Cryptocurrency

ATOM and SOL beat BTC returns over the past 2 weeks

Hull Invest

Altcoins often mirror the price volatility of Bitcoin (BTC), the largest cryptocurrency by market capitalization. However, Cosmos (ATOM) and Solana (SOL) have outperformed BTC in the last two weeks.

Glassnode data shows that Cosmos has risen nearly 15% compared to BTC over the past two weeks. Meanwhile, SOL has outperformed his BTC by almost 8% over the past 14 days, despite a significant drop on December 29, 2022.

Token return vs BTC
Token return versus BTC.Source: Glassnode

An analysis of the Glassnode chart shows that Cosmos returns closely followed those of BTC until December 26th. The following day, ATOM’s returns began to rise relative to BTC, experiencing little volatility on its upward journey. Up 9.52%, BTC is down 0.23%.

SOL prices have fallen significantly since early November due to the relationship between FTX and its founder Sam Bankman-Fried (SBF). The token lost about 55% of its value in November following bankruptcy filings by FTX and Alameda Research.

Solana continued its descent through most of December. The Glassnode chart above shows that SOL price dropped more than 30% compared to BTC on December 29, reaching a low of around $8.26.

However, in the last 5 days, the SOL price has jumped significantly to around $.13.02 at the time of writing, CryptoSlate data shows.solana got up 18.91% for the last 7 days, according to CryptoSlate data.

Ethereum (ETH), the second-largest cryptocurrency by market capitalization, has trailed Bitcoin significantly since December 21st. ETH is trading around $1,207.66 at the time of writing, down 0.11% over the past week.

BNB (BNB), Polygon (MATIC), and Polkadot (DOT) have similar returns, slightly below BTC’s return over the past two weeks.

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