The cryptocurrency market witnessed two crypto stories over the weekend. While Bitcoin (BTC) dominance has surged to a three-year high, altcoins have mostly taken the hit. Meanwhile, according to data, 6 altcoins, including RNDR coin, have outperformed Bitcoin since the beginning of 2024.
This year, RNDR coin and those cryptos have performed well
Only a handful of alternative cryptocurrencies have managed to outperform Bitcoin so far this year. Memecoin favorite Dogecoin (DOGE) continues its leadership with a staggering 77% gain since the beginning of the year. It rose from $0.09 at the beginning of the year to $0.17 at the time of writing. Top performers include fellow memecoin Shiba Inu (SHIB), smart contract network Stacks (STX), exchange token BNB (BNB), layer-2 network Mantle (MNT), and Render Network (RNDR).
Bitcoin has nothing to complain about. Its current price is $66,711, up from $44,100 on January 1, representing a significant year-to-date gain of 54%. Many analysts attribute this increase to consistent institutional investment. According to Farside Investors, 10 US-approved Bitcoin ETFs launched in January have collectively generated over $12 billion in revenue.
Why has Bitcoin dominance risen?
But the real story lies in Bitcoin’s dominance. It reached a three-year high of 56.5% on April 13. This increase follows a market-wide sell-off triggered by rising geopolitical tensions in the Middle East. Bitcoin dominance essentially measures Bitcoin’s market cap relative to the total market cap of all other cryptocurrencies. While Bitcoin’s dominance has increased, smaller altcoins have declined.
The following days saw Bitcoin recover, but most altcoins could not keep up. Leading the decline were Aptos (APT) and Uniswap (UNI), both of which lost over 30% last week. Analysts believe this decline is partly due to the U.S. Federal Reserve’s decision not to raise interest rates further and investors’ diminished interest in risky assets such as cryptocurrencies.
Analysts are optimistic about the future of Bitcoin and cryptos
cryptokoin.com As we reported, despite the current negativity, some analysts remain optimistic about the future of Bitcoin. IG Markets analyst Tony Sycamore predicts a gradual rise towards $80,000 in the coming months, provided Bitcoin remains above the key support level between $60,000-$58,000.
This latest market move highlights the ever-evolving dynamics of the cryptocurrency space. While Bitcoin appears to be consolidating its dominance, altcoins face headwinds. It is not yet known whether this trend will continue or whether altcoins will make a comeback. Investors should closely follow market developments and do their own research before making an investment decision.
To be informed about the latest developments, follow us Twitter’in, Facebookin and InstagramFollow on . Telegram And YouTube Join our channel.