Bitcoin Outperforms Ethereum in the Past Week
Over the past week, Bitcoin has seen a 2.9% increase in value against the US dollar, while Ethereum has experienced a decline of 5.8%. Several cryptocurrencies have witnessed significant gains, with Manta Network leading the pack with a remarkable 47.2% surge. On the other hand, Mantle emerged as the biggest loser, with an 11% drop in value.
Crypto Economy Declines Slightly
As of January 29, 2024, the total value of the crypto economy is $1.697 trillion, reflecting a 0.8% decline in the past day. Bitcoin remains dominant with a 48.6% market share, while Ethereum accounts for 15.9% of the total market capitalization.
Double-Digit Gainers and Losers
While Bitcoin and Ethereum experienced subdued market activity, certain cryptocurrencies displayed impressive double-digit gains over the week. Manta Network surged by 47.2%, followed by Bittensor with a gain of 45.1%. Other notable gainers include Conflux (35.1%), Sui (33.1%), Helium (21.4%), and Iota (17%). A total of 12 digital currencies recorded double-digit gains.
Leading Alternative Assets and Biggest Losers
Aside from Bitcoin and Ethereum, other noteworthy alternative assets include Solana, XRP, Avalanche, and BNB Coin. In terms of losses over the week, Mantle dropped by 11% and ORDI shed 10% of its value. Dydx and Woo experienced declines of 6% and 5.8% respectively, while Chainlink and Synthetix lost 5.7% and 5.4%.
Altcoin Season Index and Transitioning to Bitcoin Season
According to the Blockchaincenter Altcoin Season Index, we are still in the midst of an “altcoin season,” but it is on the verge of transitioning back into Bitcoin Season. The index suggests that if 75% of the top 50 coins outperform Bitcoin over the last season, it indicates Altcoin Season. With a current score of 76, the index has decreased from its peak of 84. Falling below the 75 threshold would signal the end of Altcoin Season.
Hot Take: Crypto Market Continues to Show Mixed Performance
The past week has been a mixed bag for the crypto market, with Bitcoin outperforming Ethereum, and several altcoins showing significant gains and losses. While some cryptocurrencies experienced substantial surges in value, others suffered notable declines. The overall crypto economy has seen a slight decline, but its future trajectory remains uncertain. As traders and investors navigate the volatility of the market, attention is focused on the ongoing Altcoin Season and the potential transition back to Bitcoin dominance.
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