PNUT, PEPE and DOGE outperformed Bitcoin this week with PNUT being the biggest winner with over 1000% increase in the last 7 days.
Key Takeaways
- Bitcoin dominance nears resistance, signaling a possible market shift.
- Altcoins PNUT, PEPE, and DOGE outpace Bitcoin in recent gains.
- The Altcoin Season Index suggests a transitional market phase.
Bitcoin’s market dominance has recently climbed to around 60.87%, nearing the upper boundary of an ascending wedge pattern, which could signal a potential peak.
While Bitcoin remains relatively strong, several altcoins, including PNUT, PEPE, and DOGE, have significantly outperformed it over the past week, showcasing strong momentum in the altcoin sector.
The Altcoin Season Index remains neutral, suggesting a transitional phase that could soon favor Bitcoin or altcoins.
Bitcoin’s Dominance
The Bitcoin dominance chart shows moving within an ascending wedge pattern, with clear waves labeled from one to five, indicating a classic five-wave Elliott structure nearing completion.
Bitcoin’s dominance currently sits around 60.87%, near the upper boundary of the wedge, which may act as a significant resistance level.
Based on the structure, Bitcoin dominance could continue a short-term rise toward the top of the wedge, likely completing wave five and hitting around 61-62%.
However, once this final wave is complete, the chart suggests a potential breakdown from the wedge pattern, leading to a reversal.
If dominance breaks below the wedge support, a drop toward 53.36% could follow, aligning with the previous wave four support area.
This move would signify a shift in momentum from Bitcoin to altcoins, creating a more favorable environment for the altcoin market.
The Altcoin Season Index chart measures the strength of altcoins relative to Bitcoin, indicating whether the market is in an “Altcoin Season” or “Bitcoin Season.” The index is currently around 33, closer to the Bitcoin Season threshold of 25, indicating that Bitcoin has been relatively stronger than altcoins in recent months.
The index showed stronger altcoin performance in late 2023 and early 2024, reaching peaks above 75, which signals an Altcoin Season.
However, the index has since declined, with a more neutral reading around 33. This suggests the market could be in a transitional phase.
If the index drops to 25, it would confirm Bitcoin’s dominance. Conversely, a rise above 50 would indicate a shift toward altcoin strength, potentially setting the stage for another Altcoin Season.
Bitcoin Outperformers
In the past month, several altcoins have outperformed Bitcoin, with PNUT leading with an 1188% gain against BTC, followed by PEPE with 67% and DOGE with 59%.
These gains were even more pronounced in USD, showcasing strong momentum in these altcoins.
| Rank | Name | 7d% in BTC | Price in USD | 7d% in USD |
| #0 | BTC | 0 | $ | 6.70% |
| #1 | PNUT | 1188% | $1.78 | 1425% |
| #2 | PEPE | 67% | $0.00002151 | 98% |
| #3 | DOGE | 59% | $0.37 | 88% |
PNUT experienced an impressive surge over the past week, marking a 1425.32% increase. This growth places it as the top-performing coin on the list, with a significant trading volume that indicates strong market interest and momentum.
PEPE posted nearly a 98% gain over the past week, demonstrating solid performance compared to Bitcoin. With a high trading volume and large market cap, PEPE continues to attract significant interest in the meme coin space.
Dogecoin saw an 88.23% increase in the past week, continuing its relevance as a major player among meme coins. With one of the highest market caps on this list and strong volume, DOGE remains a popular and well-traded asset in the crypto market.
Altcoin Market Gains Momentum as Bitcoin Dominance Nears Peak
Bitcoin’s dominance is nearing a peak within its ascending wedge pattern, suggesting a potential shift in market dynamics. A breakdown from the wedge could lead to a decline in Bitcoin’s dominance, opening the door for a more favorable environment for altcoins.
The Altcoin Season Index, currently at a neutral level, indicates that the market is in a transitional phase; a further decline could confirm Bitcoin’s strength, while a rise above 50 would favor altcoin performance.
Several altcoins have shown strong momentum in the past month, with standout performers like PNUT, PEPE, and DOGE outpacing Bitcoin’s growth. PNUT, in particular, saw a staggering 1425% increase, highlighting investor interest in the altcoin space.
This trend, combined with potential shifts in Bitcoin dominance, signals that the altcoin market could see further gains if Bitcoin’s dominance breaks down, leading to a possible new altcoin season.
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