The cryptocurrency market has gathered steam on Monday despite the prevailing tensions from the Russia-Ukraine conflict. The majority of crypto assets have seen decent gains in the last few hours, with a few others recording ballistic rallies.
Besides the daily green candles, most tokens are trading higher than last Monday. The combined market capital has consequently grown from $1.695 trillion earlier today to $1.851 trillion at the time of writing.
Bitcoin is trading at $41,560 on the back of approximately 10% of gains in the last 24 hours. Here is a breakdown of how the top layer 1 and layer 2 tokens are performing on the last day of the month.
‘Ethereum killers’ LUNA and SOL shoot up by double figures
Terra’s native coin LUNA and Solana’s SOL are the two standout performers among the top ten cryptocurrencies by market capital as of writing.
The two have seen huge gains, with SOL up by 14.18% in the last 24 hours. SOL/USD is currently trading above $97.45 for the first time since 17th February and has crossed a market capital of $31.20 billion.
LUNA has recorded an equally massive upswing of 14.78% to reach a six-week high price of $85.31. The upsurge has seen its market capital rise to $32.12 billion. Overall, the token is trading nearly 60% higher than last week on Monday.
To learn more about Terra or Solana check out our Investing in Terra and Investing in Solana guides.
Cardano (ADA) crashes to ninth place despite recording a 9.3% gain
The ADA token has also recovered, charting the fourth biggest candle behind LUNA, SOL, and BTC. Market data shows the coin is up by 9.30% in the last 24 hours. The latest rally has seen the token overcome resistance at $0.925 and reach a market capital figure of $31.15 billion.
Notwithstanding the ascent, ADA has moved lower in market rankings to ninth after being dethroned by LUNA and SOL. The latter, closing in on $100, is in eighth place, while Terra (LUNA) is in seventh. The gap between the three is, however, small and the market could be up for some reshuffling again when it calms.
To learn more about Cardano, check out our Investing in Cardano guide.
Ether (ETH) lags among altcoins in terms of gains
‘Ethereum killers’ have seemingly gotten the better of Ethereum in the market. Though Ether is trading in the green, it has only climbed by 7.70% – slightly over half of the gains by other altcoins. ETH/USD rose steadily hours earlier from $2,650 to an intraday high of $2,835 at press time. The pair is currently hovering around this level, but market activity suggests more gains are in store.
To learn more about Ethereum visit our Investing in Ethereum guide.
The two sides of the ‘rally’
The renewed market action is a result of several factors, according to market analysts, but most notably and perhaps the prevailing one is the Ukraine crisis that has put cryptocurrencies at the center stage. Both sides have resorted to digital assets under contrasting scenarios, which has helped restore calmness in the market and boosted crypto adoption.
The Ukrainian government has received millions in crypto donations over the last few days to help repel Russian forces. With many entities and individuals offering support via various crypto donation platforms, the general perception of cryptocurrencies has changed even among those against digital assets. This has resulted in a rising uptake of crypto assets which has eliminated fear and concerns among investors.
Russia, on the other hand, has been slapped with heavy and extreme sanctions, including freezing of its central bank’s assets in other countries. This has made the case for crypto even stronger among the Russian population. The only disbenefit on Russia’s end is calls from Ukrainian government officials to centralized exchanges asking them to freeze crypto funds belonging to Russian accounts.
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