Dogecoin Tops Altcoin Performance List; Bitcoin Predicted to Hit $80k
Summary:
Only six altcoins out of the top 50 by market cap have outperformed Bitcoin (BTC) this year. Dogecoin (DOGE) leads the pack with a 77% increase. Other top performers include Shiba Inu (SHIB), Stacks (STX), Binance’s BNB (BNB), Mantle (MNT), and Render (RNDR). Bitcoin itself has seen a 54% growth, attributed to institutional investments in Bitcoin ETFs. However, smaller altcoins like Aptos (APT) and Uniswap (UNI) have taken significant hits. Despite a generally risk-averse sentiment, IG Market's analyst Tony Sycamore predicts Bitcoin could reach around $80,000 in the coming months if it stays above key support levels.
In this year's performance so far, Bitcoin (BTC) has been surpassed by only a half-dozen altcoins, according to market capitalization rankings for the top 50 tokens. Over the past weekend, Bitcoin's market dominance escalated to a level unseen in three years. Dogecoin (DOGE), a memecoin, has registered the most impressive growth among the top 50 altcoins, soaring over 77% since the end of last year. It rose from $0.09 to $0.15 as of the time of reporting, according to data from TradingView. The other altcoins that have posted high performances this year include Shiba Inu (SHIB), another memecoin, Bitcoin's smart contract system Stacks (STX), the BNB of Binance (BNB), the Mantle (MNT) of Ethereum's second layer, and Render (RNDR), a blockchain network that shares GPU. Bitcoin's price has risen from $44,100 at the start of the year to $65,000 at present, representing a 54% increase. Many analysts attribute this surge to steady institutional investments in the ten Bitcoin ETFs traded in the U.S., which were sanctioned in January, generating over $12 billion in total net investments based on Farside Investors’ data. Bitcoin's dominance surged to a three-year high of 56.5% on April 13, a significant rebound following a widespread market drop triggered by escalating Middle East tensions. Bitcoin dominance saw its peak on April 14. Using TradingView as a reference, Bitcoin's market dominance measures its market cap proportion against the total market cap of all other cryptocurrencies. As Bitcoin regained footing, most of the smaller altcoins weren't as successful, experiencing considerable price reduction. Altcoins that saw the steepest drops include Aptos (APT) - an alternate Layer-1 network, and Uniswap (UNI) - a decentralized crypto exchange. According to data from the past week, these two coins registered 35% and 31% drops respectively. Tony Sycamore, an analyst at IG Market, shared in an April 14 investment note that was seen by Cointelegraph, he predicts Bitcoin is heading towards its fourth consecutive weekly dip, with the anticipation of no future Fed rate bearing down on crypto sentiment. Despite the current risk-averse sentiments regarding crypto assets, Sycamore anticipates that, given it manages to stay above its critical support level, Bitcoin's value will slowly increase to around $80,000 in the upcoming months. "As long as Bitcoin stays above the support zone of [$60,000/$58,000], we foresee a continued upward trend towards $80k," Sycamore noted.
Published At
4/15/2024 6:03:48 AM
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