Solana and Terra were among the market leaders last week, here’s why
As Bloomberg reports, two cryptocurrencies designed for building decentralized apps and solutions appeared at the top of the best-performing assets on the market in the last week following Bitcoin’s recovery rally, which is already counterbalanced.
SOL and Luna were the biggest gainers last week, with price increases of around 28% and 22%, respectively. The rally was accompanied by Bitcoin’s 40% rebound since January, which lasted until the end of last week.
Despite the fading of bullish tendencies on Bitcoin, most altcoins were rallying as traders and investors became more risk-demanding and chose more volatile options on the market, like SOL and Luna.
This week started with slightly underperforming bitcoin and altcoin markets, with the former having already lost 1% of its value, and the biggest altcoins, like AAVE and SOL, losing around 2-3% in the past few years. 24 hours.
As the co-founder of Nexo, Antoni Trenchev, noted, Bitcoin is currently “cooling off” after a strong performance in March. But while Bitcoin’s market performance stays relatively calm, the on-chain data for it shows increased activity of whales, large traders and active funds redistribution.
According to Bloomberg analysis, Solana most likely benefits from the Metaverse lifestyle app STEPN Web3 which has attracted a lot of attention from cryptocurrency users around the world. The STEPN-linked GMT token has gained more than 200% in the past seven days.
Luna has also received its portion of additional attention from the community as Terra Foundation purchased more than $1 billion worth of Bitcoin since the beginning of January in order to back the UST stablecoin with digital gold.
