Today in Markets

Ethereum Fights $3,000 Barrier

Crypto prices stalled, but ETH still has momentum on its side.
Feb 24, 20241 min read

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!

Source: TradingView

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.


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