Bitcoin Dominance? MEW, HNT, 1000SATS, PYTH, FLOW Outperformed Bitcoin This Week

Key Takeaways

• Bitcoin dominance rose to 56.5%.
• Some altcoins outperformed Bitcoin, indicating market shift.
• Week ahead could be bullish for altcoins.

On Friday, July 19 Bitcoin’s (BTC) dominance was 55%. It then started an uptrend that brought it to 56.5%, where it sat on July 26. That was the highest since April 13, when the market sharply declined. 

After the Bitcoin 2024 conference started BTC rose by 6%, continuing its upward trend from the July 5 dip. Despite this rise, some cryptocurrencies have outperformed Bitcoin in the past week, taking some of its market share. 

This analysis will cover five cryptos among the top 100 that have outperformed Bitcoin. We will also analyze the outlook for the upcoming week. 

Bitcoin Dominance 

Bitcoin’s market dominance rose steadily from a low of 39% in November last year. On April 13, 2024, following a significant downturn in the cryptocurrency market, it peaked at 57%, the highest level since April 2021.

However, this trend has been losing steam since January, forming an ascending triangle pattern, which can often signal the final phase of an uptrend. This pattern, resembling a rising wedge, suggests that Bitcoin’s dominance may be nearing its peak, especially as it completes a five-wave advance.

In the short term, more upside is expected to be at least 57.40%, which would be an interaction with the ascending triangle’s resistance. 

The altcoin index shows that we are currently in a Bitcoin season, because the altcoin season index dropped to 16. Interestingly, on June 20 we saw the same value of 16, after which it went up to 46.

In contrast, the last altcoin season began on Oct. 16, 2023, and peaked at 75 in January. As the index returns to lower-range values, we might be about to enter another altcoin season.

Bitcoin Outperformers – MEW, HNT, 1000SATS, PYTH, FLOW

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. 

The cryptocurrencies are listed in order from the biggest winner — a seven-day percentage difference. MEW is the biggest outperformer, with an increase of 72.22% compared to BTC, followed by HNT with 18.02%, and FLOW is last place with an increase of 5.07%. 

Looking at the comparison chart, we can see that the overtaking took place after July 22, when Bitcoin peaked at nearly $68,500. It decreased by 7.20% on July 25, while these altcoins started to climb, outpacing Bitcoin’s 7% recovery. 

Conclusion 

Bitcoin’s dominance shows signs of an uptrend being completed, and the altcoin season index is at a lower range from which the altcoin season usually begins. Some altcoins have shown positive results and have outperformed BTC after July 22, with their price charts indicating a bullish trend. 

In the week ahead, we could expect this sentiment to continue, with potentially more altcoins grabbing their market share and igniting an altcoin season later in August.