Financial markets have been in turmoil ever since the war in Ukraine broke out, and the crypto market is no exception. To help readers navigate the space, Cryptonews.com has looked into the coins that have so far seen the biggest gains, as well as those that have seen the biggest losses.
Since February 24, the day Russia first launched large-scale attacks on Ukraine, bitcoin (BTC) has been volatile, although its overall performance has been significantly stronger than some had feared.
On the day the war started, the largest cryptocurrency immediately sold off, falling to its lowest level in a month. However, the coin quickly recovered and ended the day markedly up. Since then, BTC has continued to be volatile, with an overall trend higher which accelerated this week, sending the coin up to a peak of over USD 44,000 on February 28.
As of press time on Tuesday, March 1 (12:56 UTC), BTC was trading at USD 44,498, up by close to 17% compared to its opening price on the day the war started.
However, BTC was not even among the top five strongest performers in the crypto market during the period. Instead, the list of the top gainers since February 24 was dominated by smaller and some relatively unknown altcoins.
Whether their performance in any way can be attributed to the conflict is a topic for another discussion, but here is, nevertheless, the list of the five best- and worst-performing cryptoassets from the top 100 coins by market capitalization since the war in Ukraine broke out.
The price changes for all the coins are measured against USD or tether (USDT) from the opening price on February 24 (UTC time) and until the time of writing (11:50 UTC) on Tuesday, March 1:
- Waves (WAVES): up 85.15%, from USD 9.28 to USD 17.18
- Luna (LUNA): up 57%, from USD 59.60 to USD 93.30
- Thorchain (RUNE): up 37%, from USD 3.48 to USD 4.79
- Cosmos (ATOM): up 25.5%, from USD 25.18 to USD 31.60
- Near protocol (NEAR): up 22.39%, from USD 8.56 to USD 10.47.
Next, let’s move on to look at the coins that have lost the most since fighting broke out in Ukraine:
- BitDAO (BIT): down 7.89%, from USD 1.354 to USD 1.247
- Convex finance (CVX): down 6.53%, from USD 20.10 to USD 18.78
- LEO token (LEO): down 6.51%, from USD 6.107 to USD 5.710
- Celsius (CEL): down 2.78%, from USD 3.149 to USD 3.061
- ECOMI (OMI): down 1.95%, from USD 0.00465 to USD 0.00456.
As can be seen from the ranking above, it’s a rather mixed bag of coins that have either soared or have collapsed during the first six days of the war.
What’s clear, however, is that more people are discovering crypto, as fiat currencies such as the Russian rouble collapses, and sanctions make international transfers more difficult. Still, how far the conflict will push crypto adoption among individuals, corporates, and state actors remains to be seen.