{"id":663544,"date":"2024-12-18T03:00:57","date_gmt":"2024-12-18T03:00:57","guid":{"rendered":"https:\/\/wncen.com\/?p=663544"},"modified":"2024-12-17T15:53:58","modified_gmt":"2024-12-17T15:53:58","slug":"solana-bitcoin-ethereum-glassnode-explains-why","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/solana\/solana-bitcoin-ethereum-glassnode-explains-why\/","title":{"rendered":"Solana Struggles Against Bitcoin & Ethereum: Glassnode Explains Why"},"content":{"rendered":"

The on-chain analytics firm Glassnode has revealed the reason why Solana (SOL) has recently been lagging behind Bitcoin (BTC) and Ethereum (ETH).<\/p>\n

Solana Realized Cap Growth Has Slowed Down Recently<\/h2>\n

In a new post<\/a> on X, Glassnode has discussed about how the recent performance of Solana has stacked up against the two largest coins in the sector. “Looking at price performance, SOL outpaced both ETH and BTC for most of Q4 2024,” notes the analytics firm. “However, since early December, ETH has taken the lead, outperforming the other two assets.”<\/p>\n

\"Solana
The data for the 30-day price performance of SOL, ETH, and BTC | Source: Glassnode on X<\/a><\/figcaption><\/figure>\n

As it stands right now, Bitcoin is up around 18% over the past month, Ethereum 28%, and Solana 3%. Thus, SOL has clearly fallen off after being the market leader just earlier.<\/p>\n

Related Reading: Bitcoin Top Here? What Historical HODLer Selloff Pattern Says<\/a><\/div>\n

What could be behind this shift in the market? The answer to the question could lie in the capital flows<\/a> that these cryptocurrencies have recently been observing.<\/p>\n

In order to estimate the capital flows for the assets, Glassnode has made use of the Realized Cap indicator. The “Realized Cap<\/a>” refers to an on-chain capitalization model that calculates the total value of any digital asset by assuming that the ‘real’ value of any token in circulation is the price at which it was last transacted on the blockchain.<\/p>\n

Since the last transfer for any coin is likely to represent the last point at which it changed hands, the price at its time could be considered its cost basis<\/a>. Thus, the Realized Cap is a sum of the cost basis of all coins in the circulating supply or, more simply, a measure of the total amount of capital that the investors as a whole have put into the cryptocurrency.<\/p>\n

In this view, changes in the Realized Cap essentially reflect the amount of capital that’s exiting out of or entering into the asset. Below is the chart for the 7-day change in the indicator shared by the analytics firm, which showcases these outflows\/inflows happening for Solana and others.<\/p>\n

\"Solana
Looks like the value of the metric has been positive for all of these assets in recent weeks | Source: Glassnode on X<\/a><\/figcaption><\/figure>\n

From the chart, it’s visible that the 7-day change in the Realized Cap was at notable positive levels between September and early December. Bitcoin and Ethereum also observed capital inflows in this period, but SOL was simply growing at a significantly faster pace.<\/p>\n

Related Reading: Bitcoin Miners Now In Selling Mode For A Year: Should You Be Concerned?<\/a><\/div>\n

This month, though, the sector has seen a flip as both Bitcoin and Ethereum have pulled ahead of Solana. The earlier higher capital inflows were likely the drivers behind SOL’s outperformance, so with them gone, it makes sense that the top two assets would take over.<\/p>\n

SOL Price<\/h2>\n

Whereas Bitcoin and Ethereum have enjoyed a surge over the last few days, Solana has been moving in a sideways trajectory as its price is still trading around $221.<\/p>\n

\"Solana
The trend in the SOL price during the last five days | Source: SOLUSDT on TradingView<\/a><\/figcaption><\/figure>\n
Featured image from Dall-E, Glassnode.com, chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"

