• Solana has surged 42.4% against Bitcoin since January 4th
• Market capitalization groupings are defined as, Large Cap: >1B $, Mid Cap: 1B-100M $, Small Cap: 100M-50M $
• BNB, DOT, ETH and Matic are all up against Bitcoin year-to-date
As the cryptocurrency market continues to surge and evolve, the performance of certain tokens has been particularly striking. Solana, BNB, DOT, ETH and Matic are all up against Bitcoin year-to-date, with Solana leading the way.
Data from Glassnode’s L1 Native Token Returns vs. BTC highlights the relative price performance of large L1 native tokens versus bitcoin since Jan. 4. According to the data, Solana has surged 42.4% against Bitcoin, signaling a strong surge in the token’s value over the last few weeks.
The Market Capitalization Grouping vs. BTC highlights the relative price performance of market capitalization size-based clusters versus bitcoin, with large caps (>1B $), mid caps (1B-100M $) and small caps (100M-50M $) all posting negative returns against Bitcoin since Jan. 10. Large caps were down 5.5%, mid caps were down 0.27% and small caps were down 4.36%.
The relative performance of tokens against Bitcoin is indicative of the strength of the cryptocurrency market and its growth in the last few weeks. Tokens such as Solana, BNB, DOT, ETH and Matic have all seen strong gains against Bitcoin, and this trend is expected to continue in the coming months.
Overall, the performance of tokens against Bitcoin in the last few weeks is a positive sign for the cryptocurrency market, as investors continue to seek out opportunities to increase their profits. With the market continuing to evolve and tokens continuing to perform well, the future of the cryptocurrency market looks bright.