Key Takeaways:
- Bitcoin dominance – which measures Bitcoin’s value as a percent of the total crypto market value – has been steadily rising over the past several months.
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Bitcoin dominance fell this week because Bitcoin rose less than other altcoins. That’s bullish.
- Bitcoin eclipsed its 2021 highs this past week, but multiple other major altcoins remain way off their 2021 highs.
Bitcoin finally did it.
It hit an all-time high this week, briefly popping above $70,000.
Some people are saying this milestone for Bitcoin marks the top – the time to sell cryptos.
We take the counter.
We think this milestone marks the time to buy cryptos, and specifically, altcoins not named Bitcoin.
What Happened With Cryptos This Week
So far in this crypto boom cycle, Bitcoin has been leading the charge. Bitcoin dominance – which measures Bitcoin’s value as a percent of the total crypto market value – has been steadily rising over the past several months as Bitcoin has climbed above $20K, $30K, $40K, $50K, $60K, and now $70K.
But, this past week, something super interesting happened.
Bitcoin dominance dropped pretty sharply as “meme coins” like FLOKI, Shiba Inu, Pepe, and dogwifhat all rose more than 100% in a matter of days.
Specifically, Bitcoin dominance noticeably dropped this week from 55% to 53%, one of its biggest weekly drops in the past year in which Bitcoin also rallied in the same week. That is, a lot of times, Bitcoin dominance drops because Bitcoin falls more than other altcoins in a bad week. But, this week, Bitcoin dominance fell because Bitcoin rose less than other altcoins in a good week.
That’s a bullish signal of a healthy broadening of this crypto rally.
More Good Signs in the Altcoin Market
Moreover, the MarketVector Digital Assets 100 Small-Cap Index – a collection of the top 100 cryptos outside of Bitcoin – absolutely crushed Bitcoin this past week.
For most of the 2024 rally in cryptos, Bitcoin has outperformed the MarketVector 100 index. This past week, the MarketVector 100 index took the lead from Bitcoin.
That’s yet another bullish signal of a healthy broadening of this crypto rally.
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Read the Writing on the Wall
The signs are there.
Not only did Bitcoin soar to an all-time high this week, but altcoins finally started to meaningfully outperform Bitcoin. The baton appears to be getting passed in the crypto markets from Bitcoin to other, smaller cryptos.
That’s very bullish. It means some altcoins could go on an absolute tear over the next few months.
Consider this: Bitcoin eclipsed its 2021 highs this past week, but multiple other major altcoins remain way off their 2021 highs.
Ethereum is still about 30% off its 2021 highs. Tron and Binance are about 40% off their 2021 highs. Solana is still 50% below its 2021 highs. Polygon is 65% from 2021 highs. Both Uni and Avax are 70% from 2021 highs. And Dogecoin, XRP, and Litecoin are all 80% from their previous highs.
Across the board, altcoins have a long way to run before they recapture their 2021 highs, despite Bitcoin doing so this past week.
We think it is reasonable to believe that, in the second half of this Fourth Crypto Boom Cycle, many altcoins will follow Bitcoin and make new record highs.
That means some altcoins could absolutely soar over the next 12 months.
That’s our base case thesis. We think altcoins are in the early innings of an explosive move higher over the next few months.
That’s why we went on an altcoin buying spree recently.
The Final Word
One of the cryptos we just recommended in our premium crypto research service is already up more than 155% since we recommended it – just over a week ago.
Another is up 100% since we recommended it – just over a month ago.
The altcoins in our model portfolio are soaring right now.
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