The on-chain analytics firm Glassnode has revealed the reason why Solana (SOL) has recently been lagging behind Bitcoin (BTC) and Ethereum (ETH). Solana Realized Cap Growth Has Slowed Down Recently In a new post on X, Glassnode has discussed about how the recent performance of Solana has stacked up against the two largest coins in the sector. “Looking at price performance, SOL outpaced both ETH and BTC for most of Q4 2024,” notes the analytics firm. “However, since early December, ETH has taken the lead, outperforming the other two assets.” As it stands right now, Bitcoin is up around 18% over the past month, Ethereum 28%, and Solana 3%. Thus, SOL has clearly fallen off after being the market leader just earlier. Related Reading: Bitcoin Top Here? What Historical HODLer Selloff Pattern Says What could be behind this shift in the market? The answer to the question could lie in the capital flows that these cryptocurrencies have recently been observing. In order to estimate the capital flows for the assets, Glassnode has made use of the Realized Cap indicator. The “Realized Cap” refers to an on-chain capitalization model that calculates the total value of any digital asset by assuming that the ‘real’ value of any token in circulation is the price at which it was last transacted on the blockchain. Since the last transfer for any coin is likely to represent the last point at which it changed hands, the price at its time could be considered its cost basis. Thus, the Realized Cap is a sum of the cost basis of all coins in the circulating supply or, more simply, a measure of the total amount of capital that the investors as a whole have put into the cryptocurrency. In this view, changes in the Realized Cap essentially reflect the amount of capital that’s exiting out of or entering into the asset. Below is the chart for the 7-day change in the indicator shared by the analytics firm, which showcases these outflows\/inflows happening for Solana and others. From the chart, it’s visible that the 7-day change in the Realized Cap was at notable positive levels between September and early December. Bitcoin and Ethereum also observed capital inflows in this period, but SOL was simply growing at a significantly faster pace. Related Reading: Bitcoin Miners Now In Selling Mode For A Year: Should You Be Concerned? This month, though, the sector has seen a flip as both Bitcoin and Ethereum have pulled ahead of Solana. The earlier higher capital inflows were likely the drivers behind SOL’s outperformance, so with them gone, it makes sense that the top two assets would take over. SOL Price Whereas Bitcoin and Ethereum have enjoyed a surge over the last few days, Solana has been moving in a sideways trajectory as its price is still trading around $221. Featured image from Dall-E, Glassnode.com, chart from TradingView.com<\/p>\n","protected":false},"author":542,"featured_media":663552,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[84543],"tags":[428,1119,8323,1946,61309,12837,83626,93715,83627],"class_list":["post-663544","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-solana","tag-bitcoin","tag-btc","tag-eth","tag-ethereum","tag-glassnode","tag-sol","tag-solana","tag-solana-realized-cap","tag-solusdt"],"acf":[],"yoast_head":"\nSolana Struggles Against Bitcoin & Ethereum: Glassnode Explains Why<\/title>\n<meta name=\"description\" content=\"The analytics firm Glassnode has revealed the reason why Solana (SOL) has recently been lagging behind Bitcoin (BTC) and Ethereum (ETH).\" \/>\n<meta name=\"robots\" content=\"index, follow, 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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to. In terms of official educational qualifications, Keshav holds a bachelor\u2019s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions. Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true. Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn\u2019t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment.. Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form. Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new. As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money. Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn\u2019t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs. Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.","sameAs":["https:\/\/www.linkedin.com\/in\/keshavverma29\/","https:\/\/x.com\/https:\/\/twitter.com\/keshavvarma29"],"url":"https:\/\/wncen.com\/author\/hououinkyouma29\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Solana Struggles Against Bitcoin & Ethereum: Glassnode Explains Why","url":"http:\/\/wncen.com\/news\/solana\/solana-bitcoin-ethereum-glassnode-explains-why\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/solana\/solana-bitcoin-ethereum-glassnode-explains-why\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/12\/sol.png?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/12\/sol.png?fit=1792%2C1024"},"articleSection":"Solana","author":[{"@type":"Person","name":"Keshav Verma"}],"creator":["Keshav Verma"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","btc","eth","ethereum","glassnode","sol","solana","solana realized cap","solusdt"],"dateCreated":"2024-12-18T03:00:57Z","datePublished":"2024-12-18T03:00:57Z","dateModified":"2024-12-18T03:00:57Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Solana Struggles Against Bitcoin & Ethereum: Glassnode Explains Why\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/solana\\\/solana-bitcoin-ethereum-glassnode-explains-why\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/solana\\\/solana-bitcoin-ethereum-glassnode-explains-why\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/12\\\/sol.png?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/12\\\/sol.png?fit=1792%2C1024\"},\"articleSection\":\"Solana\",\"author\":[{\"@type\":\"Person\",\"name\":\"Keshav Verma\"}],\"creator\":[\"Keshav Verma\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"btc\",\"eth\",\"ethereum\",\"glassnode\",\"sol\",\"solana\",\"solana realized cap\",\"solusdt\"],\"dateCreated\":\"2024-12-18T03:00:57Z\",\"datePublished\":\"2024-12-18T03:00:57Z\",\"dateModified\":\"2024-12-18T03:00:57Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/12\/sol.png?fit=1792%2C1024","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/663544","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/542"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=663544"}],"version-history":[{"count":4,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/663544\/revisions"}],"predecessor-version":[{"id":663975,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/663544\/revisions\/663975"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/663552"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=663544"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=663544"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=663544"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}