Major Altcoins See Sluggish Start Of The New Year: Analysis

Most of the major altcoins see sluggish start of the new year as they all entered in the red but they are still up from this time a year ago. In our latest altcoin news, we are taking a closer look at the price analysis.

Bitcoin dropped more than 6% over the past week and it was down by 1% on the first day of 2022. The biggest cryptocurrency by market cap is hovering near $47,000 at the time of writing but at this time last year Bitcoin was set at $32,780. Bitcoin hit a slight high after Christmas when it soared to its highest price in three weeks from the $52,050 level. Ethereum similarly went through the same trajectory and failed to clear $4120 and in the days since BTC and ETH, both struggled and got down by 7% in the past week.

Etheruem however is up and increasing in 2022 as it increased 1.5% in the past 24 hours while BTC is down. Most major altcoins also dropped over the past week. Solana’s SOL and MATIC were both down by 10% while Terra got down by 9%. The two top meme coins DOGE and SHIB both went down by 9% and 13% respectively. But what exactly happened? Considering all of them saw a huge growth at the end of 2021, a price correction is due. Despite the pullback, there was some good news this week for the former strong coins. Polygon developers patched up the network after a white-hat hacker noticed an exploit but one hacker still made off with 800,000 MATIC tokens, unfortunately, worth $2 million.

On New Year’s eve, Shiba Inu developers announced they created the first beta version of DoggyDAO that will hand over control to the network’s ShibaSwap DEX to community members via the BONE governance tokens. It has been a slow start of the year in terms of prices but with the growing institutional adoption of crypto across the board, we expect 2022 to be just as good as 2021. the question of whether it will be ETH’s year or another doggy coin hype or we will see more growth of Solana and other smart contract blockchains, we shall only wait and see.