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- Bitcoin and Ethereum Price Movements
- The start of an altcoin season?
- Solana
- Luna
Bitcoin & Ethereum Price updates
This year has not been kind to the price movements of bitcoin (BTC) or ether (ETH), the two largest cryptocurrencies by market capitalization. Bitcoin began trading this year at $47,370, but has subsequently plummeted to $38,945 at the time of publication. Looking at Ether, the picture is similar, if not worse, since the ether token began trading at $3,730 on January 1st and is currently trading at $2.580.
Both main cryptocurrencies have witnessed brief retakes of over $40,000 and $3,000, respectively, but the year so far seems negative. While Bitcoin [BTC] and Ethereum [ETH] fantasize about long-lost highs and struggle to break through old resistance levels, could tired investors instead be looking for more vibrant alts? Here’s what the data had to say.
The start of an altcoin season?
Looking farther ahead, the last year has witnessed significant swings in trading interest, according to data released by crypto experts Santiment. Without a question, Terra’s LUNA and Solana’s SOL tokens have established themselves as top ten market cap assets with very high trading volumes, but this seems to have occurred at the expense of bitcoin and ether trading volumes.
Solana
Starting with Solana, the SOL token was trading at $14.5 a year ago, with a daily trading volume of just $94.7 million. Solana’s market cap rated the token at around number 32 a year ago, and it is now ranked number eight. The SOL token is now trading at $80.6, having peaked at almost $250 on November 7th of last year, but the trading volume is now close to $1.5 billion each day. That equates to a 150-fold rise in trade volume in a single year. Looking at the price activity, SOL was trading at $80.94, up 0.67 percent in the past 24 hours but down 3.75 percent in the last seven days.
Luna
The LUNA token from Terra Terra has witnessed some comparable activities. A year ago, the LUNA token was trading at $16, with a daily trading volume of slightly over $1 billion and a total market value that placed the LUNA token in the top 25. The LUNA token is now trading at $92.3, not far from the token’s all-time high of slightly over $103, recorded last week. The LUNA token has moved to seventh place in terms of market capitalization in the last year, with a daily trading volume of $2.8 billion. Looking at the market movement, Luna was trading at $93.04 after gaining 5.81 percent in a day and 12.82 percent in seven days.
While investors may see this as an indication to add additional altcoins to their portfolio, both currencies come with their own baggage. Solana’s total value locked [TVL] share, for example, has been on a downward trend since the autumn of 2021.
Meanwhile, Terra’s TVL is on the increase, and with a 12.95 percent stake, it is second only to Ethereum. Nonetheless, experts are afraid that LUNA may be ready for a correction in the near future.
