Recent price action data of Ethereum and Solana against Bitcoin shows that both ETH/BTC and SOL/BTC have been moving in a similar trend. Both the cryptocurrencies have recorded steep downfalls and then steep upswings followed by sharp downturns again. These patterns suggest a recurring cycle in their performance against Bitcoin, potentially indicating future trends.
#SOL maxis are too busy laughing at #ETH to recognize that #SOL / #BTC is just following #ETH / #BTC. pic.twitter.com/vmoiShtZHg
— Benjamin Cowen (@intocryptoverse) September 16, 2024
Evaluating Ethereum by its performance against Bitcoin, there was a drastic decline of 90% between 2017 and 2019. However, following this decline Ethereum bounced back by rising by about 500% in the following years. However, despite the recovery, ETH/BTC has been on the decline again recording a 56% drop from its all-time high. This fluctuating pattern of steep drops and subsequent robust rebounds indicates the cyclical nature of Ethereum’s performance relative to Bitcoin.
Solana’s Similar Trajectory Against Bitcoin
The trend of Solana against Bitcoin also follows the same path. Between 2021 and 2023, SOL/BTC fell by approximately 90%. After this steep decline Solana has shown a remarkable bounce back with its gains of about 500%. But just like what happened to Ethereum, Solana is currently on a downtrend with a 27% drop. The decrease is lower as compared to Ethereum. However, it still demonstrates the same behavior that Ethereum did in earlier cycles.
The chart of these two cryptocurrencies shows their prices move in sync with Bitcoin. They have all recorded 90% declines, sensational rebound of 500% and are currently undergoing another round of decline. While Ethereum has already dropped by 56%, Solana’s decline stands at 27%.
BTC, ETH Lead Open Interest, Solana Lags Behind Above $140From this comparison, Solana could experience a larger decline in the near future similar to Ethereum. These patterns might offer insights into future market movements. The charts of SOL/BTC and ETH/BTC raise questions on how both tokens are going to behave in the following months and years against BTC. These similarities highlight the importance of understanding market cycles and how different assets behave in comparison to Bitcoin.
