
Weekly Crypto Market Update - February 26, 2024

LAST WEEK RECAP:
- FOMC minutes showed Fed officials expressed caution about lowering rates too quickly
- Nvidia (NVDA) share jumped after both earning results ($22.10 billion revenue vs. $20.62 billion expected,$5.16 adjusted EPS vs. $4.64 expected) and forecasts beat Wall Street estimates as AI drives sales
- UNI token surged after Uniswap Foundation proposed fee reward mechanism for UNI token holders
- Starkware changed STRK unlock schedule citing community feedback
- a16z invested $100M in Ethereum’s restaking protocol EigenLayer
LEGACY MARKETS – DXY

DXY is still within the larger range 106-100. As mentioned for now it likely keeps building more price structure within the 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 but has seen some slow run-up. This could indicate some underlying hedging in the market.
BTC WEEKLY VIEW

BTC is still stalling around at 52k. Other than ETH, most altcoins are waiting for BTC to see some new volatility coming in. With the monthly close coming in this week the closing price will give a good indication of what to expect next.
ETH WEEKLY VIEW

ETH as mentioned last week is finally accelerating. At this point, the first big price point seems to be around $3.5k.
ETH/BTC

ETH/BTC is also finally picking up. With BTC being stuck at 52k it has finally pushed ETH/BTC to start moving. Above .06 ETH/BTC can really accelerate.
TOTAL3 USD MARKET STRENGTH

TOTAL3 is still above the 2021 range and slowly running up. With ETH currently trading strong it is most likely a matter of time before this accelerates. Any good dip should be seen as a good opportunity to position.
TOTAL3 BTC MARKET STRENGTH

ALT/BTC is still in the range. It’s finally garnering a bit of strength in tandem with ETH/BTC.
SUMMARY
- ETH is finally picking up relative strength against BTC.
- With ETH/BTC ratio finally picking up, it’s likely that the entire altcoin market will follow. If BTC would drop in the meantime, it’s likely a very good opportunity to increase altcoin exposure.
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
Kairon Labs provides upscale market-making services for digital asset issuers and token projects, leveraging cutting-edge algorithmic trading software that is integrated into over 100+ exchanges with 24/7 global market coverage. Get a free first consult with us now at kaironlabs.com/contact
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