Crypto Market Fluctuations See Near Protocol and Phala Network Rise

The cryptocurrency market has been experiencing significant fluctuations in recent days. Amidst this volatility, Near Protocol ($NEAR) and Phala Network ($PHA) have managed to secure top spots on the list of trending cryptocurrencies.

$NEAR tokens have gained 10.59% in value over the past 24 hours, while $PHA tokens have seen a substantial increase of 38.19%. These gains have propelled them to first and second positions on the list, with their current prices listed at $1.33 and $0.03697 respectively.

Bitcoin ($BTC) and Freysa (FAI) are closely following in third and fourth positions, with Bitcoin hovering between $66k and $69k and currently valued at $67,380.18. Meanwhile, Freysa has experienced a significant gain of 120.8% to reach $0.003171.

The current market situation is being influenced by oil and gas prices, which are under pressure due to the potential closure of the Strait of Hormuz. Shipping costs are projected to surge if this happens, with Atlantic, Pacific LNG freight rates already increasing by over 40% to $61,500 a day.