07 May

While Bitcoin's price fluctuations currently dictate the crypto markets, certain cryptocurrencies exhibit unique trends of their own. Let's analyze ATOM (Cosmos), SHIB (Shiba Inu), and ADA (Cardano) to understand their individual trajectories despite Bitcoin's influence.

A review of the cryptocurrencies Cardano (ADA), Shiba Inu (SHIB), and Cosmos (ATOM)

The native token of the Cosmos ecosystem is ATOM.

While Cosmos is designed as an independent ecosystem, its token, ATOM, is notably influenced by the price movements of Bitcoin and Ethereum, albeit to a lesser degree, displaying some independent fluctuations.

Over the past week, ATOM's market value has surged by 12%, contrasting with Ethereum's -3% and Bitcoin's modest 0.1% increase. However, the last thirty days have seen ATOM experience a significant 18% decline, particularly evident during the pre-halving retracement in mid-April.

Despite a recent rebound from $7.7 to $9.1, ATOM's current price remains below the $10.6 mark at the beginning of the year. Although it briefly surpassed $14 in mid-March, 2024 hasn't been favorable for ATOM, with its value down by a considerable -79% from its 2021 highs.

Remarkably, the current price is even lower than that of May last year, indicating a lackluster performance not just in 2024 but also in 2023. Moreover, ATOM's price barely exceeds its August 2020 level, predating the last significant bull run, and it plummeted below this mark in October 2023.

Since the Earth/Moon implosion in 2022, ATOM seems to have forfeited all gains from the previous major bull run in 2021 and has struggled to regain them. 

SHIB (Shiba Inu)

Shiba Inu stands out as one of the prominent memecoins in existence today.

Although it operates as a token rather than a native cryptocurrency, Shiba Inu has its own blockchain, functioning as a layer-2 solution on Ethereum. Despite its stature, the recent months haven't been overly favorable for the project.
In the past week, SHIB has witnessed a 1.5% decrease, with a more significant 16% downturn over the last thirty days. 

However, its current price of 23 cents is notably higher than the 10 cents recorded at the beginning of the year, representing a substantial +120% increase year-to-date.

Nonetheless, the performance of Shiba Inu in 2023 was lackluster, with minimal movement from 8 to 10 thousandths of a dollar, even amidst the onset of the bull run in October. 

Currently, it remains down by -73% from its 2021 highs. Since the Terra/Luna implosion two years ago, SHIB has experienced only one notable surge this year, occurring in early March when its value surged from just under 10 millionths of a dollar to nearly 36 millionths, marking a remarkable +260% surge within a week.

Given its memecoin status, SHIB's price trajectory often involves sudden jumps, with significant pumps often followed by subsequent dumps. Additionally, it's worth noting that other memecoins have recently entered the crypto markets and are outperforming SHIB in terms of price performance.

ADA (Cardano)

ADA serves as the native cryptocurrency of the Cardano blockchain.

Despite maintaining its position among the top 10 cryptocurrencies by market capitalization, ADA's price performance has been notably underwhelming.

Over the past seven days, ADA has experienced a 1.5% decline, with a more significant 24% downturn over the last thirty days. However, what stands out the most is its 24% loss since the beginning of the year, making it the cryptocurrency with the highest decline among the top 15 in 2024 thus far.

While ADA showed promising performance until April 12th, rising from $0.6 to $0.77, it has since experienced a decline, dropping below $0.45 in recent weeks. This indicates that the positive results witnessed in the first two and a half months of the year were short-lived.

However, extending the analysis to 2023 paints a slightly better picture. ADA started the year at $0.24, experiencing an increase to $0.6 during the end-of-year bull run. Thus, 2023 was a notably positive year for Cardano, whereas 2024 is currently proving to be disappointing.

Despite the ongoing bull run, ADA has failed to surpass the $0.9 mark it reached before the Terra/Luna implosion. Consequently, its current price remains -85% lower than the all-time highs witnessed in 2021. Even the fact that the bear market bottomed out at the end of 2023 does not bode well for the cryptocurrency's medium-to-long-term trend.

May 2024, Cryptoniteuae

* The email will not be published on the website.