Dogecoin Surges 10%, Bitcoin Nears $104K Amid Renewed ‘Risk-on’ Sentiment

May 10, 2025

The cryptocurrency market is experiencing a strong rally, with Bitcoin climbing toward the $104,000 mark and Dogecoin soaring over 10% in a single day. This renewed momentum is driven by increased investor appetite for risk, alongside institutional inflows and positive regulatory developments.

Bitcoin Nears $104K

Bitcoin continues its impressive ascent, reaching close to $104,000 — marking another milestone in its 2025 bull run. The rally has been largely fueled by the success of spot Bitcoin ETFs, which have accumulated over $21 billion in inflows. These products have opened the door for more traditional investors to gain exposure to Bitcoin, contributing to a total ETF market value of $66 billion — nearly 5% of Bitcoin’s total market capitalization.

Dogecoin’s Double-Digit Jump

Dogecoin surged more than 10% in 24 hours, hitting a high of $0.46. Its upward move is partly attributed to Bitcoin’s performance, as the popular meme coin often follows broader crypto market trends. Some analysts see potential for DOGE to test $0.60 in the near term, while more speculative forecasts placing its 2025 target at $15–$16 have sparked skepticism due to the massive market cap such a level would imply — surpassing $2 trillion, more than Ethereum’s current valuation.

A Bullish Market Environment

The total cryptocurrency market capitalization has swelled to $3.8 trillion, with Bitcoin dominance climbing to 56%. The broader market is enjoying tailwinds from institutional adoption, improved regulatory clarity, and increasing retail interest. Altcoins such as Ethereum, Shiba Inu, and Pepe have also posted gains, reflecting a wider bullish sentiment.

As traders monitor Bitcoin’s dominance for signs of an impending “altcoin season,” optimism remains high across the crypto space. Still, analysts caution that volatility remains elevated and emphasize the importance of risk management amid fast-moving price action.