What happened
This week’s price action in the crypto sector has started with a bullish tone, with most major cryptocurrencies seeing gains on Monday morning. At 9:45 a.m. ET, Bitcoin (BTC 2.34%), Ethereum (ETH 4.18%), and Dogecoin (DOGE 1.23%) had surged 4.2%, 5.4% and 2.1%, respectively, over the past 24 hours.
![Dogecoin [DOGE] to rise beyond 40%? Whale activity may spur rally](https://crypto.newswireservice.net/wp-content/uploads/2023/02/doge-wale-1000x600-120x86.jpg)
The crypto market appears to be, once again, moving in line with equities today. Risk assets are continuing higher, on bond yields that have surprisingly come down over the past week. The market right now appears to be factoring in the idea that inflation can come down faster than expected, given the aggressive hawkish stance the Federal Reserve has adopted.
Bitcoin and Ethereum both appear to be riding the wave of various catalysts that have remained in place in recent weeks. News that a proposed bill would see these top cryptocurrencies regulated as commodities by the CFTC has been cheered by investors. Of course, Ethereum’s upcoming merge, which now appears to be five weeks out, is a key catalyst driving this token, and the rest of the market, higher.
Dogecoin has continued to see retail investor interest, as influencer Elon Musk seemingly remains more bullish on this token than on Bitcoin. Comments made during Tesla‘s earnings call two weeks ago were all investors needed to hear, prompting a surge in DOGE that has actually held up quite well.
So what
A stark sentiment shift in the crypto sector that has materialized over the past month or so appears to be mostly tied to exuberance around Ethereum’s upcoming merge. As an important gauge of user and developer activity, this shift could accelerate growth metrics for the entire crypto sector, particularly when it comes to real-world utility created via blockchain technology.
Other potentially positive regulatory developments also bode well for these top tokens. Should Congress continue on its trajectory of passing legislation before the midterms, crypto could be within the purview…
![Dogecoin [DOGE] to rise beyond 40%? Whale activity may spur rally](https://crypto.newswireservice.net/wp-content/uploads/2023/02/doge-wale-1000x600-350x250.jpg)
