Who’s Winning? XRP Shines While SOL, ETH Holders Bleed

A recent market breakdown compares current prices of major cryptocurrencies to the cost basis of euphoric buyers from December 2024 to January 2025 — a critical period of aggressive accumulation.

A recent analysis from Glassnode delves into the mid-term realized prices of major cryptocurrencies, offering a glimpse into the market's condition and highlighting which coins might be in the red.

The time period in December 2024 to January 2025 saw a surge in buyers, accumulating coins at price points that now determine their individual gains or losses.

The analysis focuses on four major coins: Bitcoin, Ethereum, Solana, and XRP. The charts, created by Glassnode, display the realized prices according to the age of the coins.

Solana (SOL)

The chart for Solana shows that the majority of coins are currently trading below the 3-to-6-month holders' cost basis, which is highlighted in purple. This suggests that many recent buyers of Solana are "underwater," or holding coins valued lower than their purchase price.

The deep red area towards the chart's left showcases the price levels at which coins were last moved during the bear market of 2023.

The price at which the 3-to-6-month coins were realized is around $68, while Solana is currently trading at $48.

The analysis notes that typically, price consolidation occurs below these mid-term realized prices, a factor that might indicate market fragility and potential selling pressure. However, if buyers return with strong demand, it could shift the market into a new bull cycle.

XRP

The chart for XRP tells a similar story, with most coins valued below the 3-to-6-month holders' cost basis, which is marked in green.

The deepest red zone on the chart shows the price levels at which coins were last moved during the bear market of 2023. The price at which the 3-to-6-month coins were realized is around $0.42, compared to the current price of $0.34.

The consolidation of the price below these mid-term realized prices might indicate market fragility and potential selling pressure. But if buyers return with strong demand, it could shift the market into a new bull cycle.

Ethereum (ETH)

The chart for Ethereum highlights the mid-term realized prices in the yellow band, showing that a portion of coins are valued below this level.

The deepest red zone on the chart shows the price levels at which coins were last moved during the bear market of 2023. The price at which the 3-to-6-month coins were realized is around $2,100, compared to the current price of $1,700.

The consolidation of the price below these mid-term realized prices might indicate market fragility and potential selling pressure. But if buyers return with strong demand, it could shift the market into a new bull cycle.

Bitcoin (BTC)

The chart for Bitcoin shows that most coins are valued above the 3-to-6-month holders' cost basis, which is highlighted in orange. This suggests that many recent buyers of Bitcoin are in the green.

The deepest red zone on the chart shows the price levels at which coins were last moved during the bear market of 2023. The price at which the 3-to-6-month coins were realized is around $9,000, compared to the current price of $10,000.

The consolidation of the price above these mid-term realized prices might indicate market strength and potential buying pressure. But if sellers return with strong demand, it could shift the market into a deeper correction.

The analysis from Glassnode provides valuable insights into the mid-term realized prices of major cryptocurrencies. These prices are critical levels that could determine the future trajectory of the market.

If the price manages to close above these mid-term realized prices with buyers returning in droves, it could signal a shift in the balance of power towards buyers, potentially setting the stage for a new bull cycle. However, if the price continues to consolidate below these levels with sellers returning, it might indicate persistent selling pressure, potentially leading to deeper corrections.

Only time will tell which scenario will unfold, but the coming months will be crucial in determining the fate of the cryptocurrency market.