Ethereum (ETH) and Dogecoin (DOGE) led the gains of major cryptocurrencies on Wednesday with a 9% rise over the past 24 hours, extending a rally that has seen both tokens gain double-digit figures over the past week.

The broader cryptocurrency market showed modest gains with the total market capitalization rising by 1.7%, according to CoinGecko, while Bitcoin (BTC) hovered around $103,700 in the Asian morning hours.

Ethereum traded above $2,600, with Dogecoin trading around 24 cents. XRP, BNB from the BNB chain, ADA from Cardano, and SOL from Solana saw gains ranging between 3% and 5%.

Despite the wave of green across major altcoins, cryptocurrency traders began to feel the weight of the overall markets and warned of short-term profit-taking. The strength of the dollar and renewed trade tensions are dampening market momentum, even as Bitcoin approaches record levels.

Alex Kuptsikevich, senior market analyst at FxPro, explained in an email to CoinDesk: "The rise of the dollar following tariff news has been a natural negative factor in the decline of cryptocurrencies. This is exacerbated by Bitcoin's proximity to its highs, which enhances the appeal of short-term profit-taking after its rise over just a little more than a month."

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