SOL, ETH Rise With Bitcoin as War Continues After Russia, Ukraine Hold Peace Talks
Bitcoin's push past $40,000 with a 15% daily gain, a new record for the world's largest digital asset by market cap, has been felt in ether and other layer 1 protocol tokens as the total crypto market cap inches back toward the $2 trillion mark.
- Fighting continued after peace talks between Russia and Ukraine ended with no resolution other than to meet again, the New York Times reported on Tuesday.
- By late morning Asia time, bitcoin (BTC) was trading at around $43,000, according to CoinGecko.
- Macroeconomic strategist Lynn Alden noted on Twitter that "a week into a significant geopolitical/military event, bitcoin is outperforming gold," pointing to Ukraine and Russia's comparatively high crypto adoption. Ukraine is fourth on Chainalysis' crypto adoption index, while Russia is 18th.
- Solana (SOL) was up 11.4% to $97 at time of writing, per CoinGecko, while ether (ETH) was up to $2,900, or 11% on-day.
- According to open interest data curated by CoinAlyze, open interest on solana is up 14% to $726 million.
- Open interest on ether is up 11%.
- Other tokens also saw double-digit gains. avalanche (AVAX) was up 17% to $86.70 at time of writing, while Cardano's ADA token was up 9.7% to 96 cents. Cosmos' ATOM token posted gains of 16%, bringing its price to $31.75.
- Glassnode data shows the number of unique tether (USDT) stablecoin transfers hit a monthly high, inferring that traders who had cashed out during the initial uncertainty of the war in Ukraine are moving assets around to prepare for a re-entry into the market.
DISCLOSURE
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
