The crypto market is buzzing again — Bitcoin pushed to $114,200, but surprisingly, Dogecoin stole the spotlight, ripping 5% higher in 24 hours and extending its weekly gains to nearly 16%. Meanwhile, analysts are pointing to a powerful setup that could mean Bitcoin is still undervalued compared to U.S. money supply growth. Let’s unpack the key drivers.

🔑 Key Points You Need to Know

🟢 1. Bitcoin Holds $114K — But Undervalued vs. M2 Growth

BTC is up 2.4% in the past 24 hours, trading around $114,200.

CF Benchmarks analysis shows Bitcoin is lagging behind U.S. M2 money supply growth — a gap as wide as it was in August 2024, a setup that has historically preceded big rallies (2016, 2019, 2021).

If history rhymes, liquidity tailwinds in late Q4 could fuel another leg higher.

👉 Translation: BTC may be under-priced right now, with room to run.

🟢 2. Altcoins Join the Ride — But DOGE Dominates

ETH: +2.4% to $4,400

XRP: Reclaimed $3+

BNB: Closing in on $900

SOL: +3%, driven by record $12.2B TVL, up 57% since June

DOGE: +5% in a day, +15.9% in a week — clear leader in the move

👉 Memecoins are catching strong inflows, and DOGE is flexing as a liquidity magnet.

🟢 3. Technical Test: $115K Is the Real Hurdle

Analysts flag the main battle zone around $112K, with the real test at $115K (50-day moving average).

Breaking and holding above $115K could flip sentiment back to full-blown optimism.

For now, BTC is lagging stocks at record highs, signalling a cautious but bullish undertone.

🟢 4. Options & Macro Risk Still in Play

Options desks report strong demand for downside protection ahead of U.S. CPI data.

CPI could be the swing factor:

Cooler inflation = Fed cut hopes = weaker dollar = BTC tailwind.

Hotter CPI = tighter Fed = headwind for risk assets.

👉 Until Thursday’s CPI, hedging dominates short-term sentiment.

📊 The Big Picture

Bitcoin’s M2 setup screams undervaluation — and past cycles say that’s bullish for Q4.

DOGE is leading risk-on appetite, proving memecoins still matter in liquidity rotations.

Macro is the joker card — CPI can make or break momentum in the near term.

Bottom line: DOGE is the short-term winner, but BTC’s M2 catchup trade could be the bigger story into year-end.

Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards.