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Breaking News: Crypto Bulls Rejoice: Congresswoman Confirms Powell’s Imminent Firing

Why Solana and Polkadot Have Been The Least Impacted By The Crypto Crash

Reynaldo Marquez
Reynaldo Marquez
4 years ago
2 mins read
Smart Contracts SOL DOT AAVE

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Research firm Messari published a report on the performance of 5 sectors in the crypto industry after the recent crash. Written by Roberto Talamas, the report determined that smart contracts (Solana, Cosmos, Polkadot, Kusama, and others) have been amongst the least affected by this event.

Relentless selling pressure caused the main cryptocurrencies to correct by more than 50% in mid-May. On June 3rd the crypto market closed on a positive for the first time since that moment. As Talamas noted, the smart contract sector saw an overall return of 3.11% in assets such as Solana, DOT, ATOM, KSM, CKB.

SOL SOLUSDT
Source: Messari

As seen in the char, DeFi projects and decentralized exchanges have equal returns with 2.70% followed by cryptocurrencies with the least returns after web3 applications. In general, the crypto market’s performance for the week of June 3rd was a “bit bumpy”, the researcher said. He added:

Asset prices across the board tumbled by mid-week resulting in losses of 10-25%. Starting on May 30th, portfolio returns found some footing as prices bounced back regaining some of the performance from earlier in the week.

Solana And The Crypto Market Hit By A High Volatility

During the week, Talamas saw a V-shaped pattern of the studied sectors hint at a potential recovery. However, DeFi and Web3 began started to underperform by the end of the week and saw moderate losses.

Chainlink (LINK), Uniswap (UNI), and Aave (AAVE) were the worst-performing assets in the Web3 and DeFi sectors, respectively. UNI and AAVE saw around 3.5 and 4.7% losses while LINK had a 6% loss during the same period.

Solana SOL SOLUSDT
Source: Messari

This suggests an increase in volatility. On the subject, Talamas said:

(Volatility) remains elevated across all sector portfolios following the spike that was triggered by the market crash in mid-May. Before the crash, volatility across sectors was roughly the same, ranging from 3-6%. After the crash, sector volatility has become widely dispersed.

With volatility, the correlation between Solana and all the assets has also increased. This metric reached 85% and 95% for certain pairs.

As seen below, the correlation with the market’s dominant asset, Bitcoin, has been steadily increasing. Talamas pointed out that this trend began at the beginning of May. During this period, some cryptocurrencies started to record losses.

The DeFi and DEX sector are the most correlated to Bitcoin with Solana and the Smart Contract platform recording the least correlation with an increase of 20% in the last month. Talamas also noted the following:

The correlation between Ethereum and all sector portfolios is now equal to or above 90%. Aside from the portfolios that have a hefty allocation to Ethereum (Smart Contract Platforms and Top Assets), the DeFi and DEX portfolios are the ones with the highest correlation coefficients standing at 94% and 93% respectively.

Solana SOL SOLUSDT
Source: Messari

At the time of writing Solana (SOL) trades at $38,83 with small losses in the daily chart and a 15.4% profit in the 7-dar chart. SOL’s recovery appears to be showing the highest conviction and could quickly return to previous highs if the trend continues.

Solana SOL SOLUSDT
SOL rises with conviction in the daily chart. Source: SOLUSDT Tradingview
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Reynaldo Marquez
Reynaldo Marquez

Reynaldo Marquez

A literature major, Reynaldo Márquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide.
In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride.
He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times.
In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson’s ‘Neuromancer.’ The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau’s ‘Civil Disobedience.’
But that’s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term.
In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry.
Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

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NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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