DOGE Gains Steam; Bitcoin Climbs $114K on M2-Induced Catch-Up Momentum

Bitcoin Climbs Toward $114K as Dogecoin Leads Crypto Rally; M2 Data Signals Potential BTC Upside

Cryptocurrencies rose Thursday, with Bitcoin trading near $114,200, up 2.4% over 24 hours, as Dogecoin led the charge. Ether (ETH) gained 2.4% to $4,400, XRP surpassed $3, BNB neared $900, and Solana (SOL) added nearly 3%. DOGE surged 5%, extending its weekly gains to almost 16%.

CF Benchmarks highlighted that Bitcoin is currently below its fair value relative to U.S. M2 money supply growth, a setup that has historically preceded major rallies. Over the past decade, M2 expansion has typically led BTC prices by roughly three months, suggesting potential liquidity-driven upside in Q4.

“Bitcoin continues to attract buyers on dips, with $112K holding as short-term support,” said FxPro analyst Alex Kuptsikevich. “The real test is $115K, just above the 50-day moving average, to confirm a sustained uptrend.”

Options markets show rising demand for protection ahead of U.S. CPI data. Solana’s TVL hit a record $12.2 billion, up 57% since June, while DOGE remains buoyed by continued strong flows.