Solana Fuels Major Cryptocurrencies' Week-Long Decline (Friday, January 28, 2022)

Cryptocurrency movements are still overshadowed by concerns over the US Federal Reserve (The Fed) tightening monetary policy faster than previously anticipated. These concerns have caused cryptocurrency prices to plummet again in the past week.

According to Coinbase, the price of Solana was traded at Rp 1.29 million per coin on Friday, January 28, 2022, at 7:58 WIB. Thus, in the last week, the price of this cryptocurrency (SOL) plunged 29.02%. This fall was the deepest compared to the nine other cryptocurrencies with the largest market capitalization.

The cryptocurrency with the next deepest decline in market capitalization was Terra (LUNA), down 28.33% to Rp 783,57 thousand per coin. This was followed by Polkadot (DOT), whose price corrected by 22.5% to Rp 259,61 thousand per coin; Ethereum fell 19.7% to Rp 34.92 million per coin; and Avalanche (AVAX) dropped 19.34% to Rp 927.62 thousand per coin.

Then, Cardano (ADA) fell 18.04% to Rp 15 thousand per coin in the last week. Following this was XRP (XRP), whose price corrected by 14.85% to Rp 8.75 thousand per coin; Binance (BNB) dropped 11.47% to Rp 5.61 million per coin; Dogecoin (DOGE) fell 9.89% to Rp 2.03 thousand per coin; and Bitcoin (BTC) fell 8.96% to Rp 535.04 million per coin.

These ten cryptocurrencies have a market capitalization of over Rp 200 trillion. BTC has the largest capitalization, reaching Rp 10.12 quadrillion, while the lowest is AVAX, at Rp 226 trillion.