3 Cryptos That Outperformed Bitcoin This Week

Key Takeaways

• Bitcoin dominance shows signs of topping, favoring altcoin resurgence.
• The Altcoin index is rising, indicating potential strength for non-BTC assets.
• NEIRO, RAY, and GOAT outperformed Bitcoin with strong gains.

Bitcoin’s market dominance has significantly increased, rising from 39% in November 2023 to 60.62% by Nov. 4, 2024, its highest level since April 2021.

However, recent signs of slowing momentum and a dip below 60% suggest a potential shift in market dynamics that could favor altcoins.

Bitcoin’s Dominance 

Bitcoin’s market dominance surged from 39% in November 2023 to 60.62% by Nov. 4, 2024, reaching its highest level since April 2021, reflecting the broader market upturn.

Since January, dominance gains have slowed, forming an ascending triangle that suggests a potential peak approaching.

Bitcoin’s dominance is nearing triangle resistance, signaling the possibility of an uptrend halt around the 60% mark. Although signs of reversal are minimal, we saw a decrease to 59.5% and are still moving to the downside.

The structure hints at a potential topping phase with more downside potential, which indicates a more favorable period for altcoins. 

The altcoin index hit a high of 46 on Sept. 21 and dropped to 22 by Oct. 15. After a higher low of 23 on Nov. 2, it started rising and is now at 39, still moving to the upside.

If the momentum persists, we can see it surpassing its September high. 

Bitcoin Outperformers 

Over the past month, some altcoins outperformed Bitcoin, with NEIRO leading at a 46% BTC gain, followed by RAY with 32%, and GOAT at 29%.

These gains were even more significant in USD, highlighting strong momentum in these altcoins.

These altcoins have shown notable growth since November began, though recent charts show sideways movement.

NEIRO (yellow line) remains closest to its prior high, making it the top gainer.

Another bull phase seems to have started since Nov. 1, pushing prices upward. Given the prior consolidation, there is a high chance of further increases through November.

Bitcoin Dominance Drops, Altcoin Market Strengthens in November

Bitcoin’s dominance appears to have peaked at over 60%, and it has started to downturn, falling below 60%.

We have been expecting the start of the altcoin market, and with the recent developments indicated by the Bitcoin dominance chart and the rise of the Altcoin Index, it may have started.

NEIRO, RAY, and GOAT have demonstrated strong growth, and with Bitcoin’s momentum, continued bullish trends are possible in November.

About the Author

Nikola Lazic

Nikola Lazic is a cryptocurrency analyst and investor working in the industry since 2017. He holds a bachelor's degree in Sociology, which enables him to better understand the psychology behind the crowd´s positioning. Consequently his preferred analytical tool is Elliott Wave Theory in combination with price action analysis. Combining his experience in trading and investing with knowledge in content writing he strives to bring the most accurate and actionable information. Expertise: Cryptocurrencies, Technical analysis, Elliott Wave Theory, On-chain metrics, Research reports.

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