Since the beginning of 2024, the price of Bitcoin has gone up by 54%. Surprisingly, out of the top 50 alternative cryptocurrencies, only six have managed to outdo Bitcoin’s growth.
So far this year, only six of the top 50 tokens by market value have done better than Bitcoin, which is currently priced at $65,190. Additionally, Bitcoin’s dominance in the market has hit a three-year peak over the weekend.
Bitcoin Leads, Dogecoin Soars, and Altcoins Follow
Bitcoin’s Rise and Dominance: Since the start of the year, Bitcoin has surged from $44,100 to $65,000, marking a substantial gain of 54%. This surge has been attributed to consistent institutional investments, particularly through the 10 U.S.-traded spot Bitcoin exchange-traded funds (ETFs) approved in January. These ETFs have collectively attracted over $12 billion in net inflows, as reported by Farside Investors data. Notably, Bitcoin’s dominance in the market has reached a three-year high of 56.5% on April 13, indicating its resilience amid market uncertainties triggered by geopolitical tensions in the Middle East.
Top Performers Among Altcoins: Despite Bitcoin’s impressive performance, some altcoins have managed to outshine it. Dogecoin, the memecoin favorite, has emerged as the top-performing altcoin in the top 50. With a year-to-date gain of over 77%, Dogecoin has surged from $0.09 to $0.15 by the time of reporting. Joining Dogecoin as notable outperformers are fellow memecoin Shiba Inu, Bitcoin smart contract network Stacks (STX), Binance’s BNB, Ethereum layer-2 network Mantle (MNT), and GPU-sharing blockchain network Render (RNDR). Each of these altcoins has demonstrated impressive growth amidst the cryptocurrency market’s dynamic landscape.
Bitcoin dominance reached its highest level on April 14. Source: TradingView
Bitcoin Dominance Holds Amid Market Turbulence
Understanding Bitcoin Dominance: The Bitcoin dominance metric gauges Bitcoin’s market cap in relation to the combined market cap of all other cryptocurrencies. Despite recent fluctuations, Bitcoin has shown resilience, maintaining its dominance in the market.
Altcoins Struggle Amidst Bitcoin’s Recovery
Following Bitcoin’s recovery, smaller altcoins faced challenges, with many experiencing significant price declines. Among the top 50 tokens by market cap, alternative layer-1 network Aptos and decentralized crypto exchange Uniswap suffered notable losses, dropping by 35% and 31% respectively over the last seven days.
Bitcoin’s Weekly Performance and Market Sentiment
Crypto market analysis suggests that Bitcoin is poised for its fourth consecutive weekly decline, as investor sentiment remains cautious amid uncertainties regarding Federal Reserve rate policies. Despite the prevailing negative sentiment towards risk assets, analysts remain optimistic about Bitcoin’s prospects. Predictions indicate a gradual climb for Bitcoin, with expectations of reaching around $80,000 in the coming months, contingent upon its ability to maintain support above key levels, particularly in the range of $60,000 to $58,000. Analysts believe that as long as Bitcoin remains above this support zone, the upward trend is likely to resume.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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