Solana, Terra, Cardano Lead $400 Billion Crypto Market Resurgence

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  • Solana, Terra, Cardano stage mammoth recovery following a poor week for crypto assets.
  • The assets have jumped 5-20% in the last 24 hours, with Terra (LUNA) posting a daily high of over $90.
  • SOL’s spike likely bolstered by the world tour by the Solana Foundation.
LUNAUSD Chart by TradingView

As geopolitical tensions continue to rattle markets as a result of Russia’s invasion of Ukraine, the crypto market appears to show signs of an immense recovery. LUNA, BTC, ADA, SOL have posted some remarkable gains today.

Solana’s Resurgence

Solana reached a daily high of $96 earlier today. The asset at the time was among the top gainers of the day, posting gains of up to 6.4%.

The recent surge in the asset price has been bolstered by the announcement of a world tour by the organization behind the asset’s development. In a bid to encourage developers’ interest in the ecosystem, the Solana Foundation announced that they would be organizing physical events across various cities around the globe.

The team dubbed the event “The Hacker House,” with the foundation set to visit cities like Prague, Berlin, and New York, as well as Brazil’s Florianópolis and Nassau, the capital of the Bahamas, in the coming weeks. They have also expressed a willingness to increase the listed cities as time goes on.

“Big news: There are more Solana Hacker Houses on the way! The crew is adding several new stops to the World Tour.” This is poised to attract more projects to the ecosystem and strengthen the blockchain, a welcome positive development following the difficult start to the year Solana has had.

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Solana has endured a difficult couple of months. Along with the massive price corrections that have plagued the crypto market, the blockchain also faced two outages in January that left users disgruntled. The statement from their official Twitter handle at the time read, “Solana mainnet beta [was] experiencing high levels of network congestion. This [was] related to issues previously identified that engineers have been working to improve and resolve.”

The State Of The Market

Digital assets have endured a tough quarter as prices faltered to the dismay of traders. This comes after pundits expressed the belief that the markets were showing signs of a gargantuan upsurge in Q1 2022. According to data from CoinMarketCap, over the last 7 days, assets like Terra, Bitcoin, Ethereum, and Cardano have experienced double-digit percentage increases, adding about 79%, 15%, and 13%, 12%, respectively.

At $43,070 On major exchanges, Bitcoin remains below the $68k all-time high. Ethereum, on the other hand, sits at $2,879, a 40% drop from its all-time high of $4,891.

However, it is not all doom and gloom for the crypto markets. There has been a steady increase in the inflow of institutional capital over the last month, which can be construed as big money interest.