Nvidia’s Strong Earnings Ignite Crypto Rally, Is Bitcoin Nearing $70,000 Break?

▲ NVIDIA, Bitcoin/ChatGPT-generated image ©

Positive earnings guidance from Nvidia, the leading artificial intelligence (AI) stock, has revived risk-on sentiment, sending Bitcoin (BTC) racing toward the $70,000 level and triggering a sharp rally among major altcoins including XRP (Ripple).

According to Bloomberg on February 26 (local time), Bitcoin surged as much as 9.3% intraday in New York trading, marking its biggest jump since February 6 and reaching $69,987. The rally followed a wave of market relief after the U.S. president’s State of the Union address, along with strong quarterly revenue guidance from Nvidia, a bellwether for the AI industry, which provided a macroeconomic tailwind. Ethereum (ETH) climbed 13% to around $2,100, while smaller-cap tokens outpaced the leader’s gains, with Solana (SOL) jumping 16% and XRP rising 10%.

Daniel Reiss-Faria, CEO of ZeroStack, analyzed that while U.S. demand across the broader crypto market has slowed, capital is rotating into altcoins such as Solana that generate real revenue, driving the current uptrend. Meanwhile, President Donald Trump, previously considered pro-crypto, made no mention of digital assets in his address. Policy uncertainty has also heightened volatility, as a recent Supreme Court ruling invalidating certain tariff authorities and controversy surrounding a proposed 15% global tariff have rattled markets.

Despite the strong rebound, experts caution against premature optimism. Jake Ostrovskis, head of OTC trading at Wintermute, noted that the rally cannot be seriously viewed as a trend reversal unless Bitcoin decisively breaks above $75,000. According to Glassnode data, about 9 million Bitcoins—roughly 45% of the total circulating supply—remain underwater, trading below their purchase prices. As prices rebound, holders seeking to recoup losses are adding selling pressure, dampening upward momentum.

Alex Kuptsikevich, senior market analyst at FxPro, observed that the current market resembles the pattern seen in 2022, when prices plunged, moved sideways for months, and then reached new highs about a year later. According to CoinGecko, the total cryptocurrency market capitalization has shrunk by more than 20% year-over-year. With Bitcoin having fallen nearly 50% from its all-time high of $127,000 last October, attention is focused on whether the leading cryptocurrency can finally emerge from its prolonged winter and re-enter a genuine growth trajectory.

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