Dogecoin (DOGE) Posts Biggest Daily Gains as Bitcoin (BTC) Taps $109K: Market Watch

Bitcoin's price action has remained relatively subdued over the past 24 hours, despite a brief surge to over $109,500, where it encountered immediate resistance.

The majority of altcoins are currently trading in positive territory on a daily scale, with Ethereum (ETH) approaching $2,600 and XRP nearing $2.3.

BTC Reaches a Multi-Day High

Bitcoin's market has experienced a period of stagnation since the beginning of the month. BTC initially traded around $108,000 on July 1st before declining to $105,000 in the subsequent days.

However, buyers successfully defended this level, preventing further declines. Instead, Bitcoin quickly regained momentum, surging several thousand dollars to reach a multi-week high of approximately $110,500.

While it initially appeared that BTC was poised to break out of its consolidation phase and target a new all-time high, its upward momentum stalled, and the price retreated to around $108,000. The price remained relatively stable over the weekend until late Sunday evening, when a rally finally began.

This rally culminated earlier today, with Bitcoin reaching a multi-day peak of $109,600. It subsequently faced minor resistance at this level and is currently trading just below $109,000.

Bitcoin's market capitalization has increased to $2.165 trillion, while its dominance over the altcoin market has decreased to below 63%.

BTCUSD. Source: TradingView

DOGE Rallies

Most of the larger-cap altcoins are showing gains today. Ethereum has approached $2,600 after a 2.6% daily increase, Solana (SOL) is above $150 following a 3% surge, and HYPE is close to $40 after a similar increase.

Dogecoin (DOGE) has taken center stage among the major altcoins, surging by over 5% to above $0.17. AAVE has experienced the largest gains among the mid-cap altcoins and is currently trading at $286.

TON is among the few exceptions, declining by nearly 6% in the last 24 hours after the UAE denied previous Toncoin claims regarding a golden visa partnership.

The total cryptocurrency market capitalization has increased by over $40 billion in a single day, reaching $3.440 trillion.

Cryptocurrency Market Overview. Source: QuantifyCrypto

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