Bitcoin Prices Steady, Solana Soars, and What Else Is Happening in Crypto

Smaller peer ether exhibited similar price action, rising less than 1% to above $3,400. The token underpinning the Ethereum blockchain network is still trading around its highest point since early January.

Bitcoin and ether remain well off all-time highs of $68,990 and $4,865, respectively, reached in early November.

The Russian invasion of Ukraine has roiled markets since it began more than a month ago. While the conflict has underscored the role that cryptocurrencies can play, it has also dampened investors’ appetite for risk-sensitive assets. While bitcoin and its peers should theoretically trade independently of wider financial markets, digital assets recently have shown themselves to be fairly correlated with the likes of technology stocks.

The stock market, like the crypto space, was little moved Thursday as investors saw few reasons to be optimistic for a ceasefire or diplomatic resolution to the war.

“Bitcoin’s rally is taking a breather and that should remain the case as war concerns will completely dominate the short-term fate for most risky assets,” said Edward Moya, an analyst at broker Oanda, in a note late Wednesday.

“Bitcoin needs a catalyst to make a run towards the $50,000 level, so for now it seems like it could consolidate between the $45,000 and $48,000 levels,” he added.

Smaller cryptocurrencies, or “altcoins,” were exhibiting similar price action as their larger counterparts. Luna ticked up more than 1% while cardano gained 2.5%. One exception was solana, the token underpinning the Solana blockchain network, which soared more than 11%.

“Meme” cryptos — called that because they are mostly based on internet jokes rather than significant blockchain projects — were also slightly higher, with dogecoin up 2.5% and shiba inu 1% into the green.

Write to Jack Denton at jack.dentondowjones.com