Altcoins takes the lead when Bitcoin struggles to hold over $ 20,000
Bitcoin has struggled over the past month and has struggled to hold on to $ 20,000, losing ground several times. During this time, while tracking the digital resource on the decline, altcoins had begun to pick up speed through the small recoveries recorded over the past few weeks. As July nears its first weekly close, cross-market performance has shown that bitcoin is being left behind.
Altcoins takes the lead
The Altcoins had been the worst losers of the downtrend. Although all indices, including bitcoin, had double-digit losses, small cap altcoins in particular had recorded more losses. But now that the market is heading into what looks like an improvement, the smaller altcoins have pushed their heads forward to claim most of the gains.
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The Small Cap index has risen to 4.9% barely a week into July. This recovery is replicated across the Mid Cap index, which surprisingly had yielded the highest gains for the time period. With 5.0%, the Mid Cap index is ahead of all its counterparts.
As for the Large Cap index, it was not excluded from the recovery trend with 3.1% in gains recorded so far. These coins had followed the rally of bitcoin closest and as such had been closest to it in terms of the gains that have been seen so far.
BTC returns worse performance against altcoins | Source: Arcane Research
Bitcoin is suffering a worse fate
Bitcoin, even though it is the market leader, has yielded the least profit of all the indices. The digital asset had provided a somewhat safe haven when the market crashed back in June, but altcoins will get all the gains as the market begins to stabilize.
Bitcoin’s gains so far for the month of July have come out to 0.5%, the lowest of them all. This has been quickly followed by a decline in market dominance given the performance of the other indices. However, the decline has been quite small with only a -0.10% registered change in the last week.
BTC failed to break $20,500 resistance | Source: BTCUSD on TradingView.com
This sharp rise in altcoins compared to bitcoin shows that the faith is about to move towards lower cap altcoins. These altcoins that have more potential for higher returns are strongly favored by investors looking for one 100x or similar.
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As for the stable disadvantages, they continue to maintain their dominance and have actually seen good growth during this time. Top stablecoins USDT, USDC and BUSD recorded 0.23%, 0.18% and 0.08% increases. in their market share. BNB also followed this trend with an increase of 0.06%, but all other major currencies saw a decline and Ethereum lost 0.22% of the market share.
Featured image from Binance, charts from Arcane Research and TradingView.com
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