Six Altcoins in Top 50 Beat Bitcoin in 2024

In the competitive cryptocurrency market, Bitcoin has significantly bolstered its dominance, reaching a three-year high of 56.5% on April 13, reflecting its strong performance relative to other cryptocurrencies.

This surge in dominance coincides with Bitcoin's recovery from a market-wide sell-off triggered by geopolitical tensions in the Middle East, leading to its year-to-date gain of 54%—rising from $44,100 on January 1 to $65,000.

Despite Bitcoin's robust growth, only six altcoins among the top 50 by market capitalization have managed to outperform it this year.

Dogecoin leads this group as the top performer with a 77% increase, moving from $0.09 to $0.15.

The other notable performers include Shiba Inu, Stacks, Binance’s BNB, the Ethereum layer-2 network Mantle (MNT), and the GPU-sharing blockchain network Render (RNDR).

The upward trajectory for Bitcoin has been attributed to significant institutional inflows, particularly into the ten U.S.-traded spot Bitcoin exchange-traded funds (ETFs) launched in January, which collectively have amassed over $12 billion in net inflows according to data from Farside Investors.

However, while Bitcoin has thrived, many smaller altcoins have struggled to recover from the recent market downturn.

Notably, alternative layer-1 network Aptos and decentralized crypto exchange Uniswap have seen substantial declines, with losses of 35% and 31%, respectively, over the past week.

Amid these market dynamics, IG Market analyst Tony Sycamore offered insights in an April 14 investment note.

He noted that despite Bitcoin being on track for its fourth weekly decline, the broader expectations that the U.S. Federal Reserve will not increase rates further could impact crypto investment sentiments.

Nonetheless, Sycamore remains optimistic about Bitcoin's potential to ascend towards $80,000 in the coming months, contingent on its ability to stay above the critical support zone of $60,000 to $58,000.

Sources:

https://cointelegraph.com/news/only-six-altcoins-outperform-bitcoin-this-year

https://www.tradingview.com/symbols/DOGEUSD/

https://www.tradingview.com/symbols/BTCUSD/