1: dogecoin (doge) surged 7.8% over the day, making it the second-best performing asset among the top 10 cryptocurrencies. dogecoin hit a 3-week high of $0.0787 earlier on monday before backtracking to $0.0778 by press time, and the price of bitcoin (btc) returned to levels above $17,000 on sunday for the first time since mid-december. solana (sol), litecoin (ltc), uniswap (uni), binance coin (bnb), and ethereum (eth) all saw gains as well.
2: the surge in cryptocurrency prices took place on monday and sunday. dogecoin hit its 3-week high of $0.0787 earlier on monday before backtracking to $0.0778 by press time, while bitcoin returned to levels above $17,000 on sunday for the first time since mid-december. the consumer price index (cpi) report is set to be released at 8:30 am et on thursday, and the federal open market committee (fomc) meeting will conclude on february 1.
3: the surge in cryptocurrency prices was likely driven by the anticipation of the upcoming cpi report and fomc meeting. the cpi report will help determine the size of the federal reserve’s subsequent interest-rate increase, and inflation is projected to have risen 0.3% in december. markets expect the fed to raise rates by 0.25 percentage points to 4.5%-4.75%, and there are chances for a larger 0.5 percentage point hike. this potential rate hike likely drove the surge in cryptocurrency prices.
https://decrypt.co/118715/dogecoin-hits-3-week-high-wider-crypto-market-turns-green
