Crypto Markets Rebound as Bitcoin Nears $104K, Dogecoin and Ether Lead the Charge
Crypto markets are showing signs of a major turnaround, as altcoins break free from their recent downtrend and are seeing renewed interest thanks to a shift toward risk-on sentiment, according to market experts.
Bitcoin surged past the $100,000 mark for the first time in over two months, approaching $104,000 during early trading hours in Asia on Saturday. This price action came alongside a broader market recovery driven by improved global economic sentiment and Ethereum’s successful network upgrade, which has added fuel to the market rally.
Dogecoin (DOGE) led the major altcoins with a notable 10% surge, while ether (ETH) gained 3.5% following the successful deployment of Ethereum’s highly anticipated Pectra upgrade. The upgrade boosted Ethereum’s performance, bringing the coin’s weekly gains to over 30%.
Other top cryptocurrencies such as Solana (SOL), Cardano (ADA), XRP, and Binance Coin (BNB) also posted significant gains, rising between 2% and 6%. These movements reflect a broader shift in investor sentiment from risk aversion to a more optimistic outlook.
This market momentum follows a series of crypto-positive developments in the U.S. On Wednesday, New Hampshire passed legislation to create a strategic Bitcoin reserve, followed by Arizona’s own bill supporting a state crypto reserve. These state-level initiatives are seen as part of the growing trend of pro-crypto policies in preparation for upcoming elections in November.
Further fueling market optimism were comments from former President Donald Trump regarding the ongoing U.S.-China trade talks. His optimistic view of the trade negotiations helped reduce fears of an escalating trade war, while a new trade agreement between the U.S. and the U.K. lowered tariffs on American goods, boosting overall market sentiment.
“Trump’s comments about trade talks have helped calm concerns about a potential trade war, prompting investors to redirect capital into risk assets like cryptocurrencies,” said Jeff Mei, COO at BTSE. “This renewed optimism could help Bitcoin test its all-time high again and perhaps even surpass it.”
Bitcoin is currently trading roughly 5% below its all-time high of $108,700, reached earlier this year.
The price action over the past few days marks a break from the stagnant conditions that plagued altcoins during the past months, according to analysts.
“Investors are shifting their mindset as altcoins recover from their recent losses, driven by a renewed appetite for risk,” said Nick Ruck, director at LVRG Research, in a statement to CoinDesk.
Ethereum’s 30% rally this week is largely attributed to growing institutional interest and the momentum from its Pectra upgrade, which is expected to significantly enhance the blockchain’s scalability and efficiency.
“The Pectra upgrade is crucial for Ethereum to solidify its position as a leading blockchain, especially with increased competition from other networks,” said Mei of BTSE. “Ethereum’s current price still remains below its all-time high, so there’s significant room for growth, particularly as institutional investors warm up to the idea of crypto and crypto ETFs.”
Despite the positive outlook, traders are keeping a close eye on the upcoming U.S.-China trade talks, which begin later on Saturday. Any signs of stalled progress or escalating tensions could undermine the current rally and send markets into a more cautious phase once again.
