picture for the month of December, is considered the most important economic report preceding the Federal Open Market Committee (FOMC) meeting that concludes on February 1. This report will help determine the size of the Federal Reserve’s subsequent interest-rate increase.

With inflation projected to have risen 0.3% in December, markets expect the Fed to raise rates by 0.25 percentage points to 4.5%-4.75%, although there are chances for a larger 0.5 percentage point hike.