Only 6 altcoins in the top 50 have outperformed Bitcoin this year

Six of the top 50 cryptocurrencies based on market capitalization have surpassed Bitcoin’s performance in 2023, while Bitcoin’s dominance touched a three-year peak recently.

Dogecoin (DOGE), a memecoin among the top 50 cryptocurrencies, has been the top gainer this year with approximately 77% growth. Its value rose from $0.09 on January 1st to $0.15 at the time of writing, according to TradingView’s data.

Among the top performers that remain, you’ll find Shiba Inu (SHIB), the popular memecoin; Stacks (STX), the Bitcoin smart contract platform; Binance’s coin, BNB (BNB); Ethereum’s layer-2 solution, Mantle (MNT); and Render (RNDR), a blockchain network specializing in GPU sharing.

Bitcoin’s value has surged from $44,100 in early January to approximately $65,000 currently, representing a remarkable 54% increase so far this year.

Several analysts attribute the price surge to over $12 billion in total investments poured into the ten U.S.-listed Bitcoin spot ETFs that were authorized in January, as indicated by Farside Investors’ figures.

Significantly, Bitcoin’s influence reached a three-year peak of 56.5% in April 13’s market, following a strong rebound after cryptocurrencies suffered a sell-off caused by intensifying geopolitical conflicts in the Middle East.

Only 6 altcoins in the top 50 have outperformed Bitcoin this year

One simple way to put it: The Bitcoin dominance index is the size of Bitcoin’s market value in relation to the total market values of all other digital currencies.

After a few days, Bitcoin regained some value, but most smaller alternative coins struggled and experienced significant price drops instead.

In the past week, two leading cryptocurrencies, Aptos (APT) from layer-1 network and Uniswap’s UNI token from the decentralized exchange, experienced significant losses of approximately 35% for APT and 31% for UNI. These tokens rank among the top 50 by market capitalization.

According to a note from IG Market analyst Tony Sycamore, dated April 14 and obtained by CryptoMoon, Bitcoin seems set for its fourth consecutive weekly drop due to the anticipation that the Federal Reserve will not raise interest rates any further, dampening crypto investors’ optimism.

Even though there’s a prevailing pessimistic view towards risk investments, Sycamore anticipates that Bitcoin will progressively increase to approximately $80,000 over the next few months – assuming it manages to stay above its significant support level.

If Bitcoin stays above the support level of $60,000 or $58,000, we believe the upward trend will continue, potentially reaching $80,000.

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2024-04-15 06:20