Ether Nears $2,700 as Dogecoin Surges 9% Amid Robust Crypto Sentiment
By Shaurya Malwa, Edited by Parikshit Mishra
May 14, 2025, 6:12 a.m.
The cryptocurrency market remains in a buoyant mood, led by significant gains in Ether (ETH) and Dogecoin (DOGE). In the past 24 hours, Ether achieved a notable increase of 2.46%, bringing its price close to the $2,700 mark, while Dogecoin soared nearly 9%, reaching approximately 24 cents. This marks a continuation of a bullish trend that has seen both tokens accumulate double-digit gains over the past week.
Market Overview
As of Wednesday morning in Asia, the broader cryptocurrency market witnessed modest increases, with total capitalization up by 1.7%, as reported by CoinGecko. Bitcoin (BTC), the market’s leading digital asset, hovered around $103,700, showing slight optimism amidst a generally positive environment for altcoins.
The market’s uptrend is reflected in the performances of several prominent cryptocurrencies. XRP, BNB (from BNB Chain), Cardano (ADA), and Solana (SOL) all recorded gains between 3% to 5%, contributing to the overall positive sentiment that has characterized the market recently.
Caution Among Traders
Despite the encouraging price movements, some traders exercise caution due to external pressures. Analysts highlight the influence of a strengthening U.S. dollar and recent trade tensions, which could lead to short-term profit-taking behaviors among traders. Alex Kuptsikevich, chief market analyst at FxPro, noted that these macroeconomic factors are acting as a drag on cryptocurrency prices, particularly given Bitcoin’s proximity to its recent highs.
“The strengthening dollar on news of tariffs has been a natural drag on cryptos,” Kuptsikevich explained in a recent correspondence with 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.”
Bitcoin’s Dual Role
Analysts from Singapore-based QCP Capital indicated that Bitcoin is currently navigating a complex landscape as it attempts to define its role in the financial ecosystem. They noted that BTC is torn between being perceived as “digital gold” and a risk-on asset during volatile market conditions. This struggle is causing uncertainty about its direction, with the narrative shifting from protectionism to cautious optimism in global trade.
Market sentiment, however, remains strong, evidenced by the Fear & Greed Index holding steady above 70 for four consecutive days—an indicator generally associated with heightened bullish sentiment.
Institutional Interest
Recent data from CoinShares highlighted a strong influx of institutional investment into cryptocurrencies. During the last week, the industry saw $882 million in institutional inflows, marking the third consecutive week of strong buying activity. Leading this trend was Bitcoin, which attracted $867 million, while Ether also saw a modest inflow of over $1.8 million, despite its impressive price performance.
Notably, Solana experienced $3.4 million in outflows during this period, even as traders placed bullish bets through $200 call options set to expire in late June.
As the crypto market continues to evolve, all eyes will be on how these dynamics influence price movements in the coming days. With Bitcoin navigating through significant resistance levels and altcoins showing resilience, traders and investors alike are keenly watching for potential shifts in market sentiment and price actions.
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This article is for informational purposes only and does not constitute investment advice.
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