The cryptocurrency market continues its upward momentum. Bitcoin (BTC) has reclaimed the $102,000 territory for the first time since January of this year. Other assets are following BTC’s trajectory. The global crypto market cap has risen 3.1% in the last 24 hours to $3.33 trillion. Dogecoin (DOGE) has rallied 8.2% in the daily charts, 7.6% in the weekly charts, 8.2% in the 14-day charts, 37.2% over the previous month, and 32.5% since May 2024.
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Cryptocurrencies Continue Bullish Sentiment
The current market rally is likely due to a boost in investor confidence. BTC breaching the $100,000 level may have led to a surge in sentiment. DOGE’s price is likely following BTC’s path.
The sudden bullishness could be due to the Arizona governor signing a “Bitcoin and Digital Assets Reserve Fund” bill into law. The move may have elevated investor hopes after Florida withdrew two crypto bills from the table.
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DOGE’s rally could also be due to the US Federal Regulator allowing regulated banks to buy, sell, and provide custody services. The move may lead to a surge in crypto adoption.
There is also a chance that the Federal Reserve will cut interest rates very soon. A rate cut could lead to a surge in risky investments. Dogecoin (DOGE) and other crypto assets could experience a rally under such a scenario.
Dogecoin Predicted To Rally 57% to $0.30
According to prominent crypto analyst Ali Martinez, DOGE could rebound to $0.30. DOGE’s price will rally by about 57% if it hits the $0.30 target. The original memecoin has not traded at the $0.30 level since early February of this year.
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If the crypto market continues its bullish trajectory, Dogecoin (DOGE) could go beyond the $0.30 mark. BTC is very close to hitting a new all-time high. If BTC hits a new peak, other assets may follow suit.