Bitcoin Dominance—AAVE, AIOZ, BOME Outperformed Bitcoin This Week
Top coins that outperformed Bitcoin this week. Image: CCN
Key Takeaways
- Bitcoin dominance is nearing its peak at 56.7%.
- The altcoin season index indicates a potential rise.
- AAVE, AIOZ, and BOME have outperformed Bitcoin recently.
Following a brief pullback, the cryptocurrency market resumed its upward momentum last Friday. However, the rally was short-lived, and it lost steam by July 29.
While Bitcoin led with a drop, some altcoins bucked the trend, maintaining their bullish course. AAVE, AIOZ, and BOME particularly stood out, outperforming the premier crypto and defying the market downturn.
In this analysis, we’ll delve into these exceptional performers and provide a forecast for the week ahead.
Bitcoin’s Dominance
Bitcoin’s market dominance has risen steadily from a low of 39% in November last year. On April 13, 2024, it peaked at 57%, the highest level since April 2021, following a significant downturn in the cryptocurrency market.
However, this upward trend has been losing momentum since January, forming an ascending triangle pattern, often indicating the final phase of an uptrend. Similar to a rising wedge, this pattern suggests that Bitcoin’s dominance may be nearing its peak, especially as it completes a five-wave advance.
The rise in Bitcoin dominance continued this week and is still trending upward. It is sitting at 56.7% and is getting close to its ascending resistance.
The altcoin index indicates we are currently in a Bitcoin season, with the altcoin season index being at 22. Notably, on June 20, the index hit 16 before rising to 46.
The last altcoin season started on Oct. 16, 2023, and peaked at 75 in January. This metric started to trend upwards, which could mean that a period favorable for altcoins is on the horizon.
Bitcoin Outperformers
The table below highlights three cryptocurrencies from the top 100 that have outperformed Bitcoin over the past seven days. The 7-day percentage change relative to BTC is prioritized to show price changes against Bitcoin’s USD value fluctuation. For comparison, the price change in USD is also included.
| Rank | Name | 7d% in BTC | Price in USD | 7d% in USD |
| #0 | BTC | 0 | $64,935 | -3.68% |
| #1 | AAVE | 21.10% | $116 | 16.90% |
| #2 | AIOZ | 18.32% | $0.5842 | 13.86% |
| #3 | BOME | 15% | $0.0093 | 11.10% |
The tokens are listed in order from the biggest winner based on the 7-day percentage difference.
AAVE was the top performer, with an increase of 21% compared to BTC, followed by AIOZ at 18%, and BOME in last place with a 15% increase.
A closer look at the comparison chart reveals the diverging paths of these top performers. While Bitcoin’s price began to falter on July 29, AAVE continued its ascent, reaching new heights and cementing its position as the biggest outperformer.
AIOZ also maintained its upward momentum as Bitcoin fell, but its downturn on Aug. 1 relegated it to second place. Despite this, AIOZ remains a compelling outperformer.
BOME’s price initially followed Bitcoin’s decline, but its downturn was less severe. BOME’s low on Aug. 1 remained above its July 25 low, whereas Bitcoin dipped slightly lower. This relative resilience earns BOME a solid third place among our top outperformers.
Conclusion
Bitcoin’s dominance suggests an uptrend nearing completion, while the altcoin season index is at a low range, typically signaling the start of an altcoin season. Since July 26, mentioned altcoins have outperformed BTC, showing bullish trends.
This positive sentiment may continue in the coming week, with more altcoins potentially gaining market share and sparking an altcoin season later in August.
Book Of Meme Price Prediction 2024: Can BOME Thrive Despite Insider Trading Claims?
