In recent weeks, the prices of some of the major altcoins have begun to move against the trend of Bitcoin. In particular, today we examine BNB (Binance coin), XRP (Ripple) and LTC (Litecoin).
It is worth mentioning that Ethereum is also performing slightly differently from BTC, but with a similar trend nonetheless. For example, compared to 30 days ago, the price of Bitcoin has increased by 13%, while that of ETH has only increased by 2.5%. So it is precisely Bitcoin that is performing better than the others.
Summary
Binance Coin (BNB)
Binance Coin, as is easy to imagine, is suffering from Binance‘s problems, namely the company that runs the world’s leading crypto exchange and created and issued BNB.Â
However, it is not the coin that, among the major ones, is suffering the most.
Taking the last 30 days again, BNB is at -19%, but Cardano’s ADA is at -22%. Moving out of the top ten, there is MATIC of Polygon, which is at -23%.
Truth be told, in the past seven days BNB’s price has risen 4.6%, but this is nowhere near enough to recover what it has lost in the previous weeks.
It is enough to consider that the current price of about $247 is perfectly in line with the price at the end of 2022, so over the months it has lost everything it gained at the beginning of 2023.
Indeed, starting from a value of about $246 in early January, a month later it had surpassed $330, but by mid-March it had already fallen below $280 a first time.
Following the mid-April mini-bullrun it had risen again to nearly $350, but only to begin a descent that shortly before mid-June had brought it back down to about $220. That level was 9% lower than at the beginning of the year.
In the second half of June it rose a bit, but only by catching up with the gap to the price at the beginning of the year.
It is worth noting that during 2023 it never fell below the 2022 low, which was also touched in June well below $220. However, the $223 of mid-June 2023 is not much higher than the $216 of June 2022.
In other words, it has been more than a year now that the price of BNB has traded sideways just a bit above $220, with some peaks above $300.
Ripple (XRP)
XRP (Ripple) is doing a little better
It has lost only 8% in the past thirty days, although it has not gained anything in the past seven.
XRP’s price trend has been going against the trend for many months now, because it is closely tied to the fate of the SEC’s lawsuit against Ripple, which affects XRP’s price a lot but Bitcoin’s price very little, for instance.Â
Indeed, unlike BNB it has been rising slightly and steadily since July last year, when it touched 2022 lows at $0.3.
It is worth mentioning that it has not recovered much since then, as it is now at $0.48 with a gain of 60% in one year, and given that in the same period for example the price of Bitcoin has almost doubled.
However, what is interesting is the fact that 2023 started at $0.34, which is just above the lows of 2022. So in these first six months of 2023 it has recovered 42%. BTC, however, has recovered 84%.Â
Moreover, XRP’s annual high was the $0.53 touched in early April, which is a figure not far from the current $0.48.
Indeed, given that the June low was $0.43, it certainly looks like it has not been doing so badly for about three months now. Admittedly, the bulk of 2023’s recovery was in the first three months of the year, although at least in recent months it has not lost that much.
It is important to remember that the pre-bubble price was only $0.25, as of October 2020, so the current price is almost double what it was before the last big bullrun.
Litecoin (LTC): how it compares with Ripple and Binance Coin
An even different matter is the price of LTC (Litecoin).
In the past thirty days it has risen 18%, compared to BTC’s +12%, although since the beginning of the year it stands at +58% compared to Bitcoin’s +84%.
In particular Litecoin is up 28% in the last seven days.
It is currently at 2023 highs, surpassing $101 in mid-April
It had started the year below $70, only to rise to $102 in mid-February. Since then it began a long period of lateralization that was marked by some volatility, so that by mid-March it was back below $70.
In April it was back above $100 but only for a day, then fell back to $73 in mid-June.
However, in the second half of June it seems to have embarked on a mini-bull run that led it to set a new annual price record.
It is worth mentioning that in about a month’s time, i.e., early August, there will be the halving of Litecoin, and this is most likely what is driving up the market value of LTC.
Indeed, the current price level is even higher than it was in early May 2022, which is before the collapse of the crypto markets due to the implosion of the Terra/Luna ecosystem. It is also a level much higher than the $55 pre-bubble level, but after the halving its effect may end and the price of LTC might even go down.
