So far this year, only six altcoins outperform Bitcoin (BTC) among the top 50 tokens by market capitalization, as Bitcoin’s dominance reached a three-year high last weekend. Only.
Meme coin Dogecoin (DOGE) is the best-performing altcoin in the top 50, with an increase of over 77% since the beginning of the year, from $0.09 on January 1st to $0.09 at the time of publication, according to TradingView. It rose to $0.15. data.
The remaining top stocks include fellow meme coin Shiba Inu (SHIB), Bitcoin smart contract network Stacks (STX), Binance’s BNB (BNB), Ethereum layer 2 network Mantle (MNT), and GPU-shared blockchain network Contains Render (RNDR).
For Bitcoin grown From a price of $44,100 on January 1st, it was $65,000 at the time of publication, an increase of 54% since the beginning of the year.
Consistent institutional inflows into the 10 U.S.-traded spot Bitcoin exchange-traded funds (ETFs) that were approved in January are a factor in the price increase, according to data from Farside Investors. Many people predict that the cumulative net inflow will exceed $12 billion.
Notably, Bitcoin’s dominance rose to a three-year high of 56.5% on April 13, as it rebounded sharply from the market-wide decline caused by escalating geopolitical tensions in the Middle East. It has risen to
Bitcoin’s dominance metric refers to the ratio of Bitcoin’s market capitalization compared to the cumulative market capitalization of all other cryptocurrencies.
Although Bitcoin regained ground in the following days, the majority of small-cap altcoins were unable to gain foothold and their prices fell significantly.
Alternative layer 1 network Aptos (APT) and decentralized crypto exchange Uniswap (UNI) led the decline among the top 50 tokens by market cap, posting losses of 35% and 31%, respectively, over the past seven days. .
Related: Bitcoin’s ‘normal decline’ causes $256 million long to be liquidated – Analyst
In an April 14 investment memo seen by Cointelegraph, IG Markets analyst Tony Sycamore said he does not believe the Federal Reserve’s interest rates will further weigh on crypto investment sentiment. He said that due to expectations, Bitcoin appears to be on a downward trajectory for the first time in four weeks.
Despite the current negative sentiment towards risk assets, Sycamore expects Bitcoin to gradually rise to around $80,000 in the coming months, depending on whether it can sustain above key support marks. I expected that.
“Providing Bitcoin remains at a high standard.” [$60,000/$58,000] At the support zone, we expect the uptrend to resume towards $80,000,” Sycamore wrote.
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