Cryptocurrencies, led by Polkadot and Solana, staged a significant rally on Wednesday, February 25, 2026, ahead of Nvidia's highly anticipated fourth-quarter earnings report. The tech-focused bounce propelled the total crypto market capitalization up 3.7% to $2.34 trillion.
Polkadot led the charge among major altcoins, surging 11.5% in the past 24 hours. Solana followed closely with an 8.1% gain, while other top performers included Bittensor (TAO), up 6.8%, and Uniswap (UNI), which gained 7.7%. The rally extended across the broader altcoin landscape, with tokens like Avalanche (AVAX) also posting gains over 6%.
The sharp price movements triggered substantial liquidations across the market. According to CoinGlass data, over $325 million in leveraged trading positions were liquidated during the surge.
Analysts attribute the move to a confluence of factors rather than a direct bet on Nvidia's specific financials. Andri Fauzan Adziima, Research Lead at Bitrue, described it as a cocktail of "institutional dip-buying, short liquidations, and easing tariff fears." The rally also followed a period of oversold conditions in both crypto and equity markets.
The focus, however, remains squarely on Nvidia, which has become a bellwether for AI-driven sentiment with spillover effects into crypto. Derek Lim, head of research at Caladan, called the earnings "the single most important catalyst in the window," noting that the entire equity market and crypto by extension were positioning around the event. He expects Nvidia to report revenue of approximately $65.7 billion, a 67% year-over-year increase. Lim suggested that Bitcoin's price action around the recent State of the Union address was "likely more Nvidia-driven than speech-driven."
Despite the short-term surge, broader market sentiment remains cautious. Augustine Fan, Partner and Head of Insights at SignalPlus, warned, "We remain mired in a structural bear market and are in desperate need for a new narrative to rescue us from this downtrend." He identified key support for Bitcoin around the mid-$55,000 area and noted that a move back above $74,000 would be needed for technicals to improve, with the path of resistance remaining for lower prices in the meantime.
