These 3 Altcoins Have Outperformed Bitcoin This Week

Key Takeaways

• Bitcoin’s dominance has risen from 39% to 58.6% in 2024.
• The altcoin index peaked at 46 but has declined to 29.
• NEIRO, POPCAT, and UNI outperformed Bitcoin recently.

Bitcoin’s (BTC) market dominance has significantly increased in recent months, reflecting a shift in the cryptocurrency landscape.

As Bitcoin faces resistance at its peak, altcoins have begun to show some resilience, suggesting a potential turning point.

This analysis highlights key trends in Bitcoin’s dominance and the performance of notable altcoins.

Bitcoin’s Dominance

Bitcoin’s market dominance has increased significantly, rising from a low of 39% in November 2023 to 58.6% as of Sept. 19, 2024, the highest level since April 2021.

This surge has primarily resulted from a downturn in the broader cryptocurrency market.

Since January, the growth rate has slowed, forming an ascending triangle pattern, which typically indicates a potential peak in an uptrend.

Similar to a rising wedge, this pattern suggests that Bitcoin’s dominance may be nearing a high as it completes a five-wave advance. Recently, Bitcoin faced resistance at the triangle’s peak, dropping to 57.1% on October 2, but rebounded to 58% following an overall market decline.

It is again moving to the downside, sitting at 57.73%, which could be an early sign of the developing downtrend as it encountered the ascending wedge resistance. 

The altcoin index peaked at 46 on Sept.  21, mirroring mid-July’s performance, but has declined to 29 on Oct. 9, indicating a shift toward Bitcoin dominance.

This trend suggests that further declines in altcoins could follow the market’s trajectory, leading to a return to a more favorable period for BTC.

However, it rose to 35 today, which is a sentiment turnaround. It is still in a downtrend, so this data should be considered cautiously. 

Bitcoin Outperformers

Some altcoins have performed well over the past seven days, outperforming Bitcoin based on their percentage changes relative to BTC’s fluctuations.

The cryptocurrencies are listed by their 7-day percentage increase relative to BTC.

NEIRO is the top performer, with a 75.4% increase against BTC, followed by POPCAT with 30.80% and UNI with a 20.60% increase among the top 100. 

Looking at the comparison chart, we can see that all three cryptos have seen a notable rise since Oct. 4. POPCAT (pink line) finished its uptrend sooner, on Oct. 7, and made a downturn, while NEIRO (yellow line) made a higher high on Oct. 9, making it the biggest gainer. UNI (purple line) lagged, initiating its latest uptrend on Oct. 9, so he is the 3rd in line. 

Bitcoin Dominance Falls, Altcoin Season Nears

Bitcoin’s dominance suggests that its uptrend may have peaked, with its latest decline hinting at encountered resistance.

The altcoin season index rose since the October low, indicating a positive environment for altcoins, but it is still in an overall downtrend. 

We can anticipate a more favorable environment for altcoins in the week ahead, but the upside potential is limited.