Summary of the cryptocurrency market 26.02.2024

📍ETH showed significant growth, with Justin Sun (founder of Tron) purchasing over $47 million worth of ETH this week. BTC continues to experience outflows from exchanges, with remaining BTC on exchanges at the lowest levels in 2022 – typically a bullish signal as holders prefer keeping BTC in wallets.

Altcoins exhibited high volatility today, creating a favorable environment for speculation. Worldcoin is approaching a $100 billion market capitalization. Derivatives open interest is soaring, but due to a strong AI trend, a shoulder reset is anticipated. Open interest exceeds $300 million, potentially leading to a sharp 10-15% surge or a 15-20% correction.

BLUR surged recently amid expectations of increased marketplace fee sharing with BLUR token holders and the upcoming Blast launch related to BLUR. The $0.85 mark poses a significant resistance level.

✔️ News:

Uniswap awaits SEC reaction to its fee initiative, noting that Uniswap is registered in the USA. The upcoming week may see a slowdown in UNI growth.

✔️ Base Scenario:

Expecting BTC at $51,000 and ETH below $3,000 tomorrow. Selective altcoins may continue hitting new highs. Attention should shift to local stories to understand the drivers behind the growth.

✔️ Today's Long:

NEAR demonstrated strong weekend growth and is likely to outperform the market next week. ARB-related projects will announce news, making ARB a better choice.

✔️ Short:

Closed API3 short at a breakeven stop. Holding a FIL short with a small loss, involving partial closure and additional purchases within specified levels.

✔️ Today's Idea:

Short AR when reaching $16.709, move stop to breakeven at $15.2, stop at $18.254 (beyond November 2023 high), take-profit at $13.812. Not a trading recommendation. #cryptoreview #market