Which of the top 50 value coins outperform BTC in 2024😍

1. So far this year, only 6 altcoins in the top 50 tokens by market capitalization have outperformed Bitcoin, and Bitcoin's dominance reached a three-year high over the weekend.

According to TradingView data, Dogecoin is the best performing altcoin in the top 50, with a year-to-date increase of just over 77%, climbing from $0.09 on January 1 to $0.15 at the time of publication.

Other outstanding performers include memecoin Shiba Inu, Bitcoin smart contract network Stacks, Binance's BNB, Ethereum second-layer network Mantle (MNT) and GPU shared blockchain network Render (RNDR).

Bitcoin has risen 54% year-to-date.

2. Many attribute the rise in Bitcoin prices to the continued inflow of institutional funds into the 10 U.S. spot Bitcoin exchange-traded funds (ETFs) approved in January this year, which have generated a cumulative net inflow of more than $12 billion according to Farside Investors.

It is worth noting that as the market sell-off triggered by escalating geopolitical tensions in the Middle East, Bitcoin rebounded sharply, with Bitcoin dominance hitting a three-year high of 56.5% on April 13.

3. Bitcoin dominance reached its highest level on April 14. Source: TradingView

The Bitcoin dominance index refers to the ratio of Bitcoin's market value to the cumulative market value of all other cryptocurrencies.

Although Bitcoin recovered in the following days, most smaller altcoins failed to gain a foothold and their prices fell sharply.

4. Alternative Layer 1 network Aptos and decentralized cryptocurrency exchange Uniswap led the decline among the top 50 tokens by market value, falling 35% and 31% respectively in the past 7 days.

IG Market analyst Tony Sycamore said that Bitcoin seems to be on track for a fourth week of decline, and expectations that the Federal Reserve will not raise interest rates further have weighed on cryptocurrency investment sentiment.

5. Despite the current negative sentiment towards risk assets, Sycamore predicts that Bitcoin will gradually climb to around $80,000 in the coming months, depending on whether it can hold key support levels.

Sycamore wrote: “If Bitcoin stays above the [$60,000/$58,000] support area, we expect the uptrend to resume to $80,000.”

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