- Solana and Bitcoin have outperformed other major cryptocurrencies since April 2, rising 14.5% and 7% respectively.
- Ethereum and XRP have shown negative performance, falling 10% and 12% respectively in the same timeframe.
- The global crypto market cap has increased 6% to $295 trillion since April 2, with Bitcoin maintaining its 60% market dominance.
Bitcoin and Solana have emerged as standout performers in the cryptocurrency market following President Donald Trump‘s implementation of “reciprocal” tariffs on nearly every nation this month. According to data from CoinGecko, since April 2 (dubbed “Liberation Day”), Solana has surged 14.5% to $145 while Bitcoin has climbed 7% to approximately $91,100.
This positive performance contrasts sharply with other major cryptocurrencies. Ethereum has dropped 10%, XRP has fallen 12%, and Dogecoin has slipped 1% during the same period. The overall cryptocurrency market capitalization has increased by 6% to $295 trillion since April 2, with Solana representing 2% of the total market value, while Bitcoin‘s dominance remains steady at approximately 60%.
Solana’s Resurgence After Overselling
According to Messari Research Analyst Matthew Nay, Solana’s recent outperformance isn’t primarily due to its merits as a store of value. Speaking to Decrypt, Nay explained that the cryptocurrency was “oversold” as traders moved away from meme coins and token unlocks negatively impacted investor sentiment. He pointed to the resurgence of Fartcoin, a Solana-based asset, as indicative of renewed enthusiasm for meme coins on the network.
Last month, FTX‘s bankruptcy estate gained access to 11 million Solana worth $1.6 billion, representing the largest unlock and increase in Solana’s circulating supply since January 2021. Despite this typically bearish development, Nay noted that the community is now focusing on upcoming conferences and network upgrades like the validator client Firedancer.
Bitcoin as Store of Value
Bitcoin’s recent superior performance may be attributed to its “store of value” narrative, according to David Duong, head of research at Coinbase Institutional. As investors seek non-sovereign assets like Gold that aren’t backed by governments, Bitcoin appears to be benefiting from a similar trend.
Within the cryptocurrency ecosystem, Bitcoin enjoys distinct advantages, including increasing Wall Street acceptance and the approval of exchange-traded funds in the United States last year. Duong emphasized to Decrypt that “The fact that bitcoin has gained institutional adoption and been integrated into more portfolios via spot ETFs has separated it from other tokens.” He added that Bitcoin’s relatively gentle price decline from its peak compared to previous market cycles suggests stronger conviction among investors to hold the cryptocurrency for the long term.
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