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Solana (SOL) Is Having Terrible Year, Data Shows

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Fri, 4/11/2022 - 18:16
Solana (SOL) Is Having Terrible Year, Data Shows
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According to data provided by cryptocurrency analytics firm CryptoCompare, Solana (SOL) is the worst-performing layer-1 token. 

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The cryptocurrency is down as much as 86.38% on a year-to-date basis.

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Image by @CryptoCompare 

For comparison, Ethereum (ETH) is down -64.4%, slightly outperforming Bitcoin. 

Cardano (ADA) and Avalanche (AVAX) have plunged 79.93% and 74.87%, respectively, on a year-to-date basis.  

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After stealing the spotlight in 2021, the SOL token has now lost more value percentage-wise than most other major altcoins. 

According to the cryptocurrency researcher, Bitcoin, the largest cryptocurrency, might still plunge lower despite losing more than 70% of its value. 

In fact, based on historical data, CryptoCompare has predicted that Bitcoin could be on pace to record its biggest drawdown in history in 2022. 

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The average annualized volatility of the largest cryptocurrency currently stands at 63%, which is significantly lower compared to the previous bear market. 

In fact, Bitcoin recently became less volatile than the S&P 500 for the first time in roughly two years. CryptoCompare believes that a potential black swan event could change that. 

At the same time, CryptoCompare has noted that crypto trading volumes haven’t deflated in spite of the major market corrections. They are down a mere 30% from 2021 high, which is a significantly smaller drop compared to previous bear markets. 

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