SUI, TAO and POPCAT outperformed Bitcoin with over 40% gains. Is the altcoin season just beginning?
Key Takeaways
- Bitcoin dominance peaks at 58.54% but struggles to rise further.
- SUI, TAO, and POPCAT gained significantly, outperforming BTC.
- The altcoin season index rose to 43, indicating a potential turning point for altcoins.
The cryptocurrency market began to recover from its recent slump, which ended on Sept. 6. Bitcoin’s market dominance has surged to 58.54%, nearing a peak, while several altcoins have started outperforming it, signaling a potential shift in momentum. Some altcoins show strong bullish trends as the market recovers following Fed rate cuts.
Bitcoin’s Dominance
Bitcoin’s market dominance has risen from 39% in November 2023 to 58.54% by Sept. 17, 2024, the highest since April 2021, driven by a broader crypto market decline. However, its momentum slowed in 2024, forming an ascending triangle pattern, suggesting dominance could be peaking.
In the last couple of days, there was an attempt to break above this resistance level, but a quick reversion below it has now reached 58%.
As the market entered a recovery fueled by the Fed rate cuts, some of the altcoins showed double-digit gains and outperformed BTC.
The altcoin index reflects the previous period’s favor of altcoins. After stabilizing around 25 in August, it rose in September, reaching 43 on Sept. 20. Altcoin season kicked off on Oct. 16, 2023, and peaked in January with an index score of 75. With its current value of 43, we could be in its mid-point.
Bitcoin Outperformers – CKB, SUI, POPCAT
The table below shows five cryptos among the top 100 that have outperformed Bitcoin in the last seven days. We prioritize the 7d% change in BTC because that shows the price change against Bitcoin’s USD value fluctuation. However, we added the price change in USD for comparison purposes.
| Rank | Name | 7d% in BTC | Price in USD | 7d% in USD |
| #0 | BTC | 0 | $63,410 | 9.6% |
| #1 | SUI | 40% | $1.54 | 53.71% |
| #2 | TAO | 34% | $424 | 47.43% |
| #3 | POPCAT | 31% | $0.92 | 44% |
The cryptocurrencies are listed in order from the biggest winner based on the seven-day percentage difference. SUI is the top performer, with a 40% increase compared to BTC, followed by TAO at 34%, and POPCAT in last place with a 31% increase.
The comparison chart shows that these three cryptos share a similar pattern. We saw an upturn after declining price action on Sept. 6, with the price action starting to gain momentum from 16. which could be their wave three of a developing five-wave impulse.
The upward momentum will continue the following week after some consolidation occurs.
Conclusion
Bitcoin’s dominance suggests its uptrend may be nearing an end, while the altcoin season index spiked upward. Since Sept. 6, some altcoins have outperformed Bitcoin, showing bullish momentum. This trend could extend into the coming weeks, with more altcoins likely gaining market share and potentially triggering an altcoin season by late October.
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