Solana leads crypto recovery despite global stock tumble over geopolitical concerns

The native cryptocurrency of the Solana network has led a rebound in the cryptocurrency market after major tokens dipped amid concerns over a wider conflict in the Middle East.

Solana SOL +8.42% gained over 6% in the past 24 hours and was changing hands for $154.34 at 4:25 a.m. ET. Bitcoin increased 2.56% and ether gained over 5% in the same period, according to The Block's Price Pages . 

This was seen across the wider market. The total cryptocurrency market cap posted an increase of 4.0% in the last 24 hours, and is currently standing at $2.55 trillion, according to CoinGecko . The GM 30 Index , representing a selection of the top 30 cryptocurrencies, increased by 4.26% to 135.57 in the past 24 hours.

Sunday's QCP Capital report noted the recovery from Saturday's lows. "It is likely that bitcoin was used as a weekend proxy macro hedge and therefore bore the full brunt of the immediate risk-off reaction at the weekend. Bitcoin has since traded back above $64,000 and ether is above $3000," QCP Capital analysts said.

Global markets tumble amid conflict escalation

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As the reports of potential upcoming drone strikes came in on April 12, U.S. stocks closed lower at the end of trade, with the Nasdaq down 1.62%, the Dow Jones Industrial Average dropping by 1.24% and the S&P 500 falling 1.46%.

On April 14, the United Nations issued a warning that the Middle East is "on the brink" of a potentially devastating all-out conflict — with Israel vowing to "exact a price" against Iran after Saturday's drone and missile attack. At the time, crypto prices also fell significantly.

This morning, London’s FTSE 100 opened 41.56 points lower, down 0.5%, at 7,954. In Asia, the Hang Seng in Hong Kong, Japan's Nikkei and the Kospi in South Korea were all more than 1% lower in morning trading hours.