Dogecoin and BNB Lead Majors Higher as Bitcoin Slips Near $63,700

Dogecoin led major cryptocurrencies higher on Wednesday, gaining nearly 3% to trade just above 7 cents and extending its weekly advance to approximately 3%. Bitcoin, by contrast, slipped toward $63,700, making it the only large-cap token to decline on both a daily and weekly basis. The divergence between Bitcoin and the broader altcoin market underscores a rotation dynamic that has surfaced periodically throughout 2024, where capital flows toward smaller or platform-linked tokens even as the largest cryptocurrency consolidates.

BNB rose 2% to $614, bringing its seven-day gain to nearly 2%. The token native to the BNB Chain ecosystem has benefited from sustained on-chain activity on one of the most heavily used smart-contract platforms outside of Ethereum. Tron added almost 1% to just under 34 cents, leading its own weekly performance at over 2%. XRP ticked up more than half a percent to just above $1, though it remained down 5% on the week — the worst weekly showing among the majors. Solana and ether also edged higher, reaching $76 and $1,890 respectively, with Solana posting a 3% gain over seven days.

Hyperliquid's HYPE was the only other major token in negative territory, falling over 1% to $54 and sitting 3% lower for the week.

Equities moved in the opposite direction from Bitcoin, buoyed by corporate earnings. South Korea's Kospi rallied 4.6%, with Samsung Electronics and SK Hynix each surging approximately 7% amid optimism over shareholder returns. MSCI's Asia Pacific index rose nearly 1%, driven by strength in semiconductor stocks — a sector increasingly watched by crypto investors for its read on demand from AI and high-performance computing workloads.

In U.S. after-hours trading, CoreWeave jumped 16% following stronger-than-expected sales growth, while Super Micro Computer climbed almost 8% on a revenue forecast that exceeded analyst estimates — both moves lifting Nasdaq 100 futures. CoreWeave, which operates GPU-heavy cloud infrastructure, and Super Micro, a server hardware supplier, are both considered bellwethers for the AI infrastructure buildout that has driven outsized demand for advanced semiconductors.

Oil continued its ascent, with Brent crude rising over 1% to $90 a barrel. That marked a sixth consecutive session of gains — the longest streak since April — as traders remained skeptical about prospects for a Middle East deal. Elevated energy costs are a key input into headline inflation, making oil's trajectory directly relevant to the crypto market's sensitivity to Federal Reserve policy expectations.

Jeff Mei, Chief Operating Officer at BTSE, said the week's market direction hinges on the upcoming inflation print and on whether Iran and the United States can reach an agreement over the Strait of Hormuz.

"Last week's US job numbers were weak — a continuing narrative supporting this trend and lower inflation would cement expectations for Fed cuts by year-end, boosting liquidity and risk assets like Bitcoin," Mei said.

"Traders should watch for any hawkish pushback from Fed speakers, but the macro setup could lead to a relief rally if this week's CPI numbers are lower than expected," he added.

July inflation data is scheduled for release at 8:30 a.m. ET, with oil's sustained rally feeding directly into those figures.