Some Altcoins are outperforming Bitcoin today with double digit gains

Bitcoin isn't the only digital asset to make big gains at the start of the new year. A number of altcoins are also on the rise, and some have been leading the markets for months, with analysts predicting massive gains in 2024.

The total crypto market capitalization reached its highest level since May 2022, rising to $1.82 trillion on January 2.

Bitcoin Go Back: Altcoins May Be Favorable to the Top of Phenomenal

Bitcoin is leading the markets, jumping 7% to $45,000 for the first time in two years. However, some altcoins are currently making even bigger gains.

On January 1, crypto analyst ‘Rekt Capital' took a technical view of the performance of altcoin market capitalization by looking at historical retest patterns.

As altcoin markets successfully execute historic retests, a third retest is likely to follow in the weeks that follow. This step, he continued, “acts as a springboard to incredible heights.”

The Altcoin market cap broke out of a sideways channel in November 2023 and has been rising ever since. However, there are two unknown properties that make big moves.

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Solana (SOL) has been one of the best performing altcoins in recent months. The blockchain token has gained 11% on the day to trade at $112 at the time of writing.

Moreover, SOL prices have increased by a staggering 200% in the last two months. However, it is currently overheating and can be the cause of drag. SOL is currently down 57% from its all-time high of $260 in November 2021.

LINK and AVAX move

Chainlink is another altcoin that has performed well recently. Additionally, LINK is up 5.7% on the day at $15.82 at the time of writing.

Michael van de Pop, CEO and founder of MN Trading, has included LINK in his top five altcoins for 2024. He says that most altcoin buyers will enter the last 10-20% of the rally, which is why he does not recommend SOL at the moment. .

Trader ‘Satoshi Flipper' told his 170,000 X followers:

“It's only a matter of time before LINK below $20 and ETH below $2,500 becomes a nightmare.”

Other altcoins added to the 2024 portfolio are Van de Pop Ethereum, Optimum (OP), Arbitrum (ARB) and Sui (SUI).

Not mentioned but equally strong was Avalanche (AVAX). This token is up 12% on the day to reach $42.67 at the time of writing. AVAX is up 280% in the last two months, but it could be overheated.

Other altcoins currently outperforming Bitcoin include Near Protocol (NEAR), Filecoin (FIL), Injective (INJ), Hedera (HBAR), Immutable (IMX), Lido DAO (LDO), and Stacks (STX).