These Altcoins Outperformed Bitcoin This Week

Key Takeaways

• Bitcoin’s dominance has reached 59%, the highest since April 2021.
• An ascending triangle pattern signals a potential trend reversal for Bitcoin.
• The altcoin index has hit support, indicating a possible reversal favoring altcoins.

Bitcoin’s dominance in the crypto market is at its highest since 2021, and its uptrend might be nearing its peak. However, several altcoins have outperformed Bitcoin recently, signaling potential shifts ahead.

Bitcoin’s Dominance Continues to Rise 

Bitcoin’s market dominance has surged from a low of 39% in November 2023 to 59% today, Oct.18, 2024, the highest since April 2021.

This growth primarily reflects a broader downturn in the cryptocurrency market. 

Since January, the rise has slowed, forming an ascending triangle pattern, which often signals a potential peak. As Bitcoin dominance completed a five-wave advance, resistance at the triangle’s peak could cause a downturn.

In addition, it came to a significant horizontal level that served as support in the past.

Worth noting is that, at the moment, there are no signs of a reversal, but the price structure implies we could be nearing the end of this uptrend.

The altcoin index peaked at 46 on Sept.21, similar to its mid-July performance, but fell to 20 by Oct. 18, indicating a shift toward Bitcoin dominance.

The index has come to its horizontal support, which could mean a reversal is coming, entering a period favorable for altcoins. 

Bitcoin Outperformers

Several altcoins have outperformed Bitcoin over the past week, with MEW leading with a 29.86% increase relative to BTC, followed by ENA at 28.9% and MOG at 22.7%. 

These gains, measured against BTC’s fluctuations, highlight their notable performance since October 11. 

Looking at the comparison chart, we can see that all three cryptos significantly rose from Oct. 11 to Oct. 15, but after a slight retracement, MEW continued moving to the upside for a higher high, which is why it is the biggest gainer. 

Bitcoin Dominance Peaking, Altcoins May Rebound Next Week

Bitcoin’s dominance suggests its uptrend may have peaked, with a resistance interaction currently being made.

The altcoin index is at its lower range, which is the point at which it usually reverses.

The current picture displays a favorable market environment for BTC, but a reversal to favor altcoins could occur next week.