Dogecoin has seen a significant price increase, with a 7.8% rise in value over the past day. This puts it as the second-highest performing asset among the top 10 cryptocurrencies.
According to CoinGecko, Dogecoin price reached a three-week high of $0.0787 earlier on Monday, but has since dropped to $0.0778 at the time of this report. Despite this slight decrease, the meme coin has seen an overall increase of more than 10% in value over the past week, recovering from losses it experienced at the end of December.
In terms of daily gains, Dogecoin, currently the ninth-largest cryptocurrency by market capitalization, lags behind Cardano, which has seen a 11.4% increase over the same period.
The positive market trend for Dogecoin coincides with an overall bullish trend in the cryptocurrency market. The price of Bitcoin, for example, has returned to levels above $17,000 for the first time since mid-December.
Other top performing cryptocurrencies today include Solana, which has seen a price increase of nearly 20% over the past day and as much as 64% over the past week. Litecoin has risen 7.6% over the past 24 hours, followed by Uniswap and Binance Coin with respective increases of 7.3% and 6.3%. Ethereum, the second-largest cryptocurrency by market capitalization, has also seen a 4.6% increase in value and is currently trading at a four-week high above $1,323.
Investors are closely monitoring the upcoming release of the Consumer Price Index (CPI) report, which will provide information on the inflation rate for December. This report is considered a key factor in the decision-making process for the Federal Open Market Committee (FOMC) meeting on February 1. Based on projections that inflation rose by 0.3% in December, there is a possibility that the Federal Reserve will increase interest rates by 0.25 percentage points to a range of 4.5%-4.75%. However, there is also a chance for a larger 0.5 percentage point increase.
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Editorial Source : DOGENEWS.COM
Image Credit : Shutterstock