Weekly Crypto Market Update - February 19, 2024

LAST WEEK RECAP:

• U.S. CPI rose 0.3% MoM in Jan v.s. estimated 0.2% and 3.1% YoY v.s. estimated 2.9%. Core CPI increased 0.4% MoM in Jan v.s. estimated 0.3% and 3.9% YoY v.s. estimated 3.7%.
• U.S. PPI increased 0.3% in Jan v.s. estimated 0.1%, showing persistent inflation.
• Coinbase stock jumped on big earnings beat as transaction volume grows.
• Starknet Foundation announced the STRK token will be airdropped on Feb 20th.
• Uniswap V4 will likely be launched in Q3 following Ethereum’s Dencun upgrade.
• Yuga Labs acquired Moonbirds NFT startup Proof.
• Filecoin announced integration with Solana.
• Aptos Foundation collaborated with Jambo to Introduce JamboPhone.

LEGACY MARKETS – DXY

No visible movement. DXY is still within the larger range of 106-100. As mentioned, it's currently expected to continue building more price structures within this range. The longer it stays within the range the more confidence market participants will have to get more and more risk exposure.

LEGACY MARKETS – VIX

VIX is still muted other than a spike last week.

BTC WEEKLY VIEW

BTC is currently at mid-range (45k-58k), which could pose as short-term resistance. With Genesis getting the green light to liquidate their GBTC holdings, this could neutralize the net inflows for the week. On the positive side, this would greenlight ALT/BTC ratios to run.

ETH WEEKLY VIEW

ETH is finally gearing up. After a strong weekly close, it’s clear skies up until 3.5k.

ETH/BTC

ETH/BTC is still on the lower end of the range. But on the lower timeframes, it has started forming a small uptrend. With our view on BTC/USD and ETH/USD, it makes sense for ETH/BTC to pick up towards .067 in the coming weeks.

TOTAL3 USD MARKET STRENGTH

TOTAL3 broke recent highs. From a macro perspective, the 500B mark to - 1.1T can be seen as a large range. So the first upside target for the altcoin market in total would be 1.1T. This would obviously lead to gigantic rallies across the board.

TOTAL3 BTC MARKET STRENGTH

ALT/BTC is still in the range. It’s still on the weak side but there have been some positive signs. With mainly AI and gaming coins building some relative strength.

SUMMARY

• AI and Gaming projects lead the way for altcoins.
• ETH is finally showing relative strength in ETH/BTC ratio. Indicating BTC could be slowing down after weeks of underperformance.

DISCLAIMER:

The information in this report is for information purposes only and is not to be construed as investment or financial advice. All information contained herein is not a solicitation or recommendation to buy or sell digital assets or other financial products.

This post is prepared by Kairon Labs Traders: Joshua van de Kerckhove, and Patrick Li

Edited by: Marianne Dasal