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

Bitcoin pushed past the six-figure mark for the first time in over two months, coming within a hair of $104,000 in early Asian hours Saturday, as crypto markets staged a sharp rebound on improving macro sentiment and Ethereum’s latest network upgrade.

Dogecoin DOGE$0.1303 led the gains among majors with a 10% rally, while ether ETH$2,963.28 rose 3.5% following the successful implementation of its long-awaited Pectra upgrade, bringing weekly gains over 30%.

Other majors, including Solana SOL$124.15, Cardano ADA$0.3644, xrp XRP$1.8827, and BNB Chain’s BNB$848.05, rose between 2% and 6%, driven by a shift in investor sentiment from caution to risk-on.

The move follows a string of pro-crypto developments in the U.S. this week. On Wednesday, New Hampshire passed a bill allowing the state to create a strategic Bitcoin reserve. Arizona followed suit a day later with its own legislation supporting a crypto reserve. The state-level momentum comes as political leaders lean further into digital asset policy ahead of the November election in some states.

President Donald Trump’s bullish remarks on upcoming U.S.-China trade talks also helped ease market jitters. The comments coincided with the U.S. and U.K. signing a fresh trade agreement that will remove reciprocal tariffs and lower duties on American goods, further lifting sentiment across equities and crypto alike.

“President Trump's optimistic outlook on this weekend's China trade talks is easing fears of an escalating trade war, encouraging traders to shift capital back into asset classes like cryptocurrencies,” said Jeff Mei, COO at BTSE, in a message to CoinDesk. “This could very well drive bitcoin back towards its all-time high and potentially surpass it.”

BTC trades about 5% below its January record high of over $108,700 as of European morning hours on Saturday.

Analysts say the recent moves mark a decisive break from the sluggish price action that plagued altcoins through much of March and April.

“Traders believe the crypto industry may have finally found its second wind as a hedge against market uncertainty,” Nick Ruck, director at LVRG Research, told CoinDesk in a Telegram chat.

“Investors are changing their perspectives on crypto now that altcoins have departed from a negative trend and found buying pressure from a renewed risk-on sentiment,” Ruck added.

Ethereum’s 30% rally this week is also being attributed to growing institutional interest and the momentum behind its Pectra upgrade, which introduces long-anticipated execution layer reforms aimed at boosting efficiency and scalability.

“The upgrade provides reforms Ethereum desperately needs to cement its position as a leading chain amidst growing competition,” BTSE’s Mei said. “Given that Ethereum is trading well below its all-time high, we could see substantial upside in the coming weeks and months, especially as macro fears ease and institutions become more willing to allocate towards crypto and crypto ETFs.”

Still, traders are closely watching this weekend’s U.S.-China trade negotiations. Talks are set to begin later on Saturday in Switzerland, and any signs of stalemate or renewed tension could undercut the current rally.