Santiment, a crypto analytics startup, takes notes of the cryptocurrency market as the globe responds to Russia’s escalating conflict with Ukraine. In a new blog post, the company has given statistics on the purchasing and selling of over 50 digital assets.
Axie Infinity (AXS), Enjin Coin (ENJ), as well as Ethereum (ETH) were among the most popular altcoins. As whales stepped in on lower prices, COMP, ENJ, AXS, BAND and ETH have seen significant buildup. Prices have rebounded relatively quickly, but this is not guaranteed that the trend will continue.
Markets have fallen across the board in reaction to the military confrontation, but Santiment believes rates will increase once investors recover from their first shock.
It has been recognized that there is a tremendous deal of reality underlying the war, which is pulling cryptocurrencies, stocks, and related markets down in the Ukraine-Russia crisis. However, as witnessed during the pandemic about two years ago, as soon as the ﬁrst shock has worn off, there is frequently a significant price comeback.
Current Trading Rates Of Altcoins
Enjin Coin is now trading at $1.43, up 4.69 per cent. On Thursday, the 77th crypto portfolio on market cap fell as low as $1.21. Axie Infinity has likewise recovered from its short–term bottom of $42.84 and is now trading at $50.46, up 2.31 per cent on the day.
Ethereum fell from $2,746 to $2,336 on Wednesday but has nearly recovered to its original level. The second most valuable cryptocurrency is now trading at $2,711.
The compound was also hit hard in the middle of the week, going very low at $96.26 until it bounced again to $112.37 at the time of writing. After dropping to $3.16 on Thursday, Band Protocol is up 2.79 per cent to $3.64.
Crypto Is Gradually Becoming A Safe Harbor
Santiment wraps off by highlighting bitcoin enthusiasts’ unrealized ambition that digital assets could rival precious metals as an asset amid times of upheaval.
Gold has served as a ‘safe harbor’ for investors during a crisis. And, with the rise of Bitcoin, there is growing optimism that cryptocurrency may be able to establish itself as a place of refuge in its own right. However, from a macro viewpoint, it’s yet to occur.
When the Ukraine situation subsides, Russian stocks may soar
Pictet Wealth Management analysts believe that prior Ukraine crisis settlements will help a resurgence. Despite the continuing controversy over Ukraine, an investment in Russia could pay out generously for investors once the crisis is settled, just as it played out with the world economy rebounding from the coronavirus epidemic.
Considering the lengthy nature of the war involving Russia and Ukraine, as well as how clashes have historically calmed, this could be an attractive buying opportunity for someone with a risk appetite.