Crypto News – Over the weekend, Bitcoin’s dominance reached a three-year high, and only six altcoins out of the top 50 tokens by market valuation have been able to exceed Bitcoin thus far this year.
6 Altcoins in the Top 50 Beat and Outperform Bitcoin
Since January 1, the price of Bitcoin has increased from $44,100 to $66,201, a 54% rise as of the time of posting. As to Farside Investors data, several individuals have attributed the price increase to steady institutional inflows into the ten U.S.-traded spot Bitcoin exchange-traded funds (ETFs) that were authorized in January of this year, resulting in over $12 billion in net inflows overall.
Interestingly, on April 13, Bitcoin’s market share reached a three-year high of 56.5% as the cryptocurrency recovered strongly from a sell-off that was caused by growing geopolitical unrest in the Middle East.
DOGE Becomes the Best Performing Altcoin
TradingView data shows that the memecoin Dogecoin is the best-performing altcoin among the top 50. It has gained slightly over 77% year to date, from $0.09 on January 1 to $0.16 at the time of publication.
Fellow memecoin Shiba Inu, Bitcoin smart contract network Stacks, Binance’s BNB, Ethereum layer-2 network Mantle, and GPU-sharing blockchain network Render are among the outperformers that are still in the running.
While Bitcoin gained momentum, the prices of most smaller altcoins plummeted as they were unable to gain traction. With losses of 35% and 31%, respectively, over the past seven days, alternative layer-1 network Aptos and decentralized cryptocurrency exchange Uniswap led the fall among the top 50 tokens by market capitalization.
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