cryptoslate.com
Altcoins often mirror the price movements of Bitcoin ($BTC), the largest cryptocurrency by market capitalization. However, Cosmos ($ATOM) and Solana ($SOL), over the past two weeks, managed to outperform $BTC.
Cosmos is up nearly 15% compared to $BTC over the past two weeks, Glassnode data indicates. On the other hand, $SOL beat $BTC by almost 8% over the past 14 days, despite seeing a significant dip on Dec. 29, 2022.
An analysis of the Glassnode chart indicates that Cosmos returns closely followed that of $BTC until 26 Dec. The following day, $ATOM returns began rising compared to $BTC and experienced little volatility on its journey upwards. At the time of writing, $ATOM was trading at around $10.09 — up 9.52% over the past week, while $BTC is down 0.23%.
$SOL price tanked significantly since early November, owing to its ties with FTX and its founder Sam Bankman-Fried (SBF) — SBF and his hedge fund Alameda Research were early backers of Solana. The token lost around 55% of its value in November following the bankruptcy filing of FTX and Alameda Research.
Solana continued its descent through most of December. The above Glassnode chart indicates that $SOL price declined by more than 30% compared to $BTC on Dec. 29, hitting a low of around $8.26.
However, over the past five days, the $SOL price jumped considerably to around $13.02 at the time of writing, CryptoSlate data shows. Solana is up 18.91% over the past seven days, according to CryptoSlate data.
Ethereum ($ETH), the second-largest cryptocurrency by market cap, has closely followed Bitcoin since Dec. 21. Over the past two weeks, $ETH returns have been slightly better than Bitcoin’s. $ETH was trading at around $1,207.66 at the time of writing, down 0.11% over the past week.
$BNB ($BNB), Polygon (MATIC), and Polkadot (DOT) gave similar returns — slightly lower than that of $BTC over the past two weeks.