Altcoins often mirror the price movements of Bitcoin (BTC), the largest cryptocurrency by market cap. However, Cosmos (ATOM) and Solana (SOL) managed to outperform BTC over the past two weeks.
Cosmos is up nearly 15% versus BTC over the past two weeks, Glassnode data shows. On the other hand, SOL beat BTC by almost 8% in the last 14 days, although there was a significant drop on Dec. 29, 2022.
Token returns vs. BTC. Source: Glassnode
An analysis of the Glassnode chart shows that Cosmos returns closely tracked those of BTC through December 26. The following day, ATOM yields started to rise versus BTC, experiencing little volatility on its way up. At the time of writing, ATOM was trading around $10.09 – up 9.52% over the past week, while BTC is down 0.23%.
SOL price has declined significantly since early November due to its ties to FTX and its founder Sam Bankman-Fried (SBF) – SBF and its hedge fund Alameda Research were early supporters of Solana. The token lost around 55% of its value in November after FTX and Alameda Research filed for bankruptcy.
Solana continued his descent for most of December. The Glassnode chart above shows SOL price falling more than 30% versus BTC on Dec. 29 to bottom at around $8.26.
However, in the last five days, the SOL price increased significantly to around $13.02 at the time of writing shows CryptoSlate data. Solana is upstairs 18.91% over the past seven days, according to CryptoSlate data.
Ethereum (ETH), the second largest cryptocurrency by market cap, has been closely following Bitcoin since December 21. Over the past two weeks, ETH returns have been slightly better than Bitcoin. 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) posted similar returns — slightly lower than BTC’s over the past two weeks.
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