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

DOGE gained almost 3% to 7 cents and BNB rose 2% to $614, while bitcoin was the only major token in the red on both the day and the week.

Dogecoin led major cryptocurrencies on Wednesday with a nearly 3% daily gain, while bitcoin slipped near $63,700 and stood as the only large token lower on both the daily and weekly timeframes. The divergence highlighted how alternative tokens can decouple from bitcoin during periods of rotating speculative interest, even when the market's largest asset by market capitalization drifts lower.

BNB, the native token of the BNB Chain ecosystem tied to the world's largest crypto exchange by volume, followed with a 2% increase to $614, up nearly 2% over seven days. Tron added almost 1% to just under 34 cents, bringing its weekly advance above 2%. XRP gained over half a percent to just above $1, though it remained down 5% for the week — the worst weekly performance among the majors. Solana and ether both edged higher, reaching $76 and $1,890 respectively, with solana up 3% over the past seven days.

Hyperliquid's HYPE was the only other major token in negative territory, declining over 1% to $54 and posting a 3% weekly drop.

Asian Equities Rally on Semiconductor Strength

Equities moved in the opposite direction to bitcoin, driven by corporate earnings. Korea's Kospi surged 4.6%, with Samsung Electronics and SK Hynix both jumping approximately 7% on optimism surrounding shareholder returns. MSCI's Asia Pacific gauge rose nearly 1% on the back of semiconductor sector momentum, which has been a persistent driver of regional equity performance amid sustained global demand for chips powering artificial intelligence infrastructure.

CoreWeave, an AI-focused GPU cloud computing provider, surged 16% in after-hours trading following stronger-than-expected sales growth, while Super Micro Computer climbed almost 8% on a revenue forecast that exceeded estimates, lifting Nasdaq 100 futures.

Oil Extends Gains Amid Middle East Uncertainty

Oil prices continued their upward trajectory. Brent crude rose over 1% to $90 a barrel, marking a sixth consecutive session of gains — its longest winning streak since April — as traders remained skeptical about the prospects for a Middle East deal.

Jeff Mei, chief operating officer at BTSE, said the week's market direction hinges on the upcoming inflation print and 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 inflation expectations. The conflicting forces — easing labor market data pointing toward potential rate cuts on one hand, and rising energy costs threatening to keep inflation elevated on the other — left investors navigating a mixed macroeconomic picture. The upcoming CPI report is widely seen as a key data point that could clarify the Federal Reserve's policy path and set the tone for risk asset direction in the near term.

Source: CoinDesk