Fun

Only 6 altcoins in the top 50 have outperformed Bitcoin this year

News Feed - 2024-04-15 12:04:48

Tom Mitchelhill5 hours agoOnly 6 altcoins in the top 50 have outperformed Bitcoin this yearThe price of Bitcoin has grown 54% since the start of 2024, and only six altcoins from the top 50 have done any better.13594 Total views4 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksOnly six altcoins among the top 50 tokens by market capitalization have managed to outperform Bitcoin (BTC) so far this year, as Bitcoin dominance reached a three-year high over the weekend. 


The memecoin Dogecoin (DOGE) stands as the best-performing altcoin in the top 50, having posted year-to-date gains of just over 77% — climbing from $0.09 on Jan. 1 to $0.15 at the time of publication, per TradingView data.


Included in the remaining outperformers are fellow memecoin Shiba Inu (SHIB), Bitcoin smart contract network Stacks (STX), Binance’s BNB (BNB), Ethereum layer-2 network Mantle (MNT) and GPU-sharing blockchain network Render (RNDR).


Bitcoin has grown from a price of $44,100 on Jan. 1 to $65,000 at the time of publication, a year-to-date gain of 54%.


Many have pegged the price rise to consistent institutional inflows into the 10 United States-traded spot Bitcoin exchange-traded funds (ETFs) approved in January this year, generating more than $12 billion in cumulative net inflows, per Farside Investors data.


Notably, Bitcoin dominance pushed to a new year three-year high of 56.5% on April 13, as the cryptocurrency bounced back sharply from a marketwide sell-off sparked by escalating geopolitical tensions in the Middle East.Bitcoin dominance reached its highest level on April 14. Source: TradingView


The Bitcoin dominance metric refers to the ratio of Bitcoin’s market cap compared to the cumulative market cap of all other cryptocurrencies.


While Bitcoin recovered ground in the following days, the majority of smaller altcoins failed to find their footing and tumbled significantly in price.


Alternative layer-1 network Aptos (APT) and decentralized crypto exchange Uniswap (UNI) led the decline among the top tokens 50 by market cap, posting losses of 35% and 31%, respectively, in the last seven days.


Related:Bitcoin’s ‘normal drop’ leads to $256M longs liquidated — Analysts


In an April 14 investment note viewed by Cointelegraph, IG Market analyst Tony Sycamore said Bitcoin appears to be on track for its fourth weekly decline, with the expectations of no further U.S. Federal Reserve rate weighing on crypto investing sentiment.


Despite the current negative-leaning sentiment toward risk assets, Sycamore predicted that Bitcoin would gradually climb to around $80,000 in the coming months — depending on whether or not it can hold above its key support mark.


“Providing Bitcoin remains above the [$60,000–$58,000] support zone, we expect the uptrend to resume towards $80,000,” Sycamore wrote.


Magazine:5 dangers to beware when apeing into Solana memecoins# Bitcoin# Dogecoin# Cryptocurrencies# Altcoin# Cryptocurrency Exchange# Tokens# MemecoinAdd reaction

News Feed

G20 Countries to Build Crypto Policy Consensus for Better Global Regulation
G20 Countries to Build Crypto Policy Consensus for Better Global Regulation The G20 countries aim to build a policy consensus on crypto assets for better global regulation. “
Spot Bitcoin ETF volumes shatter record with massive $7.7B traded
Jesse Coghlan4 hours agoSpot Bitcoin ETF volumes shatter record with massive $7.7B tradedTrading volumes for the ten new U.S. Bitcoin ETFs have set a new record, more than doubling their previous high from days ago.4524
Central Bank of Brazil Director States Government Will Know ‘Everything You Have in Bitcoin’
Central Bank of Brazil Director States Government Will Know "Everything You Have in Bitcoin" Mauricio Moura, a current director of the Central Bank of Brazil, stated that anonymity
Singapore amends Payment Services Act to cover token custody and transfers
Ezra Reguerra1 hour agoSingapore amends Payment Services Act to cover token custody and transfersThe amendments will be implemented in several stages starting on April 4, and transitional arrangements will be provided fo
Amazon Founder Jeff Bezos Advises What Consumers and Businesses Should Do as Recession Looms
Amazon Founder Jeff Bezos Advises What Consumers and Businesses Should Do as Recession Looms Amazon founder and former chief executive Jeff Bezos has given some advice to consumers
Bitcoin Bottom In Sight As Trump Expected To Soften Stance On Reciprocal Tariffs: Report
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
MUNCH Hits Record-Breaking 1000 ETH Charity Donation Milestone
MUNCH Hits Record-Breaking 1000 ETH Charity Donation Milestone press release PRESS RELEASE. Charity donation project MUNCH announces the ground-breaking milestone of donating over 1
Uquid Launch the Defi Shopping Stake (DSS) and Defito Finance (DTO)
Uquid Launch the Defi Shopping Stake (DSS) and Defito Finance (DTO)The trouble with many current DeFi projects is that while they eliminate traditional institutions from the mix, th
David Attlee1 hour ago6th Swiss bank joins SDX crypto exchangeHypothekarbank Lenzburg, a regional Swiss bank with over $7 billion in assets, joins SDX’s central securities depository.711 Total views15 Total sharesNewsJ
LayerZero tackles sybil activity with self-reporting mechanism
Amaka Nwaokocha1 hour agoLayerZero tackles sybil activity with self-reporting mechanismLayerZero Labs will enforce consequences for those who don’t self-report by May 17.366 Total views21 Total sharesListen to article
Can SOL reclaim $170? Two indicators scream 'buy'
Marcel Pechman4 hours agoCan SOL reclaim $170? Two indicators scream "buy"SOL derivatives and the Solana network have remained stable, indicating that traders and users are not ready to give up.4243 Total views93 Total s
Robert Kiyosaki Says ‘We Are in Biggest Bubble in World History’ — Warns Government Will Seize All Cryptocurrencies
Robert Kiyosaki Says "We Are in Biggest Bubble in World History" — Warns Government Will Seize All Cryptocurrencies The famous author of the best-selling book Rich Dad Poor Dad,