Bitcoin News and Finance
Report: Ethereum and Solana Showcase Unique Market Dynamics in Recent Altcoin Trends Skip to main content

Report: Ethereum and Solana Showcase Unique Market Dynamics in Recent Altcoin Trends

Report: Ethereum and Solana Showcase Unique Market Dynamics in Recent Altcoin Trends

In the dynamic world of crypto markets, recent trends have illuminated intriguing divergences in the altcoin market, particularly between ethereum and solana, relative to bitcoin. A comprehensive report published by Glassnode, an onchain analytics firm, delves into this phenomenon.

Altcoin Dynamics Altered: Ethereum and Solana Lead Post-ETF Era

In the latest edition of Glassnode’s “The Week Onchain,” Alice Kohn’s research, published on Jan. 23, 2024, highlights ethereum’s (ETH) standout performance, marked by a notable surge in derivatives market activity, and the impressive journey of solana (SOL), especially post-bitcoin exchange-traded fund (ETF) approval. Ether has recently outshone bitcoin, recording its strongest performance since late 2022. Kohn’s report notes a surge of over 20% in ethereum’s value relative to bitcoin, coinciding with a revitalized interest in ethereum’s derivatives market.

Report: Ethereum and Solana Showcase Unique Market Dynamics in Recent Altcoin Trends

This resurgence, signaling a potential shift in capital flows, has led to increased speculation about a forthcoming spot-based ethereum ETF. However, despite these gains, ethereum still trails behind the broader altcoin market in terms of momentum, underperforming by 17%. Solana, on the other hand, has charted a different course, Glassnode’s report details. SOL witnessed exceptional price performance last year, despite setbacks linked to its association with FTX.

SOL has significantly outperformed ETH in this period, with the SOL/BTC ratio increasing by 290% since October 2023. Interestingly, unlike ETH, solana’s price did not experience a significant revaluation following the BTC ETF approvals, as Glassnode’s Kohn suggests a divergent market response to broader sector movements. The broader altcoin market, as a whole, has seen nearly a 69% increase in market cap since the filing of the Blackrock Bitcoin ETF.

On Jan. 14, 2024, Bitcoin.com News highlighted that blockchaincenter.net’s Altcoin Season Index indicated the commencement of altseason. The index continues to declare it is “altcoin season,” with the leading 50 coins outperforming BTC in the previous season (90 days). Glassnode’s Kohn emphasized that the trend is primarily driven by tokens related to ethereum scaling solutions such as Optimism, Arbitrum, and Polygon. Staking and Gamefi tokens also outperformed BTC in the early stages of 2023, indicating a varied appetite for risk across different altcoin sectors.

Kohn’s research stresses the importance of these developments: “The approval of the new bitcoin ETFs has become a classic sell-the-news event, leading to a tumultuous few weeks in the market.” Glassnode says that ethereum has emerged as the short-term winner, with investors recording a multi-year high in net realized profits. This suggests a growing willingness to engage in speculative activities, particularly concerning an ETH ETF and capital rotation.

What do you think about Glassnode’s report concerning altered altcoin dynamics in the crypto market? Let us know what you think about this subject in the comments section below.

Comments

Post a Comment

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl
Post a Comment
Read more

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju
Post a Comment
Read more

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and
Post a Comment
Read more

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r
Post a Comment
Read more
Blogarama - Blog Directory