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SOL, ETH Rise With Bitcoin as War Continues After Russia, Ukraine Hold Peace Talks
Bitcoin's record-breaking daily gains trickled down to Solana, ether, and other layer-1s as the market factors in a possible end to the war in Ukraine.
By Sam Reynolds
Updated May 11, 2023, 4:44 p.m. Published Mar 1, 2022, 4:21 a.m.
Bitcoin's push past $40,000 with a 15% daily gain, a new record for the world's largest digital asset by market cap, has been felt in ether and other layer 1 protocol tokens as the total crypto market cap inches back toward the $2 trillion mark.
- Fighting continued after peace talks between Russia and Ukraine ended with no resolution other than to meet again, the New York Times reported on Tuesday.
- By late morning Asia time, bitcoin was trading at around $43,000, according to CoinGecko.
- Macroeconomic strategist Lynn Alden noted on Twitter that "a week into a significant geopolitical/military event, bitcoin is outperforming gold," pointing to Ukraine and Russia's comparatively high crypto adoption. Ukraine is fourth on Chainalysis' crypto adoption index, while Russia is 18th.
- Solana was up 11.4% to $97 at time of writing, per CoinGecko, while ether was up to $2,900, or 11% on-day.
- According to open interest data curated by CoinAlyze, open interest on solana is up 14% to $726 million.
- Open interest on ether is up 11%.
- Other tokens also saw double-digit gains. was up 17% to $86.70 at time of writing, while Cardano's ADA token was up 9.7% to 96 cents. Cosmos' ATOM token posted gains of 16%, bringing its price to $31.75.
- Glassnode data shows the number of unique tether stablecoin transfers hit a monthly high, inferring that traders who had cashed out during the initial uncertainty of the war in Ukraine are moving assets around to prepare for a re-entry into the market.
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What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
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Japan’s Higher Rates Puts Bitcoin in the Crosshairs of a Yen Carry Unwind
A stronger yen typically coincides with de-risking across macro portfolios, and that dynamic could tighten liquidity conditions that recently helped bitcoin rebound from November’s lows.
What to know:
- The Bank of Japan is expected to raise interest rates to 0.75% at its December meeting, the highest since 1995, affecting global markets including cryptocurrencies.
- A stronger yen could lead to de-risking in macro portfolios, impacting liquidity conditions that have supported bitcoin's recent recovery.
- Governor Kazuo Ueda indicated a high probability of a rate hike, with officials prepared for further tightening if their economic outlook supports it.
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