as Bitcoin [BTC] and Ethereum [ETH] revel in distant dreams of their long lost highs and struggle to break through their old resistance levels. Is it possible that tired investors are looking for more energetic alts instead? This is what the data said.
The beginning of an alt spring?
Santiment revealed that while Bitcoin and Ethereum volumes rose, those who benefited from the loss were Terra. include [LUNA] and Solana [SOL]†
📊 The past year has seen major changes in trade interests. It is well documented that $LUNA and $SOL have emerged in the top 10 of very high volume market cap assets. But this has come at the expense of $BTC and $ETH see their volume decrease. https://t.co/3qVOY8y6qU pic.twitter.com/u1NuiEWhaB
— Santiment (@santimentfeed) March 14, 2022
In fact, a closer comparison shows how drastic this turnaround in fortunes has been. By early 2022, Bitcoin and Ethereum dominated the market in terms of volume, while Solana and Luna registered smaller spikes.
Fast forward three months, however, and we can clearly see the volume of LUNA has risen high above that of Bitcoin, Ethereum and even Solana.
As for Solana, the alt has surpassed Bitcoin in terms of volume. Unfortunately, Ethereum has yet to catch up definitively.
However, SOL and LUNA investors are far from overjoyed as weighted sentiment for both assets was negative at the time of writing.
This suggests that investors are well past the excitement of the “buy the dip” phase. Now done with their newly acquired assets, most seem poised for a bull run.
Looking at the price action of both assets, SOL . was trade at $80.94, up 0.67% in the past 24 hours and down 3.75% in the past seven days. Meanwhile, LUNA change owner at $93.04 after a 5.81% increase in one day and a 12.82% increase in seven days.
While investors may take this as a sign to gather some alts for their portfolio, both coins have their own baggage. For example, Solana’s total value is locked [TVL] The stock has been in a certain downward trend since the fall of 2021.
Meanwhile, Terra’s TVL is on the rise and at 12.95% share, it is just behind Ethereum itself. And yet, analysts are concerned that LUNA may be due for a correction soon.
In addition, DeFi players are questioning the sustainability of returns from Terra’s Anchor loan protocol.
Time to deal the cards
While Terra’s current asset may be his formidable DeFi presence, Solana has an ace up his sleeve. To be specific, this is Solana’s growing influence in the NFT space as it tries to surpass Ethereum.
In fact, on March 13, Solana’s NFT standard Metaplex announced that it had reached a milestone of striking nine million NFTs.
— Metaplex (@metaplex) March 13, 2022