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Ethereum's 2024 High Price 💰

Plus, Affirm's convertible notes.

December 17, 2024

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Today is Tuesday, December 17, 2024.

The Early Bird Index today is 85.14

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Ethereum's 2024 High Price 💰

The price of Ethereum jumped about 2% on Monday to reach over $4,000, marking the 2024 high price for the second-largest cryptocurrency.

Zooming Out: Ethereum’s recent jump comes as Bitcoin reached its all-time high of $107,000 this week.

Plus: Over 90% of people who hold Ethereum are now profitable, according to CoinGape.

Big Picture: While Ethereum is up about 70% this year, Bitcoin is up about 140% in 2024.

Early Bird’s Nest Egg Gains: In 2024, Ethereum’s performance has been relatively less impressive compared to Bitcoin's.

  • Ethereum's ongoing transition and network upgrades may have created some uncertainty among investors.

  • Bitcoin's superior performance can be attributed to its halving event, increased institutional adoption, regulatory clarity, and macroeconomic factors.

Final Thoughts: Ethereum’s price hasn’t reached this high level since 2021. Similar to Bitcoin, expectations for Ethereum are booming.

Add a piece of the energy sector to your portfolio.

  • Access to 300 million barrels of recoverable oil reserves

  • Royalty-based investment model reducing operational risks

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Notables

Notable Earnings Today: HEICO (NYSE: HEI), Worthington Enterprises (NYSE: WOR), Amentum (NYSE: AMTM), REE Automotive (Nasdaq: REE).

Notable IPOs Today: N/A.

Notable Equity Crowdfunding Campaigns Ending Today: N/A.

Notable Economic Events Today: Retail Sales / Core Retail Sales (8:30 a.m. ET), Industrial Production (9:15 a.m. ET), Business Inventories (10:00 a.m. ET), Retail Inventories Excluding Autos (10:00 a.m. E), API Weekly Crude Oil Stock (4:30 p.m. ET).

Affirm's Convertible Notes

Shares of the financial services provider Affirm Holdings (Nasdaq: AFRM) fell 2.70% in after-hours trading on Monday after the company announced a proposed private offering of $750 million of convertible senior notes.

Details: Proceeds from the offering will be used to repurchase some previous senior notes and some of its common stock. The rest of the proceeds will be used for general corporate purposes.

Explanation: Investors typically don't favor new offerings such as convertible senior notes because these notes can dilute existing shareholders' ownership.

Background: Fintech stocks such as Affirm are having a good year. In the case of Affirm, the company produced impressive financial results. Affirm grew its user base and introduced new products.

Final Thoughts: The stock was up 56.35% this year.

Red Cat Posts Disappointing Results

Drone technology company Red Cat Holdings (Nasdaq: RCAT) plunged 15.79% in after-hours trading on Monday after reporting disappointing financial results.

Financials: Red Cat reported a loss of 18 cents per share in the past quarter and revenue of $1.53 million; both were lower than expected.

Details: The company lost more money in this past quarter than in the same period last year.

Final Thoughts: Before these results, Red Cat’s stock was up 1,100% this year.

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The contents of Early Bird are intended for informational and entertainment purposes only. They do not constitute trade or investment recommendations and they are not financial or legal advice. Readers are encouraged to consult licensed professionals for personalized guidance regarding their financial or legal situations.