Altcoins lead as Bitcoin struggles to hold above $20,000

Bitcoin has struggled for the last month, struggling to hold $20,000, losing its footing multiple times. During this time, altcoins, while following the digital asset lower, are starting to gather momentum through the small recovery recorded over the past few weeks. With the first weekly close in July, the performance of the entire market suggests that Bitcoin is being left behind.

Altcoins take the lead

Altcoins are the biggest losers in the downtrend. While all indices, including Bitcoin, posted double-digit losses, small-cap altcoins fell particularly sharply. However, now that the market is entering what appears to be a recovery phase, smaller altcoins have moved forward for most of their gains.

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The small-cap index rose as much as 4.9% for the week in July. This recovery was replicated in the mid-cap index, which, surprisingly, posted the highest gains over the period. The midcap index outperformed all peers by 5.0%.

As for the large-cap index, it hasn’t been left out of the recovery trend, having recorded a 3.1% gain so far. These coins are the closest to Bitcoin’s rally, and as such, they are the closest to Bitcoin in terms of gains seen so far.

BTC returns worse performance against altcoins | Source: Arcane Research

Bitcoin suffers a worse fate

Bitcoin, despite being the market leader, has the least return of all indices. Digital assets provided a somewhat safe haven when the market tumbled in June, but altcoins are reaping all the gains as the market begins to stabilize.

Bitcoin has gained 0.5% so far in July, the lowest gain of all. Given the performance of other indices, this was followed by a decline in market dominance. However, the decline was small, with only a -0.10% change recorded last week.

Bitcoin Price Chart by TradingView.com

BTC failed to break $20,500 resistance | Source: BTCUSD on TradingView.com

This sharp recovery in altcoins compared to Bitcoin shows that confidence in low-cap altcoins is recovering.These Altcoins With Higher Return Potential Are Chased 100 times or similar.

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As for the downside of stability, they continued to dominate and actually saw good growth during this time. Top stablecoins USDT, USDC and BUSD recorded gains of 0.23%, 0.18% and 0.08%, respectively. in their market share. BNB followed this trend up 0.06%, but all other large-cap coins fell, with Ethereum losing 0.22% of the market.

Featured image from Binance, charts from Arcane Research and TradingView.com

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