Price Performance of Bitcoin, Ethereum, and Solana
The price of Bitcoin and Ethereum has seen significant increases recently, with Bitcoin surpassing $50,000 and Ethereum closely following. However, Solana has experienced even greater gains in percentage terms. While crypto markets tend to move together, there are variations in their movements.
Growth of Solana
Solana’s price growth started much earlier than Bitcoin and Ethereum. It experienced a steady rise from mid-October 2023, surpassing $120 by the end of December. This represented an incredible +450% increase in less than two and a half months. However, its performance in early 2024 has not been remarkable.
Growth of Bitcoin and Ethereum Compared to Solana
Bitcoin and Ethereum have also seen significant growth. In 2024, both cryptocurrencies have already reached price peaks higher than those in 2023. Bitcoin reached a new all-time high post-bubble at $50,000, while Ethereum’s price is still below its peak in November 2021.
Low Interest from Retailers
Interestingly, there doesn’t seem to be any FOMO (fear of missing out) happening among investors and retail speculators. Despite Bitcoin’s return to -27% from its all-time highs, the interest remains low. This could be due to decreasing interest in Bitcoin among retailers who are looking for higher profit percentages that BTC may no longer guarantee.
If true FOMO were to arrive, driven by a memecoin or shitcoin experiencing a rapid rise, it could lead to further increases in the crypto markets, including Bitcoin and Ethereum. However, the current market conditions are not attractive enough for many retail investors who are seeking larger gains.
While Bitcoin and Ethereum may not be able to achieve similar performance at the moment, Solana has already demonstrated its ability to do so. Memecoins and shitcoins, on the other hand, can sometimes achieve even greater gains, although they are often followed by significant price drops.
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