Researcher Roberto Talamas from Messari has studied the work of 5 areas of the crypto market, finding that the last exchange decline has influenced the least of all smart contracts Polkadot, Kusama, Solana, and Cosmos.
Gradual pressure from sellers forced the main coins of the market to adjust higher than half of their value by mid-May. Since then, only on the 3rd of June, the market was able to close for the first time, being in the green zone, and the sector of smart contracts represented by CKB, DOT, ATOM, SOL, and KSM tokens showed a total return of 3.11%. Even despite the market crash. Analyst Messari's chart shows that DeFi and DEX achieved identical returns of 2.70%. At the same time, digital currencies showed the lowest profitability, immediately after Web3 applications.
Talamas remarked that the dynamics of the crypto industry have been "slightly odd" since the 3rd of June. Despite the extremely unfavorable last week of May for the industry, when traders suffered losses from 10% to 25%, already from the 30th, the profitability of their portfolios has leveled off a little. Most of the tokens bounced off the lower levels, and some even managed to quickly restore their previous performance.
Amid DeFi and Web3, UNI and AAVE occurred to be the worst investments, losing more than 3.5% and 4.7%, respectively. Over the equivalent time, LINK managed to lose about 6%, which only underlined analysts' confidence in the volatility of these assets. In addition, after the market wreck in the middle of last month, volatility is still extremely high.
Consequently, the correlation between Solana and other currencies has risen too. In several pairs, it seized from 85% to 95%. The DeFi and DEX sectors correlate with Solana the most, posting a 20% gain over the past month. A similar correlation among the DeFi and DEX portfolios, which more than others depend on Ethereum, is 94% and 93%, sequentially, and their increase over the past 30 days exceeds 45%.
Bitcoin, meantime, began its steady growth, continuing this trend since the beginning of May, while other digital currencies registered losses. As for the most “durable assets”, the current value of SOL is $40.77 on Binance, despite the fact that a week ago the token was trading at $28.58. DOT, on the other hand, shows more moderate growth, having gained about 17% in price over the week and consolidated at $24.67 on Huobi.
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