Ethereum Fights $3,000 Barrier
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Crypto prices met resistance this week; Ether rejected off $3k, Bitcoin defended $50k, and the total crypto market cap struggled to crack $1.9T. What else happened in markets?
ETH’s surge to $3k has been accompanied by an uptick in the ETH/BTC ratio, which is up 8% in February and is retesting the downtrend that has plagued HODLers since prior to the Merge in September 2022!
As Etherians took to Crypto Twitter to relish in the strength of their chosen assets this week, Solana’s manlets found themselves relegated to second fiddle as SOL/ETH plunged for the second consecutive week to 2024 lows of 0.034!
Where a leader goes, its pack typically follows, and we can confirm that this is indeed the case for the alt L1 trade, with the tokens of chains from Aptos to Avalanche and Sei to Sui all bleeding to ETH this week.
While the same weakness that plagued crypto markets was not observed in TradFi, whose indices made new all-time highs this week, that is not to say stocks went undisturbed…
Shares of AI darling Nvidia (NVDA) tanked by over 10% in the day prior to earnings, pulling the broader stock market down with it, before going on to make the biggest single day gain in market capitalization in history, rallying to a new high on positive earnings news.
BREAKING: Nvidia, $NVDA, adds $277 billion in market cap today marking the biggest ever single day gain in history.
— The Kobeissi Letter (@KobeissiLetter) February 22, 2024
This has shattered the previous $197 billion record set by Meta, $META, exactly 20 days ago by over 40%.
Truly historic. pic.twitter.com/5P1yiPpchK