Major cryptocurrencies, including bitcoin and dogecoin, rebounded together, and Dogecoin co-founder Billy Markus (Billy Markus) publicly mentioned the possibility of a market recovery.

On Aug. 20 local time, blockchain outlet U.Today reported that dogecoin was trading at $0.0771, up 10 percent at the time of writing. It rebounded from a low of $0.069 the previous day and extended its gains. It rose as high as $0.078 intraday on Aug. 20 but later gave back some of the gains, and is now trading around $0.081.

The rebound came as bitcoin and many other cryptocurrencies moved higher. Markus shared a screen on X, formerly Twitter, showing gains in cryptocurrencies and major assets and wrote, "is crypto back?" He added, "is the 2026 nightmare over?" The remarks are seen as reflecting the long correction phase and weakened investor sentiment that the crypto market has gone through this year.

The screen Markus posted included bitcoin, ethereum, solana and dogecoin, along with the S&P 500 index. In that period, the S&P 500 was up 0.21 percent, while the cited cryptocurrencies posted larger gains. That is why market participants are focused on whether the rebound is a short-term technical move or a signal of renewed appetite for risk assets.

Recent financial market sentiment also forms part of the backdrop. Investors are digesting minutes from the July Federal Open Market Committee meeting released on Aug. 19. The minutes showed that most members supported holding rates steady at the July meeting, but some preferred a rate hike. That did not provide clear fuel for stock market bulls, and the S&P 500's rise was limited.

The crypto market, by contrast, posted a stronger rebound. Since a major flash crash last October, the crypto market has faced selling pressure for months. At the time, liquidations totaled $19 billion. The sharp rebound in this context carries meaning beyond a simple price rise, because the market has been put to the test of whether it can exit a prolonged downtrend.

Even so, it is too early to be certain of a shift in direction. Markus' questions, 'is crypto back?' and 'is the 2026 nightmare over?' still require confirmation. The uptrend would need to persist over the coming weeks and months for the rebound to be seen as a recovery in trend rather than a temporary spike. In that setting, the next focus will be whether major cryptocurrencies, including dogecoin, can extend the rise.

is crypto back!?!?!?!?! is the 2026 nightmare over?!?!!? pic.twitter.com/UoMYlciTwc