Analytical firm Santiment evaluated the crypto market reacting to the ongoing war between Russia and Ukraine.
The firm said crypto whales are turning to Ethereum (ETH), Enjin Coin (ENJ), Axie Infinity (AXS), Compound (COMP) and Band Protocol (BAND).
“Whales are accumulating more ENJ, AXS, COMP, BAND and ETH as price drops continue.
Prices have rebounded pretty quickly, but that doesn’t necessarily mean things will stay that way”
Numerous assets fell in the wake of the Russia-Ukraine war. Santiment, on the other hand, says prices will rise after investors get over the initial shock.
“We see the war dragging down cryptocurrencies, stocks and other markets.
But as we’ve learned from the pandemic in the last two years, after the initial shock has passed, there will often be a huge price increase”
Santiment believes that digital assets will also come to be seen as a “safe haven” like gold. He also stated that there is hope for the future:
“Gold has been a safe haven for investors for a long time, in times of crisis. With the emergence of Bitcoin, there is hope that it can also claim as a safe haven
But this has not happened in macro terms yet”
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