HK Opens for Business, ETHBTC Reaches Critical Level
May 23, 2023
Author
Market Update Cryptoassets and equities swapped roles today as the crypto market received a significant boost during Asian trading hours (more on this below). $BTC reclaimed its position above $27k, while $ETH made a strong push toward $1850. Among alts, the performance has been mixed. ETH scaling solutions $ARB, $OP, and $IMX all experienced gains of over 2% during the day. Meanwhile, the native token of the decentralized GPU rendering platform, $RNDR, continued its impressive surge. Likely fueled by a persistent AI narrative, RNDR saw a remarkable 11.5% increase in price since yesterday. In