Bitcoin outperformed by altcoins with midcap, smallcap indexes in 2020
It is a common narrative in the digital asset industry that most of the time, Bitcoin is responsible for driving the market on a bullish surge. This is largely due to the fact that presently, Bitcoin dominates the crypto-market cap, with a dominance index of 66.3%, at press time.
However, over the past week, the tables may have turned a little in favor of the altcoins, with these crypto-assets outperforming the world’s largest cryptocurrency in some aspects.
According to Arcane Research, Bitcoin’s market-cap-weighted index has lagged behind mid-caps and small-caps, since the start of the year.
It can be observed that the Mid-cap crypto-index has led the way since 1 January, recording a collective growth of 47.19 percent. According to Weiss Mid-Cap Crypto Index, the registered growth is above 50 percent, at press time.
Weiss Crypto ratings for the Small-Cap Crypto-Index have been incurring a positive rise as well with a return of over 35% in 2020. The likes of Komodo, Sia, HyperCash, and Bitshares have earned a major bullish advantage over the bullish period.
For Mid-Cap altcoins, Dash has been a significant performer with a registered hike of over 100 percent. In fact, the growth briefly allowed Dash to break into the top 10 of the world’s top crypto-assets, before the altcoin failed to consolidate higher. Dash has registered a significant drop since, and it is down to 16th on the cryptocurrency rankings charts.
Bitcoin, however, has lagged behind all the indexes in 2020 as it registered a spike of only 21 percent in 2020. Moreover, it was also reported that BTC lost over 3 percent of its total market share over the past week, dropping down to 66% from 69% in terms of market dominance.