ATOM and SOL beat BTC returns over the past 2 weeks

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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.

Token returns vs BTC
Token returns vs. BTC. Source: Glassnode

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.

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