Solana (SOL) & Terra (LUNA) Trading Volumes Surge.
Solana (SOL) and Terra (LUNA) have received significant growth in adoption in the past year, with both digital currencies moving to the top 10 ranking of the largest cryptocurrencies by market capitalization.
Per data on cryptocurrency aggregator platform Coingecko, LUNA is currently ranked as the seventh-largest crypto asset with a market cap of $33.7 billion, while SOL is in the eighth position, which has a market capitalization of $25.9 billion.
Both cryptocurrencies have recorded growing interest in the past year, resulting in a surge in their trading volume.
“The past year has seen major changes in trading interest. It’s been well documented that $LUNA and $SOL have emerged into the top 10 market cap assets with very high volume,” Santiment Feed tweeted today.
? The past year has seen major changes in trading interest. It's been well documented that $LUNA and $SOL have emerged into top 10 market cap assets with very high volume. But this has come at the expense of $BTC and $ETH seeing their volume drop off. https://t.co/3qVOY8y6qU pic.twitter.com/u1NuiEWhaB
— Santiment (@santimentfeed) March 14, 2022
However, the duo’s significant growth seems to come at the expense of Bitcoin and Ethereum, the two world’s largest cryptocurrencies by market capitalization, which has seen their trading volume drop off within this period.
A closer look at data on Santiment Feed shows that Bitcoin in the past year recorded an average trading volume of over $33 billion while Ethereum had more than $21 billion as its average trading volume.
Over the last couple of days, both crypto assets’ trading volumes have declined, with BTC managing $19 billion on certain days while Ethereum recorded a paltry $10 billion on a few days.
The same cannot be said for Terra and Solana, whose trading volumes have surged from millions to billions in the past year.
Investors’ Shift Interest to Solana and Terra
It is worth noting that cryptocurrency investors’ interest is gradually shifting from the dominance of Bitcoin and Ethereum, the two largest cryptocurrencies by market capitalization.
Both cryptocurrencies have dominated both retail and institutional investors’ portfolios since 2017, which is mostly at the expense of other forms of digital currencies.
Interestingly, LUNA surged tremendously this year after the Terra-based exchange-traded funds (ETFs) launch.
The blockchain is also considered a close rival to Ethereum as it continues to be deployed in decentralized finance (DeFi), non-fungible tokens (NFTs), and Web3.
Similarly, Solana is also considered a major Ethereum competitor. The network offers solutions in DeFi, NFT, and Web 3, adding low-cost transactions and unrivaled speed as part of its features, with developers considering the blockchain as the suitable hub for Web 3 games.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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