The network’s native cryptocurrency Solana led to a rebound in the cryptocurrency market after major tokens fell due to concerns over a broader conflict in the Middle East.
Solana GROUND
+1.76%
gained more than 6% in the last 24 hours and was changing hands for $154.34 as of 4:25 a.m. ET. Bitcoin rose 2.56% and ether more than 5% during the same period, according to The block price pages.
This was seen across the market. The total market capitalization of cryptocurrencies recorded an increase of 4.0% in the last 24 hours, and currently stands at $2.55 trillion, according to CoinGecko. The GM 30 Index, representing a selection of the top 30 cryptocurrencies, rose 4.26% to 135.57 over the past 24 hours.
Sunday’s QCP Capital report noted a recovery from Saturday’s lows. “It is likely that bitcoin was used as a proxy macro hedge over the weekend and therefore took the brunt of the immediate risk aversion reaction this weekend. Bitcoin has since returned above 64 000 dollars and ether is above $3,000,” said analysts at QCP Capital.
Global markets collapse as conflict escalates
As reports of possible upcoming drone strikes came in on April 12, U.S. stocks closed lower at the end of the session, with the Nasdaq down 1.
On April 14, the United Nations issued a warning that the Middle East is ‘on the brink’ of potentially devastating all-out conflict – with Israel vowing to ‘exact a price’ on Iran after drone attack and missiles on Saturday. At the time, cryptocurrency prices also fell significantly.
This morning, London’s FTSE 100 index opened 41.56 points lower, down 0.5%, at 7,954 points. In Asia, Hong Kong’s Hang Seng, Japan’s Nikkei and South Korea’s Kospi were all down more than 1% in morning trading.
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