The price of Dogecoin (DOGE) jumped 7.8% on the day, making it the second best performing asset among 10 cryptocurrencies.
According to CoinGecko, the volatile meme coin hit a 3-week high of $0.0787 earlier on Monday before retreating to $0.0778 during the period. DOGEcoin is up more than 10% in the past seven days, erasing its losses throughout December.
In terms of daily value, Dogecoin – currently the ninth cryptocurrency in the company by market capitalization – leads Cardano (ADA), which is up 11.4% during the period.
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The Market is Turning as Dogecoin is Rallying
The latest price spike also comes as the broader crypto market has a positive sentiment, with the price of Bitcoin (BTC) climbing above $17,000 on Sunday for the first time since mid-December.
Other notable gainers on the day include Solana (SOL), which continues to experience significant gains of nearly 20% on the day and up to 64% on the day. ‘in a week. Litecoin (LTC) is up 7.6% in the last 24 hours, followed by Uniswap (UNI) and Binance Coin (BNB) with price increases of 7.3% and 6.3%, respectively.
Ethereum (ETH), the world’s second largest cryptocurrency by market capitalization, rose 4.6% on the day, trading at a four-week high of $1,323. Investors are also keeping a close eye on the upcoming Consumer Price Index (CPI) report, which will be released on Thursday at 8:30 am ET.
The CPI report, which describes inflation for the month of December, is considered the most important economic report before the meeting of the Federal Open Market Committee (FOMC) which ends on February 1. This report will help determine the extent of the Federal Reserve’s next interest rate hike.
With inflation expected to rise by 0.3% in December, the market expects the Fed to raise rates by 0.25% to 4.5%-4.75%, although there is room for further increases. greater than 0.5 percent.