Dogecoin and Avalanche are leading today’s crypto market rebound, rising 9.8% and 9.4% respectively, over the past 24 hours, as per CoinGecko data.
Other altcoins have also significantly outperformed the overall crypto market in the past 24 hours. Cardano rose 6.3%, far outpacing the Bitcoin price rise of 4%. Meanwhile, Chainlink is up 8% in the same period, posting similar gains to Dogecoin and Avalanche.
The vast majority of cryptocurrencies have registered notable price increases today, with the entire crypto market cap up by 1.8% to $2.62 trillion over the past day’s trading.
Still, amid ongoing debate and concern about the impact of the Trump administration’s tariffs, even the best-performing altcoins are down week-on-week and month-on-month. Many high-profile figures within the world of finance, such as hedge fund boss Ray Dalio, are predicting a longer-term slump in equities and the U.S. economy, which some believe could spill over into digital assets.
Dogecoin’s rise has left it still 9.8% lower than it was this time last week and DOGE is trailing its price from last month by 16.4%. It’s now down roughly 58% since its recent high of $0.36, around the time of Trump’s inauguration. Meanwhile, AVAX has slipped 9.3% since last week and 10.7% month-on-month.
But regardless of the market’s recent boost today, institutional money does seem to have been retreating from crypto assets over the past week.
According to data from Farside Investors, money has left the largest Bitcoin ETFs for the past three straight trading days—totaling $268 million. And net ETF flows have been negative for six of the past seven days.
Volatility may be here to stay
Some analysts are predicting these types of extreme price fluctuations, Dogecoin and otherwise, are likely to persist over the coming weeks and months. Sean Dawson, head of research at on-chain options platform Derive.xyz, told Decrypt he expects “this volatility to persist in the coming weeks as the global economy adjusts to a more turbulent environment.”
Dawson put this down to “increasing pressure on the market as traders seek to reduce risk exposure amidst this growing volatility.”
There is long-term optimism among some of the world’s largest investors, mixed in with expectations of short-term volatility.
Larry Fink, CEO of Blackrock, one of the world’s largest corporate Bitcoin holders, didn’t rule out the possibility of the crypto market falling “another 20% from here” in a speech at the Economic Club of New York on Monday.
But the CEO said that the market turbulence presented “more of a buying opportunity than a selling opportunity.”
Edited by Stacy Elliott.
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