This morning the crypto space woke up with a price correction of BTC that brought down the entire sector, including Cardano, Litecoin, and Solana cryptocurrencies.
In this article we will analyze three of the most famous and well-known cryptocurrencies, Cardano, Litecoin, Solana.
Summary
Crypto market analysis: Cardano, Litecoin, and Solana
Cardano lately has reached a peak that is not related to its price, but rather to its public presence. It is one of the most discussed cryptocurrencies among the community.
His social dominance is at levels that had not been seen before in 2023.
This type of activity is also generated due to the bull run but not only, since a few months ago Cardano, having added the possibility to use smart contracts within its ecosystem, makes it much more sensitive to mass movements of its community.
The price of Cardano (ADA) today is $0.55, the 24-hour trading volume is around $1,249,074,290.35. A decrease of -5.87% in the last 24 hours and an increase of 35.61% in the last 7 days.
Litecoin (LTC)
Litecoin has seen a significant decline in its on-chain activity in recent times, but it has experienced a slight recovery in the last week, with approximately 319K active addresses and whale transactions exceeding $100,000.
As also reported by Santiment:
Surely this is not a bad sign, but it needs to be contextualized in an ecosystem that has not evolved for many years, with a series of issues related more to what is a smaller audience.
This escape of small fish is a clear sign that something in the Ethereum blockchain is no longer working as it used to.
The price of Litecoin (LTC) today is $73.37. This represents a price decrease of -6.18% in the last 24 hours and -0.77% in the last 7 days.
Solana (SOL)
Even Solana in the last week has made a very interesting rally that, despite the recent dip, has still brought the price of the crypto above last week’s opening.
This asset has seen a lot of movement in the last week thanks to collaborations with Ontology and also thanks to the JTO airdrop, which, together with the push in on-chain activity, has also had a social push that has directed the price upwards.
We must not forget that Solana is one of the least expensive blockchains in terms of fees, so in a moment when the market is rising, those who operate on-chain will be incentivized to go where the operational costs are lower.
This is a narrative that Solana devs have been carrying since its birth, the idea that Solana could be the “ETH Killer”.
The price of Solana (SOL) is currently $69.20 with a 24-hour trading volume of $2,990,039,066.83. A 4.05% decrease in price on a daily basis and a 6.99% increase in the last 7 days.
Conclusions
These three assets have recently experienced a series of very positive rebounds, also due to a generally bullish market condition.
but we must not forget that things in this world change very quickly, especially the narratives that give rise to the price rallies we see.
