Performance of crypto BNB, CRO, Algorand

Although Bitcoin is mainly driving the performance of the crypto markets right now, there are a few cryptocurrencies whose price performance is still interesting to examine: Binance Coin (BNB), Cronos (CRO) and Algorand (ALGO).

BNB’s price trend: the crypto’s comparison with the trends of CRO and Algorand

BNB, or Binance Coin, has been somewhat affected by the problems particularly experienced by BUSD, or Binance USD.

In fact, until the beginning of February it followed the trend of Bitcoin’s price in 2023, but in recent times it has started to underperform BTC.

In the case of Bitcoin, four key moments can be identified in these first months of 2023.

The first, from January 10 to 29, saw a price increase of almost 40%, but this was followed by a small decline of 10% in the first decade of February.

The second was the rise to $25,000 on February 20th by +14%, followed by a third moment of decline to $19,500 on March 10th. The drop was 20%, but was followed almost immediately by a return to around $28,000 with +40% in one week.

BNB had also started the year well, with a whopping +35% in January. While this was less than BTC’s 40% growth, it was still in line with Bitcoin. That was then followed by an 11% decline, in line with BTC’s -10%.

However, the second phase of growth was already lower, because while BTC did +14%, BNB stopped at half: +7%. At the time, it was already clear that BNB’s performance was likely to be weighed down by the problems surrounding BUSD.

While the third phase, the fall at the end of February, was only 12%, compared to BTC’s -20%, it was the fourth phase that made the biggest differences.

While Bitcoin had an excellent +40% in one week, BNB’s price stalled in mid-March at +22%, not even allowing it to reach significantly higher levels than in February.

In fact, although it had reached $330 in February, it did not go beyond $340 in March, with a much lower overall performance.

While BTC so far at the beginning of 2023 is +67% by the end of 2022, BNB stops at +34%, or about half.

It is worth noting that in 2021 BNB took a resounding leap, and in 2022 it lost a little less than BTC in percentage. So while 2022 was similar for the price of BNB and BTC, 2021 and 2023 are proving to be different.

The price trend of the CRO crypto

CRO, which is the cryptocurrency of the other well-known exchange Crypto.com, performed even worse.

It had actually started 2023 with +50% that it outperformed BTC, but that came after a disastrous 2022, with a 94% collapse from the peaks.

The second recovery phase, in mid-February, had recorded a cloud +17% followed by a fall of 11% in early February.

The problem is that in the bearish phase at the beginning of March, it lost a whopping 28%, falling to a level ($0.06) not much higher than the beginning of the year at $0.055.

Then, most importantly, it failed in the big rally, with a paltry +17% in mid-March not even allowing the price to return to the January highs.

In other words, although CRO’s price also follows the trend of Bitcoin in 2023, it does so with larger losses and smaller gains, so much so that the total accumulated gain since the beginning of the year stops at +19%.

Algorand’s price development

The overall gain since the beginning of the year for ALGO, Algorand’s original cryptocurrency, is even lower: +15%.

Suffice it to say that the current price level of around $0.2 is even lower than it was in November 2022, and only 25% higher than the 2022 low.

In other words, the Algorand price right now is benefiting from the positive trend in the crypto markets led by Bitcoin and Ethereum, but were it not for that, the trend would probably be bearish.

In fact, the current price is even lower than the pre-bubble price in December 2020, when it hovered above $0.3.

Thus, ALGO performs poorly in both the short and medium to long term.

Even comparing the current value to the initial $3 at the time of launch, the performance turns out to be strongly negative.

However, the $3.2 it touched upon its debut on the crypto markets in June 2019 has little meaning, because it was a totally meaningless price. In fact, just one month later it had already fallen to $0.5, and three months later it had also fallen below $0.2.

That is probably the level to take as a reference, and perhaps not coincidentally it is also roughly today’s price.

Thus, the price of Algorand is performing decidedly poorly, so much so that ALGO has slipped to 40th place among the cryptocurrencies with the largest market capitalization, even surpassed by Arbitrum’s newly formed ARB.