Dogecoin Soars 10%, Bitcoin Hits Near $104K on the Back of Renewed Risk Appetite

Crypto Market Rebounds as Bitcoin Approaches $104K, Altcoins Surge on Renewed Risk Appetite

Crypto investors are shifting their focus, with altcoins bouncing back from their recent downturns and gaining momentum as renewed risk-on sentiment takes hold, according to analysts.

Bitcoin surged past the six-figure mark for the first time in over two months, coming close to $104,000 in early Saturday trading in Asia. This sharp rebound in the crypto markets is attributed to improving global macroeconomic sentiment and the successful network upgrade of Ethereum.

Dogecoin (DOGE) led the pack, rallying 10%, while ether (ETH) rose 3.5% following the successful implementation of Ethereum’s much-anticipated Pectra upgrade. As a result, Ethereum saw weekly gains of more than 30%.

Other major cryptocurrencies, including Solana (SOL), Cardano (ADA), XRP, and Binance Coin (BNB), gained between 2% and 6%, reflecting a broader market shift from caution to a more favorable risk-on stance.

The market optimism comes after a series of positive developments in the U.S. Earlier this week, New Hampshire passed legislation to create a Bitcoin reserve, while Arizona followed with similar support for a state crypto reserve. These state-level efforts are part of a broader trend toward embracing digital asset policy, especially with the November elections on the horizon.

Additionally, comments from President Donald Trump on upcoming U.S.-China trade talks helped calm market concerns. His optimistic outlook coincided with the U.S. and U.K. signing a new trade agreement, which will reduce tariffs and duties on American goods, further boosting sentiment across both equities and crypto markets.

“President Trump’s positive comments on U.S.-China trade talks are helping ease fears of a trade war, encouraging traders to put capital back into assets like cryptocurrencies,” said Jeff Mei, COO at BTSE, in a statement to CoinDesk. “This could push Bitcoin back to its all-time high and even beyond.”

Bitcoin is currently trading about 5% below its January all-time high of $108,700.

Analysts see this recent price action as a significant shift away from the sluggish trend that plagued altcoins throughout March and April.

“Traders are increasingly optimistic about the crypto market as altcoins break free from their negative trend and find buying pressure driven by renewed risk-on sentiment,” said Nick Ruck, director at LVRG Research, in a message to CoinDesk.

Ethereum’s 30% surge this week is being attributed to growing institutional interest and the momentum behind the Pectra upgrade, which brings much-needed improvements to Ethereum’s scalability and efficiency.

“The Pectra upgrade is exactly what Ethereum needed to maintain its leadership in the blockchain space amidst rising competition,” said BTSE’s Mei. “With Ethereum still trading below its all-time high, there’s potential for considerable upside as macroeconomic concerns ease and institutional investment in crypto picks up.”

However, traders are remaining cautious as they await the outcome of U.S.-China trade talks, set to begin later this weekend. Any signs of stalled negotiations or renewed tensions could disrupt the current rally.