The price of Dogecoin (DOGE) has surged 7.8% over the day, making it the second-best performing asset among the top 10 cryptocurrencies.
As per CoinGecko, the volatile meme coin hit a 3-week high of $0.0787 earlier on Monday before backtracking to $0.0778 by press time. DOGE is also up more than 10% in the last seven days, wiping off losses it suffered throughout the end of December.
In terms of daily gains, Dogecoin—currently the industry’s ninth-largest cryptocurrency by market capitalization—trails Cardano (ADA), which is up 11.4% over the span.
Market flips bullish as Dogecoin rallies
The latest price action also comes as the wider crypto market has been enjoying a surge of positive sentiment, with the price of Bitcoin (BTC) making a return to levels above $17,000 on Sunday for the first time since mid-December.
Litecoin (LTC) is up 7.6% over the past 24 hours, followed by Uniswap (UNI) and Binance Coin (BNB) with price spikes of 7.3% and 6.3%, respectively.
Ethereum (ETH), the world’s second-largest cryptocurrency by market cap, is up 4.6% over the day, trading at a four-week high above $1,323.
Investors are also keeping a close eye on the upcoming Consumer Price Index (CPI) report, set to be released at 8:30 am ET on Thursday.
The CPI report, which outlines details on the inflation picture for the month of December, is considered the most important economic report preceding the Federal Open Market Committee (FOMC) meeting that concludes on February 1. This report will help determine the size of the Federal Reserve’s subsequent interest-rate increase.
With inflation projected to have risen 0.3% in December, markets expect the Fed to raise rates by 0.25 percentage points to 4.5%-4.75%, although there are chances for a larger 0.5 percentage point hike.
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.
Stay on top of crypto news, get daily updates in your inbox.