Today we will analyze the differences in the price trends of LTC (Litecoin), AVAX (Avalanche), and SOL (Solana) for the two major cryptocurrencies.
Price analysis of cryptocurrencies Litecoin (LTC), Avalanche (AVAX), Solana (SOL)
Litecoin has been struggling for a long time.
If the price of Bitcoin is still +29% compared to the beginning of the year and the price of Ethereum is still in line with the price at the end of 2023, LTC is instead -17%.
Considering that Litecoin is still a cryptocurrency based on proof of work like Bitcoin, it is important to remember that there was a Litecoin halving last year.
LTC’s market capitalization decreased to $4.5 billion, which caused it to plummet to 19th place in the ranking of top cryptocurrencies by market capitalization.
Litecoin was created in 2011 as an alternative transaction method to BTC and was once second only to Bitcoin.
Additionally, a record price peak of over $410 was achieved in 2021, which was only slightly higher than the previous cycle’s peak recorded in 2017.
So it’s actually been struggling for years, to the point where it didn’t do much better during the last speculative bubble than it did during the previous bubble.
Prices fell below $45 during the 2022 bear market, but rose to just over $100 last year thanks to expectations for a halving. After falling at the end of the year, it exceeded $100 in early 2024, but the decline started in mid-April and appears to be continuing to decline.
The current price is about $60, not much higher than the bottom of the last bear market, but 85% lower than its all-time high three years ago.
In the short term, the situation does not look good at all, but in the medium to long term there may indeed be a chance of recovery.
Avalanche (AVAX) price trends
A completely different discussion concerns Avalanche.
In fact, AVAX is a much younger cryptocurrency and has experienced one major rally to date.
In terms of market capitalization, it ranks 12th overall.
Nevertheless, since the beginning of the year, it has lost much more than LTC and is almost on the same level as Cardano from this perspective at -39%.
After reaching an all-time high of $146 in 2021, it experienced a significant decline due to the collapse of the Terra/Luna crypto ecosystem, and then further decline after the collapse of FTX.
The decline was so wide and pronounced that the bear market actually lasted until October of last year, when it even fell below $10.
However, it recorded a significant rebound from November and closed above $60 just after mid-March 2024.
Since then, a long period of decline has begun and appears to be continuing.
The current price of about $23 is certainly more than double the 2022/2023 bear market bottom, but only a little more than a third of this year’s annual high. Furthermore, it is still 84% lower than its all-time high three years ago.
However, since Avalanche is a project closely related to DeFi, it is also necessary to monitor TVL.
The problem seems to lie precisely in the fact that after a peak of over $11 billion in 2021, TVL plummeted to below $500 million during the bear market and didn’t rise much to its current $880 million. .
In such a situation, there seems to be no realistic chance of a significant recovery in the short term, although it may be possible in the medium to long term.
Solana (SOL) price trends
Even more different is the discussion regarding Solana.
In fact, SOL is one of the few altcoins, along with BNB and TON, that seems to have the potential to move in the crypto market independent of BTC and ETH. However, it still only runs sporadically.
Solana is the fifth largest cryptocurrency in the world by market capitalization, but it is definitely closer to its predecessor (BNB). Furthermore, excluding stablecoins, it is actually closer to third place considering that Bitcoin and Ethereum are out of reach at the moment.
Compared to the beginning of this year, it is still up 26% in line with BTC, but we must not forget that SOL recorded a sensational boom in 2023.
To tell you the truth, at the moment, the highest price of 2021 ($260) seems still far away, but in March of this year, it was able to break through $200, albeit briefly.
Furthermore, it fell to $9 in 2022 after the Terra/Luna collapse and FTX collapse, only to return to above $20 just a few months later.
The last strong bull run started last October and actually ended 10x five months later.
But let’s not forget that this sensational 10x in 5 months doesn’t even come close to the historic high of 2021, and instead BTC surpassed it in March.
In other words, this was a significant recovery from a very steep drop, albeit a clear indication of how solid this crypto project is at the moment.
The current price of around $128 is higher than the 2023 high and is in line with the price in early February, just before the last boom, when it rose above $200 in March.
In other words, there haven’t been many months in Solana’s history where prices were higher than they are now, so the good moments continue for Solana despite the recent decline.
