As Bitcoin approaches $104,000, Dogecoin's price is soaring, and Ethereum is outperforming

Dogecoin grew 9% on the day and rose 27% this week, reaching its highest price in the past two months. Bitcoin’s recovery above $100,000 seems to be driving a boost in sentiment across the market.

As Bitcoin approaches $104,000, Dogecoin's price is soaring, and Ethereum is also performing strongly.

Dogecoin has grown 9% in the past 24 hours, bringing it to its highest point in two months in the past 7 days.

Bitcoin’s recovery at over $100,000 appears to be driving wider market sentiment. Currently, Bitcoin is priced at $103,700, just 5% lower than its all-time high of $108,786.

Meanwhile, Ethereum has grown about 32% in the past seven days and is currently at $2,409.

Dogecoin hit its highest price in the early hours of Saturday, hitting nearly $0.23 in the broader cryptocurrency market rebound.

This marks the highest recorded price for Dogecoin since March 2.

Dogecoin hits its two-month high

Additionally, open interest in Dogecoin futures has risen to its highest level since mid-February, currently at $2.52 billion.

Despite recent gains, Dogecoin's price and open interest are still well below its respective peaks. Dogecoin’s all-time high was $0.73 in 2021, while open interest reached $5.5 billion in January.

In contrast, other meme coins such as Moo Deng (Moodeng) and Peanut the Squirrel (Pnut) also showed huge gains this week, with Moodeng almost tripling its price.

The recovery in the crypto market has also led to significant liquidation, with short traders suffering the worst losses. Ethereum has been a major contributor to these liquidations, reflecting wider market sentiment.

As the market continues to rise, traders are closely watching the trends of Bitcoin, and many speculate whether it will break its previous all-time highs.

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