Which six altcoins will outperform BTC in 2024?

Author: Tom Mitchelhill, CoinTelegraph; Compiler: Baishui, Golden Finance

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 data from TradingView, 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 standouts included memecoin Shiba Inu, bitcoin smart contract network Stacks, Binance’s BNB, Ethereum layer-two network Mantle (MNT), and GPU-sharing blockchain network Render (RNDR).

Bitcoin is up 54% year-to-date.

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, which have cumulatively generated more than $12 billion in net inflows, according to Farside Investors.

Notably, bitcoin rebounded sharply as the market sold off amid escalating geopolitical tensions in the Middle East, with bitcoin’s dominance hitting a three-year high of 56.5% on April 13.

On April 14, Bitcoin's dominance reached its highest level. Source: TradingView

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

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

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

Bitcoin appears to be on track for a fourth week of losses, with expectations that the Federal Reserve will not raise interest rates further weighing on cryptocurrency investment sentiment, said Tony Sycamore, an analyst at IG Market.

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 holds above the [$60,000/$58,000] support area, we expect the uptrend to resume towards $80,000.”