While it is mainly Bitcoin that is driving the performance of crypto markets right now, there are a few cryptocurrencies whose price performance is nonetheless interesting to examine: Binance Coin (BNB), Cronos (CRO), and Algorand (ALGO).
BNB’s price trend: the crypto’s comparison with the trends of CRO and Algorand
BNB, or Binance Coin, has been affected somewhat by the problems experienced particularly by BUSD, or Binance USD.
In fact, until early February it was following the trend of Bitcoin’s price in 2023, but in recent times it has started to underperform BTC.
As for Bitcoin, four key moments can be identified in these early months of 2023.
The first, from 10 to 29 January, saw a price rise of almost 40%, but this was followed by a slight decline of 10% in the first decade of February.
The second was the rise to $25,000 on 20 February with a +14%, followed by a third moment of decline to $19,500 on 10 March. The drop was 20%, but followed almost immediately by a return to about $28,000 with +40% in one week.
BNB had also started the year well, with as much as +35% in January. Even though this was less than BTC’s 40% growth, it was still in line with that of Bitcoin. It was then followed by a decline of 11%, in line with BTC’s -10%.
However, the second phase of growth was already lower, because while BTC was doing +14% BNB stopped at half: +7%. By that time it was already clear that BNB’s performance was probably weighed down by the problems regarding BUSD.
While the third phase, the late-February drop, was only 12%, compared to BTC’s -20%, it was the fourth phase that made the biggest differences.
While Bitcoin was making an excellent +40% in one week, BNB’s price in mid-March stopped at a +22%, which did not even allow it to reach significantly higher levels than in February.
Indeed, while it had touched $330 in February, it did not go beyond $340 in March, with a much lower overall performance.
Whereas so far in this early 2023, BTC is at +67% over the end of 2022, BNB stops at +34%, or about half.
It is worth noting that in 2021 BNB made a resounding leap, and in 2022 as a percentage it lost slightly less than BTC. So while 2022 was similar for the price of BNB and that of BTC, 2021 and 2023 turn out to be different.
The price trend of the CRO crypto
CRO, which is the cryptocurrency of the other famous exchange Crypto.com, performed even worse.
It actually had started 2023 with a +50% with which it was outperforming BTC, but it was coming off a disastrous 2022, with a 94% collapse from the highs.
The second upswing phase, in mid-February, had registered a timid +17% followed by an 11% drop in early February.
The problem is that during the downward phase in early March it lost as much as 28%, slipping to a level ($0.06) not much higher than the beginning of the year level of $0.055.
Then, most importantly, it failed the big rebound, with a paltry +17% in mid-March that did not even allow the price to return to its January highs.
In other words, although CRO’s price is also following the trend of Bitcoin in 2023, it is doing so with greater losses and smaller gains, so much so that the total accumulated gain since the beginning of the year stops at +19%.
Algorand’s price trend
The overall gain since the beginning of the year for ALGO, Algorand’s native cryptocurrency, is even lower: +15%.
It is enough to say that the current price level of about $0.2 is even lower than it was in November 2022, and only 25% higher than the 2022 low.
In other words, the Algorand price right now is benefiting from the positive trend in the crypto markets led by Bitcoin and Ethereum, but were it not for that its trend would probably be bearish.
Indeed, the current price is even lower than its pre-bubble price in December 2020, when it sailed above $0.3.
Thus ALGO is performing poorly in both the short and medium to long term.
Even comparing the current value with the initial $3 at the time of launch, its performance turns out to be heavily negative.
However, the $3.2 it touched at its debut on the crypto markets in June 2019 is of little consequence, because it was a totally meaningless price. In fact, only a month later it had already fallen to $0.5, and three months later it had also fallen below $0.2.
That is probably the level to take as a reference, and perhaps not coincidentally it is also roughly the current price.
Thus, the price of Algorand is performing decidedly poorly, so much so that ALGO has slipped to 40th place among the cryptocurrencies with the largest market capitalization, even surpassed by Arbitrum’s newly formed ARB.