Bitcoin approached $110,000 on Wednesday, while altcoins like Ethereum and Dogecoin recorded even larger gains.

Dogecoin, Ethereum, and other altcoins led a surge in cryptocurrency prices that brought Bitcoin to its highest value in three weeks, as investors became more optimistic about the growing adoption of digital asset products.

DOGE recorded one of the largest jumps among memecoins, rising over 8% in the last 24 hours, according to data from CoinGecko, reaching a price of $0.174. The eighth largest cryptocurrency by market cap regained lost ground from the past month.

Ethereum (ETH), for its part, was recently trading above $2,592, a gain of nearly 6% in the last 24 hours.

Bitcoin opened Thursday (3) at $109,788, a 1.8% increase compared to the same time on Wednesday. Earlier, the cryptocurrency surpassed $109,000 for the first time in three weeks, even exceeding $109,600.

At the current price, Bitcoin is just over 2% from its all-time high of $111,814, recorded in May.

“Bitcoin is in the passenger seat today, and altcoins are leading the market up,” said Zach Pandl, head of research at crypto asset manager Grayscale, in an email sent to Decrypt. “Recent approvals of cryptocurrency exchange-traded products may be boosting investor confidence that TradFi capital will find its way to altcoins.”

Pandl noted that the increase in regulatory clarity in the U.S. is likely attracting “more users and capital to the crypto ecosystem.”

He added that although asset valuations are within their recent ranges, “we expect new highs for many tokens in the second half of this year.”

The market rally occurred on the same day that U.S. President Donald Trump praised a new trade agreement with Vietnam, which would open access to American manufacturers. Later, the cryptocurrency payment company Ripple confirmed that it had applied for a national banking license with the Office of the Comptroller of the Currency (OCC).

Investors also appeared more optimistic about the possibility of an interest rate cut by the Federal Reserve, following more moderate statements from central bank officials in recent days.

The tech-focused Nasdaq and S&P 500 indices closed the day up less than 1% on Wednesday. Both reached all-time highs earlier in the week.

Uncertainties continue

However, macroeconomic uncertainties remain. The budget proposed by Trump faces strong resistance in the House of Representatives, delaying its approval. Trade negotiations with China and other countries remain complicated, and conflicts in Ukraine and the Middle East remain unresolved.

On Tuesday, net flows into spot Bitcoin ETFs turned negative, interrupting a 15-day streak of strong inflows — a sign of persistent investor concerns.

In a message sent to Decrypt, Joe DiPasquale, CEO of crypto fund manager BitBull Capital, wrote that risk assets in general reacted positively “with the return of interest rate cut expectations.”

“It’s not a huge fundamental change — it’s more a matter of positioning and sentiment riding a favorable wind after weeks of consolidation,” he wrote.

But he added: “The crypto market often thrives on a mix of uncertainty and liquidity bets. Traders seem to be ignoring geopolitical and fiscal risks, focusing instead on the prospect of a softer monetary policy and the resilience that BTC has demonstrated above key support levels. Macroeconomic risks still exist, but the market is currently pricing in more upside potential than downside — at least for now.”