Trading interests have shifted dramatically during the last year. Several market volume analytics platforms have noted the rise of $SOL and $LUNA into the top 10 assets by market cap. However, the rise has come at an expense to the hands of flagship cryptocurrencies BTC and ETH.
The Year to Year Rise in Volume of Terra (LUNA)
According to cryptocurrency aggregator Coinmarket cap data, LUNA is the seventh-largest crypto asset with a market capitalization of $34.32 billion. In comparison, SOL is rated ninth with a market capitalization of $26.28 billion.
Interest in the adoption of the two cryptocurrencies has increased, but the duo’s significant change seems to have adversely affected Bitcoin and Ethereum. According to data from Santiment Feed, Terra and Solana have seen their trading volumes jump from millions to billions in the last year.
Bitcoin and Ethereum and the largest cryptos by market cap, but their trading volumes have reduced within this period. It’s worth noting that the two cryptocurrencies have led both retail and institutional investors’ portfolios since 2017, primarily at the expense of other digital assets.
Bitcoin had an average trading volume of over $33 billion in the previous year, while Ethereum had an average trading volume of over $21 billion. Both crypto currencies’ trade volumes have dropped recently, with BTC averaging $19 billion on some days and Ethereum averaging a meager $10 billion on others.
Cryptocurrencies Market Cap Varies according to Prevailing Trends
There are hundreds of cryptocurrencies available, with new ones popping up every day and old ones suddenly disappearing as quickly as they came.
The market capitalization of cryptocurrencies fluctuates over time, depending on the price of the underlying trends. It is also a fundamental idea that crypto investors consider before making a cryptocurrency investment. They represent the total number of cryptocurrency assets purchased by people worldwide.
Surprisingly, LUNA has soared this year with the launch of Terra-based exchange-traded funds (ETFs).
Due to its continued use in decentralized finance (DeFi), non-fungible tokens (NFTs), and Web3, the blockchain is considered a close competitor to Ethereum.
Similarly, Solana is regarded as a serious Ethereum Proof of Work contender. The network provides DeFi, NFT, and Web 3 solutions and low-cost transactions and unequaled speed, with developers considering the blockchain to be the best hub for Web 3 games.
Web3 ecosystem currently provides a vast ecosystem of new revenue streams for creators and communities and new collaboration models for internet-native communities.
Keep in mind that all of today’s prominent cryptocurrencies, such as Bitcoin and Ethereum, were formerly unknown altcoins with extremely low pricing. The entire addressable market for DeFi has increased from roughly $14 billion to over $100 billion in the last year. As a result, there are many ways to make profits in this industry right now.
SOL could be worth $1,178.26 by 2025 and $5,056.82 come 2030, on average, according to experts’ predictions. Luna is one of the most performing cryptos in 2022, but it dropped from $104 a few days ago.