These Altcoins Beat Bitcoin in October’s Fourth Week Performance
Key Takeaways
- Bitcoin dominance approaches 60%, nearing possible peak resistance.
- Altcoin index rebound shows rising sentiment for altcoins.
- SAFE, APE, and RAY significantly outperformed Bitcoin recently.
Bitcoin’s dominance in the cryptocurrency market maintained its uptrend, nearing historical resistance levels that might signal a shift.
Meanwhile, recent altcoin performance indicates growing momentum, suggesting a possible rotation back toward altcoins.
Which sentiment will be dominant in the week ahead?
Bitcoin’s Dominance
Bitcoin’s market dominance has risen from 39% in November 2023 to 59.22% as of October 25, 2024, marking its highest level since April 2021.
This dominance has grown largely due to a broader downturn in the cryptocurrency market.
Since January, Bitcoin’s dominance increase has slowed, forming an ascending triangle pattern, often indicating an upcoming peak. Bitcoin’s dominance completed a five-wave advance, approaching key resistance within the triangle and a historical horizontal level, signaling a potential end to the uptrend.
While no immediate reversal signals are present, the metric structure suggests a topping phase may be near, potentially reaching 60% next week.
The altcoin index peaked at 46 on Sept. 21 before dropping to 22 by October 15, highlighting this shift towards Bitcoin.
However, it made another upturn since mid-October. The index is at 37 and still advancing upwards, indicating strong altcoin sentiment.
Top 3 Bitcoin Outperformers
| Rank | Name | 7d% in BTC | Price in USD | 7d% in USD |
| #0 | BTC | 0 | $68,100 | 0.67% |
| #1 | SAFE | 71.50% | $1.64 | 73% |
| #2 | APE | 58.46% | $1.15 | 59/40% |
| #3 | RAY | 43% | $3 | 44% |
Several altcoins have outperformed Bitcoin over the past week, with SAFE leading at a 71% increase against BTC, followed by APE at 58% and RAY at 43%.
The comparison chart shows that all three altcoins grew parabolically from last Friday.
However, the first one to stop was APE, which made a downturn from Oct. 21. On the other hand, RAY was in a continuous uptrend, while the biggest winner, SAFE, spiked later on Oct. 24, and after a brief pullback, it returned to its prior high.
Conclusion
With resistance tests underway, Bitcoin’s dominance may be nearing a peak.
The altcoin index’s bounce from its historical support suggests a potential shift in favor of altcoins.
The current environment favors Bitcoin, but a reversal toward altcoins could be emerging.
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