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Solana (SOL) and Terra (LUNA) Among Biggest Gainers Last Week After Bitcoin Rally: Bloomberg

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Mon, 4/04/2022 - 12:53
Solana (SOL) and Terra (LUNA) Among Biggest Gainers Last Week After Bitcoin Rally: Bloomberg
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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.

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SOL and Luna were the biggest gainers last week, with about 28% and 22% price spikes, respectively. The rally was accompanied by Bitcoin's 40% bounce since January, which lasted until the end of last week.

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Source: Bloomberg 

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 a slightly worse performance of both Bitcoin and altcoin markets as the first currency already lost 1% from its value, and the biggest altcoins, like AAVE and SOL, losing around 2-3% in the last 24 hours.

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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.

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According to Bloomberg's analysis, Solana is most likely benefiting from the STEPN Web3 lifestyle Metaverse app that gained a lot of attention from cryptocurrency users all over the world. The GMT token related to STEPN gained more than 200% in the last 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.

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