Exploring the reasons for Solana and Cardano's decline in value while Bitgert coin gained traction in the erratic cryptocurrency market. While the crypto market is fluctuating with the shifting of major giants like Bitcoin and Etherum, the majority of the coins are falling apart. Amongst these are Cardano and Solana, which were performing moderately in the last quarter of 2023, but started declining afterwards. However, there are some coins that are performing excellently in the current market. Which are these coins? Why did Solana and Cardano fall apart? Let’s see.
Cardano
Cardano has been experiencing a downfall since the onset of January 2024. One of the major reasons for Cardano’s downfall is due to loss of trust from crypto whales. Within a span of one week (from 15 March 2024 to 20 March 2024), the whale transactions for Cardano dropped from $23 Billion to $17.4 Billion. Besides, in late February 2024, massive Cardano holders sold off around 220 Million tokens after seeing Cardano’s downfall. Instead, they staked Cardano tokens in exchange for other cryptocurrencies.
Cardano has also been undergoing a massive correction cycle since mid-December 2023, which is pushing the coin to fall from the cliff. Moreover, in the past month, Cardano has been showing a double top pattern, where the Cardano coin had two consecutive peak values at a similar price range, which is a bearish reversal pattern.
Solana
Solana has been performing pretty poorly in the past seven days, with a drop of 6.93%, and might see more downfall in the upcoming days. The main reason for Solana’s downfall is due to the crashing of Solana’s tokens, JITO, WIF, and JUP, who are, as of 22 March 2024, down by 9.43%, 7.93%, and 8.51%, respectively. The collective downfall of the tokens led to Solana’s downfall, which is 8.45% down in the past 24 hours.
Another factor for Solana’s downfall is its airdrop distribution where Solana tokens are distributed amongst the investors based on the tasks they performed. While investors were recently expecting heavy Solana tokens, the coin disappointed. In late February, 2024, Solana also saw a token liquidation of around $10 Million with investors selling off Solana tokens valuing more than $200 Million.
Bitgert
While both Solana and Cardano have been falling rapidly, Bitgert showed exponential growth after maintaining a steady pace during the bearish period. In the past month, the coin has shown an excellent growth of 66.90% and might even show greater performance in the near future. The major reasons that will positively affect Bitgert’s price are its upcoming halving season, a listing of the coin in Binance Futures Next, and its launch on one of Europe’s major listing platforms.
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