These 3 Altcoins Outperformed Bitcoin in the Last Week Of September 2024
SHIB, W and SEI outperformed Bitcoin this week by a significant amount. Altcoin season to continue in October.
Key Takeaways
- Bitcoin’s dominance slows, nearing a potential peak.
- Altcoin season index rises, hinting at altcoin momentum.
- SHIB, W, and SEI have outperformed Bitcoin over the last week.
Bitcoin’s market dominance has risen, reaching its highest point since April 2021.
However, the growth momentum has slowed, suggesting a shift may be underway. Meanwhile, altcoins are beginning to outperform Bitcoin, potentially setting the stage for an altcoin season in the coming weeks.
Bitcoin’s Dominance
Bitcoin’s market dominance has steadily risen from a low of 39% in November last year to 58.6% on Seg. 19, 2024—the highest level since April 2021.
This growth was mainly due to a significant downturn in the broader cryptocurrency market.
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However, since January, the momentum has slowed, forming an ascending triangle pattern, which typically signals the final phase of an uptrend. Similar to a rising wedge, this pattern suggests that Bitcoin’s dominance may be nearing its peak as it completes a five-wave advance.
Bitcoin encountered resistance at the top of this triangle, resulting in a dip of 57.5%.
Currently, the altcoin index indicates an “altcoin season,” with the altcoin season index standing at 41, up from a low of 31 on Sep 25.
The last major altcoin season started on October 16, 2023, peaking at 75 in January.
A recent increase in this metric hints that a favorable period for altcoins might be approaching.
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 against BTC is prioritized to reflect their performance relative to Bitcoin’s USD price fluctuation. The USD price change is also included for comparison.
| Rank | Name | 7d% in BTC | Price in USD | 7d% in USD |
| #0 | BTC | 0 | $66,240 | 5.1% |
| #1 | SHIB | 42.7% | $0.000021 | 52.23% |
| #2 | W | 30.1% | $0.32 | 36.74% |
| #3 | SEI | 26.74% | $0.46 | 33.21% |
The cryptocurrencies are listed by their 7-day percentage increase relative to BTC. SHIB leads as the top performer with a 42,7% increase against BTC, followed by W with 30.1% and SEI with a rise of 26.74%.
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Conclusion
Bitcoin’s dominance suggests its uptrend is completed, while the mid-range of the altcoin season index often signals the continuation of the altcoin season. Since Sep. 6, many altcoins have outperformed BTC, showing bullish trends as the market turned bullish.
This positive momentum may continue into the coming week, with more altcoins potentially gaining market share and kickstarting an altcoin season later in October.
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