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First Mover Americas: AI Mania Heats Up
The latest price moves in crypto markets in context for Feb. 22, 2024.
Updated Mar 9, 2024, 5:53 a.m. Published Feb 22, 2024, 1:03 p.m.
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This article originally appeared in First Mover, CoinDesk’s daily newsletter, putting the latest moves in crypto markets in context. Subscribe to get it in your inbox every day.
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Artificial intelligence (AI)-related tokens surged after chipmaker Nvidia (NVDA) beat its already lofty fourth-quarter earnings expectations. Nvidia on Wednesday reported earnings per share of $5.16, topping the average analyst estimate of $4.59, according to FactSet data. The chipmaker also posted revenue of $22.1 billion, higher than Wall Street's expectation of $20.4 billion. AI tokens surged: gained 37% on Thursday, FetchAI (FET) added more than 15% and Render (RNDR) rose 20%. The Graph, a protocol for indexing and querying data stored on blockchains, which said it plans to add AI-assisted querying with large language models, saw its token rally 21% after the report. Worldcoin’s WLD jumped 33%. The overall market cap of AI tokens has surpassed $17 billion, according to CoinGecko data.
Ethereum’s native token, ether , may have found a path to a record high of $5,200 after breaking out an “ascending triangle” price pattern, according to technical analysis by Kraken OTC. ETH, the second-largest cryptocurrency by market value, topped the $3,000 mark early this week, establishing a foothold above the horizontal trendline connecting August 2022 and April 2023 highs. The trendline, along with the upward-sloping bottom line connecting June 2022 and November 2022 lows, comprised an ascending triangle formation on the weekly price chart. In other words, bulls have pushed through a long-standing resistance, regaining market control after a series of higher lows showing a gradual decline in bears’ strength.
Bitcoin may have stalled over the past week, but FundStrat head of research Tom Lee doubled down on his bullish outlook and said the largest cryptocurrency could reach as high as $150,000 this year. "You have demand improving with the new ETFs, you have supply shrinking with the halving, and if monetary policy eases, which we expect, that's supportive for risk assets," Lee told CNBC on Wednesday. Lee's comments came as bitcoin's rally appeared to lose some steam following a 35% gain over the past couple of weeks to $53,000, its highest price in 26 months. BTC was recently changing hands at $50,900, down 1.8% over the past 24 hours, holding up slightly better than the broader-market CoinDesk20 Index's (CD20) 3% decline during the same period.
Chart of the Day
- The chart shows the total FIL deposited in the storage network Filecoin's decentralized finance ecosystem.
- Net deposits continue to climb and now sit above the 27.5 million mark.
- FIL, the native token of Filecoin, has been on a tear, gaining 30% in the past seven days.
- Source: fvm.starboard.ventures
- Omkar Godbole
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Forget $80k: Michael Terpin warns bitcoin could revisit the $40,000s before a real recovery
Terpin argued that bitcoin’s post-halving bubble followed its typical arc and says history suggests the market may still face another wave of pain.
What to know:
- Michael Terpin says the bull market peak came in the fourth quarter after the halving, in line with prior cycles.
- While dismissing $80,000 and $60,000 bottom calls as premature, he sees the potential for bitcoin to revisit the $50,000s or even $40,000s in a fragile market.
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