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Bitcoin Beats All But Six: Altcoins With More Gains This Year

The Bitcoin-dominated market still has big gainers among top 50  

In a year marked by Bitcoin's strong performance, only a handful of altcoins have managed to surpass its growth.

Key takeaways:

  • Bitcoin’s price increase of 54% this year outshined only by six altcoins in the top 50.
  • Institutional inflows into Bitcoin ETFs contribute to its rising dominance in the crypto market.

Since the start of 2024, Bitcoin has seen a significant price increase, growing from $44,100 to $65,000, marking a 54% rise. Despite this impressive growth, only six altcoins among the top 50 by market cap have outperformed Bitcoin, highlighting its dominance, which has reached a three-year high of 56.5% as of April 13. This metric underscores Bitcoin’s market cap in relation to the aggregate market cap of all other cryptocurrencies.

TradingView

Dogecoin leads these altcoins with a remarkable year-to-date gain of over 77%, escalating from $0.09 to $0.15, according to TradingView. Other notable performers include Shiba Inu, Stacks, Binance’s BNB, Mantle, and Render, each posting significant gains amidst a generally bullish context for Bitcoin.

Market dynamics and analyst insights

The increase in Bitcoin’s price and dominance is largely attributed to consistent institutional inflows, particularly into the 10 U.S.-traded spot Bitcoin ETFs approved earlier this year. These ETFs have amassed more than $12 billion in cumulative net inflows, as per data from Farside Investors. This influx highlights growing institutional interest and confidence in Bitcoin as a viable investment.

Despite the optimistic scenario for Bitcoin, not all cryptocurrencies have fared well. Alternative layer-1 network Aptos and decentralized crypto exchange Uniswap have seen substantial declines, dropping 35% and 31%, respectively, in the last seven days. These fluctuations illustrate the volatility and varying fortunes within the broader cryptocurrency market.

In light of the current market trends, IG Market analyst Tony Sycamore commented on Bitcoin’s prospects, stating: 

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

This prediction hinges on Bitcoin maintaining key support levels amidst fluctuating market conditions and broader economic influences.