Solana Realized Cap Growth Slows as Bitcoin and Ethereum Outperform
The on-chain analytics firm Glassnode has analyzed the recent performance of Solana (SOL) compared to Bitcoin (BTC) and Ethereum (ETH).
Solana Realized Cap Growth Has Slowed
Glassnode noted that while SOL outperformed both ETH and BTC for most of Q4 2024, it has since lagged. As of now, Bitcoin is up approximately 18% over the past month, Ethereum 28%, and Solana only 3%, indicating a decline in SOL's market leadership.
This shift may be attributed to recent capital flows among these cryptocurrencies. Glassnode used the Realized Cap indicator to estimate these flows. The Realized Cap model calculates the total value of a digital asset based on the last transaction price of its tokens, representing the cost basis of all coins in circulation.
Changes in the Realized Cap indicate capital exiting or entering an asset. The chart below illustrates the 7-day change in this indicator for Solana and others.
The chart shows that between September and early December, the Realized Cap for SOL was positive, reflecting higher capital inflows compared to Bitcoin and Ethereum. However, this month, as capital inflows decreased, Bitcoin and Ethereum surpassed Solana in performance.
SOL Price
While Bitcoin and Ethereum have surged recently, Solana's price remains stable, trading around $221.
