Bitcoin Nears $114K as Dogecoin Leads Crypto Rally; M2 Signal Points to Potential Upside
Cryptocurrency markets edged higher Thursday, with Bitcoin trading around $114,200, up 2.4% over 24 hours, as Dogecoin led gains. Ether (ETH) rose 2.4% to $4,400, XRP crossed $3, BNB approached $900, and Solana (SOL) gained nearly 3%. Dogecoin (DOGE) surged 5%, extending its weeklong rally to nearly 16%.
CF Benchmarks noted that Bitcoin is trading below its fair value relative to U.S. M2 money supply growth, a divergence historically linked to subsequent rallies. Over the past decade, M2 expansion has tended to lead BTC prices by roughly three months, suggesting potential liquidity-driven gains in Q4.
“BTC continues to attract buyers on intraday dips,” said FxPro analyst Alex Kuptsikevich. “$112K is the near-term support, while $115K near the 50-day moving average remains the key level to watch for sustained momentum.”
Options markets show increased demand for protection ahead of U.S. CPI data. Solana’s TVL reached $12.2 billion, up 57% since June, reinforcing its price gains, while DOGE continues to benefit from strong flows
