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Dogecoin and BNB lead majors higher as bitcoin slips near $63,700
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Dogecoin and BNB led major cryptocurrencies higher on Wednesday, even as bitcoin slipped near $63,700, making it the only large token in the red on both the day and the week. Dogecoin surged nearly 3% to just above 7 cents, extending its weekly gain to almost 3%, while BNB climbed 2% to $614, up nearly 2% over seven days. The moves came as investors rotated into alternative coins, with Tron, XRP, Solana, and ether all posting modest gains, though XRP remained the worst weekly performer among majors, down 5%.
The crypto market's resilience contrasted sharply with a powerful rally in Asian equities, driven by strong semiconductor earnings. Korea's Kospi jumped 4.6%, with Samsung Electronics and SK Hynix both surging around 7% on optimism over shareholder returns, while MSCI's Asia Pacific gauge rose almost 1% on chip strength. In the U.S., CoreWeave surged 16% after hours on better-than-expected sales growth, and Super Micro Computer rose nearly 8% on a revenue forecast above estimates, lifting Nasdaq 100 futures.
Oil prices added to the risk-on mood for stocks but posed a threat to inflation, with Brent rising over 1% to $90 a barrel for a sixth straight session, its longest run since April. Traders remained doubtful about a Middle East deal, keeping geopolitical tensions high. Investors are now focused squarely on Thursday's U.S. CPI report, which will provide critical clues about the Federal Reserve's next policy move.
Hyperliquid's HYPE was the only other major token in the red, down over 1% to $54 and 3% lower on the week, while bitcoin's slight decline underscored its underperformance relative to altcoins. The divergence suggests that traders are seeking higher-beta assets as they await a potential catalyst from the inflation data. Lower-than-expected CPI could fuel a relief rally in risk assets, even as rising oil prices threaten to push inflation higher.
Jeff Mei, chief operating officer at BTSE, said the week's direction rests on the inflation print and on whether Iran and the U.S. reach a deal over the Strait of Hormuz. "Last week's US job numbers were weak β a continuing narrative supporting this trend and lower inflation would cement expectations for Fed cuts by year-end, boosting liquidity and risk assets like Bitcoin," Mei said. He added that traders should watch for any hawkish pushback from Fed speakers, but the macro setup could lead to a relief rally if this week's CPI numbers are lower than expected.
The July inflation data is due at 8:30 a.m. ET, with oil's run feeding directly into it, making the report even more consequential. A hot CPI reading could reinforce the Fed's cautious stance, while a cool one could accelerate bets on rate cuts. The crypto market's recent strength suggests many investors are positioning for the latter scenario.
Beyond the immediate catalyst, the moves highlight a broader trend of digital assets trading in tandem with macro factors, particularly U.S. monetary policy and geopolitical developments. Bitcoin's slip near $63,700 despite altcoin gains also points to a rotation within the market, as traders diversify away from the largest cryptocurrency. The coming days will test whether this altcoin rally can sustain itself against inflation pressures and central bank signals.
