Exploring Crypto’s Rising Stars: 6 Altcoins Outshining Bitcoin In 2024

Of the top 50 tokens by market capitalization, just six altcoins have surpassed Bitcoin performance this year, coinciding with Bitcoin’s dominance reaching a three-year peak over the weekend.

Leading among them is Dogecoin, the memecoin, which has recorded year-to-date gains exceeding 77%. According to TradingView data, its value has surged from $0.09 on January 1 to $0.15 at the current time.

Among the remaining top-performing assets are Shiba Inu, a fellow memecoin, the Bitcoin smart contract platform Stacks, Binance’s BNB token, Mantle (MNT), a layer-2 network for Ethereum, and Render (RNDR), a blockchain network for GPU sharing.

Since Jan 1, Bitcoin has surged from $44,100 to $65,000, marking a 54% year-to-date increase. This upward trajectory has been attributed to sustained institutional investments flowing into the ten U.S.-based spot Bitcoin exchange-traded funds (ETFs) authorized earlier this year. Data from Farside Investors indicates that these ETFs have attracted over $12 billion in total net inflows.

Of particular note is Bitcoin’s dominance in the market, which soared to a three-year high of 56.5% on April 13. This surge followed a swift recovery from a broader market downturn triggered by escalating tensions in the Middle East.

Bitcoin dominance reached its highest level on April 14. Source: TradingView

Bitcoin’s dominance is how much of the whole cryptocurrency pie Bitcoin owns. It’s like looking at how big Bitcoin’s slice is compared to everyone else’s slices combined.

Bitcoin Rollercoaster: Altcoins Struggle

Bitcoin went up again, but most other smaller cryptocurrencies didn’t bounce back and instead dropped in price significantly.

Aptos and Uniswap, two big names in the crypto world, took a hit this week. Aptos dropped by 35%, while Uniswap fell by 31%. They were leading the downturn in the top 50 tokens by market cap.

In his note on April 14, IG Market analyst Tony Sycamore mentioned that Bitcoin is heading toward its fourth week of dropping prices. The feeling is that without any new U.S. Federal Reserve rate changes, people are less keen on investing in cryptocurrencies.

Even though people are feeling unsure about risky stuff right now, Sycamore thinks Bitcoin will reach about $80,000 in the next few months. It all depends on whether it can stay above this important support level.

“If Bitcoin stays above $60,000 to $58,000, we think it’ll keep going up to $80,000,” Sycamore said.

Related Reading | Ripple Unlocks 500 Million XRP In Two Odd Transactions

The author’s views are for reference only and shall not constitute any investment advice. Please ensure you fully understand and assess the products and associated risks before purchasing.

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