Crypto Market Holds Steady as Ether and Dogecoin Lead Gains Amid Mixed Macro Signals

Despite a slight dip in overall market cap, the cryptocurrency market remained upbeat Wednesday, driven by solid performances from altcoins like Ether (ETH) and Dogecoin (DOGE), both of which surged 9% in the past 24 hours. This continues a multi-day rally that has pushed both assets to double-digit gains for the week.

According to CoinGecko, total crypto market capitalization rose 1.7% even as Bitcoin (BTC) traded sideways around $103,700 during the Asia trading session. Ether climbed above $2,600, and DOGE hit 24 cents. Other major tokens including XRP, BNB, ADA, and SOL posted gains between 3% and 5%.

Some analysts warn that momentum could be tested in the near term as macroeconomic headwinds re-emerge. A stronger U.S. dollar and ongoing trade uncertainty are acting as counterforces to the crypto rally.

“The dollar’s bounce on tariff news is weighing on risk assets like crypto,” said FxPro’s chief market analyst Alex Kuptsikevich in a note. “With BTC close to recent highs, it’s a natural setup for some profit-taking.”

Singapore-based QCP Capital noted Bitcoin is still struggling to define its macro role: “BTC is torn between being a defensive asset like digital gold and a speculative, risk-on asset,” the firm said in a broadcast. This identity struggle, they added, has contributed to range-bound price action even in a strong sentiment environment.

Still, market confidence appears strong. The Fear & Greed Index has stayed above 70 for four days straight, signaling robust bullish sentiment.

“Bitcoin continues to behave unpredictably,” Kuptsikevich added. “Whether it pushes decisively above $105K or stumbles could set the tone for the rest of the month.”

Institutional flows remain a bright spot. According to CoinShares, digital asset investment products brought in $882 million last week — the third consecutive week of net inflows. Bitcoin led with $867 million, while Ethereum added $1.8 million. Solana saw $3.4 million in outflows, though traders have been heavily positioning in $200 June call options, indicating long-term optimism.