- Dogecoin price jumped nearly 3% while BNB also gained as Bitcoin slipped toward $63,700.
- Traders now await US CPI data, which could shape the next move for crypto markets.
Dogecoin price moved higher on Wednesday as major cryptocurrencies posted mixed results. DOGE gained nearly 3% to trade slightly above $0.07, while Bitcoin slipped toward $63,700.
Dogecoin also remained one of the better performers over the past week. Its weekly gain stood near 3%, giving DOGE an edge over several major cryptocurrencies.
BNB and Tron Join Dogecoin Higher
BNB price climbed around 2% to $614, extending its gains across the broader crypto market. The move pushed BNB’s seven-day performance close to 2% as buyers showed renewed interest.
Tron rose nearly 1% to trade just below $0.34. TRX also recorded a weekly gain of more than 2%, making it one of the stronger performers among major cryptocurrencies.
XRP added over 0.5% to trade slightly above $1 as buying pressure returned. However, XRP remained down about 5% over the past week, leaving it among the weaker major performers.
Solana and Ethereum also posted modest gains during the session. Solana climbed to around $76 and remained up about 3% over seven days, while Ethereum moved toward $1,890.
Hyperliquid’s HYPE moved in the opposite direction as selling pressure weighed on its price. HYPE fell more than 1% to around $54 and remained about 3% lower over the past week.
Bitcoin Faces Pressure Ahead of CPI Data
Bitcoin was the only major cryptocurrency trading lower on both the day and the week. BTC slipped toward $63,700 as traders focused on upcoming US inflation data.
The July Consumer Price Index report is due at 8:30 a.m. ET. The data could influence expectations for Federal Reserve interest rate cuts later this year.
Recent US jobs data showed signs of weakness. This has increased hopes for lower inflation and possible monetary policy easing.
BTSE chief operating officer Jeff Mei said the inflation report could play a key role in determining the market’s next direction. He also pointed to developments involving Iran and the US around the Strait of Hormuz.
Lower-than-expected inflation could support a broader recovery in risk assets. A stronger inflation reading could instead increase pressure on Bitcoin and other cryptocurrencies.
Oil Prices Add to Market Uncertainty
Oil prices continued to rise alongside the crypto market moves. Brent crude climbed above $90 per barrel, marking its sixth straight daily gain.
The prolonged rise in oil prices could affect upcoming inflation figures. Traders are therefore watching both energy markets and US economic data closely.
For now, Dogecoin and BNB are showing stronger short-term performance than Bitcoin. However, the next major market move could depend heavily on the incoming inflation data and broader macroeconomic developments.
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