Dogecoin Leads Crypto Rally as Bitcoin Nears $114K Amid M2-Fueled Upside
Cryptocurrencies edged higher Thursday, with Bitcoin hovering around $114,200, up 2.4% over 24 hours. Dogecoin outperformed with a 5% gain, extending its weekly advance to nearly 16%. Ether (ETH) rose 2.4% to $4,400, XRP surpassed $3, BNB approached $900, and Solana (SOL) gained nearly 3%.
CF Benchmarks highlighted that BTC is trading below its fair value against U.S. M2 growth—a setup that historically preceded rallies. Over the past decade, M2 expansion has typically led Bitcoin prices by about three months, pointing to potential upside in Q4.
Analysts note that $112K remains short-term support for BTC, while $115K is a key resistance. Options markets indicate rising demand for protection ahead of Thursday’s U.S. CPI report. Solana’s TVL hit a record $12.2 billion, up 57% since June, supporting bullish momentum in altcoins.
