Ethereum and Dogecoin surge, Bitcoin hits three-week high
Bitcoin hit a three-week high of $109,600 on Wednesday, while Ethereum gained nearly 8 percent and Dogecoin gained even more
Cryptocurrencies are strengthening as investors brace for a possible Federal Reserve interest rate cut
Dogecoin, the eighth-largest cryptocurrency, has recovered losses from the past month and is trading at $0.171
Ethereum also rose above $2,590, up nearly 8 percent in 24 hours
Bitcoin gained more than 3 percent on Wednesday and is currently just 2 percent below its all-time high of $111,814 set in May
According to Zack Pandel, head of research at crypto asset manager Grayscale, Bitcoin is leading the market and other altcoins are driving prices higher in the market.
The recent approval of crypto exchange-traded products (ETPs) has boosted investor confidence and US regulatory clarifications are prompting consumers and capital to flock to the market.
Pandel also said that many tokens are expected to reach new highs in the second half of the year.
During this market recovery, US President Donald Trump praised the new trade agreement with Vietnam, which will benefit American manufacturers.
On the same day, crypto payments company Ripple applied for a national bank charter. Investors also expressed optimism about a possible interest rate cut due to the Federal Reserve's dovish stance.
Although technology and financial indices rose slightly, macroeconomic uncertainties, such as the House's opposition to Trump's budget plan, trade talks with China The complexities of the Ukraine and the Middle East conflicts continue,
The recent decline in investment in Bitcoin exchange-traded funds has reflected investor concerns, however, some experts believe that the market is currently positive based on expectations of monetary policy easing,