The underdogs of altcoins outperform Bitcoin, and the curtain kicks off in 2022

Altcoins will outperform Bitcoin at the beginning of 2022. Of all the various indices, mid-cap tokens seem to have accumulated the most gains so far.

Bitcoin underperformed at the beginning of the year

According to the latest weekly report Arcane Research, Bitcoin’s 2022 has begun, and Bitcoin has not performed well in front of various altcoins.

Throughout 2021, most of Altcoins successfully defeated BTC From the perspective of overall revenue. So far, this year does not seem to be any different.

This is a chart showing the comparison of various altcoins with Bitcoin since the beginning of this year:

Looks like every index has beaten BTC so far in the year | Source: The Arcane Research Weekly Update - Week 52

In the above figure, all altcoins are divided into different “indexes” based on market capitalization.

These three categories include large-cap index, mid-cap index and small-cap index. Various tokens are divided into these parts according to their market capitalization position, and their overall returns are considered in the chart.

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As you can see in the chart, Bitcoin seems to be lagging behind other indexes. Since the beginning of the year, Bitcoin has fallen by 3%.

The mid-market altcoins have performed best so far, with a profit of about 8% since the beginning of January. Their success is due to the outstanding performance of layer-1 tokens like Cosmos.

Large-cap stocks and small-cap stocks index also showed a green trend, rising 3% and 4% respectively since the new year.

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The result of Bitcoin’s poor performance is cryptocurrency Dominance has been declining recent.

The following table shows how the market share of the top tokens has changed in the past week.

Bitcoin market share

USDT seems to have gained the most market share in the last seven days | Source: The Arcane Research Weekly Update - Week 52

Bitcoin’s market share is now about 39.5%, which is the lowest level in the past three years. It remains to be seen whether the underperformance of cryptocurrencies will end soon, or whether altcoins will flourish again in 2022, like in 2021.

Bitcoin price

At the time of writing, Bitcoin price Floating around US$46,200, it has fallen by 3% in the past 7 days. In the past month, the value of cryptocurrencies has fallen by 6%.

This is a chart showing the price trend of cryptocurrencies in the past five days:

Bitcoin price chart

BTC's sideways movement seems to have carried on into 2022 | Source: BTCUSD on TradingView
Featured image from Unsplash.com, charts from TradingView.com, Arcane Research

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