These Altcoins May Surpass Bitcoin (BTC) in September 2024

In the past few months, Bitcoin (BTC) has been expected to lag behind altcoins in terms of performance. However, this could not be realized as only six out of 50 altcoins outperformed BTC in the last 90 days.

Bitcoin dominance currently stands at 57.18%, indicating that its market capitalization is growing faster than the average altcoin. Despite this strong performance, BeInCrypto identifies three altcoins that are expected to outperform BTC in the near future, providing a detailed analysis and rationale for this prediction.

Tron (TRX)

Tron (TRX), the cryptocurrency linked to controversial blockchain billionaire Justin Sun, recently hit a three-year high of $0.17. This milestone helped TRX overtake Cardano (ADA) to enter the top 10 coins by market capitalization. Over the past 30 days, TRX's price has increased by 15%, outperforming Bitcoin (BTC) over the same period.

This price increase was due to the launch of meme coin generator SunPump in August, which increased the demand for TRX. The altcoin's increasing social dominance, currently at 6.23%, shows the growing attention to the project.

From a technical perspective, Tron's On Balance Volume (OBV) line has been rising on the daily chart, indicating strong buying pressure. A higher OBV reflects more buying activity, which is often a precursor to further price increases.

If the TRX rally continues, the price could reach $0.14 before returning to a high of $0.17 soon, and possibly $0.19 in September.

Read more: Who will have the most Bitcoins in 2024?

However, this optimism could be challenged if Bitcoin releases top altcoins next month. If so, TRX's upward momentum may encounter resistance, and predicted price targets may be difficult to achieve.

AAVE

Over the past 30 days, AAVE's price has increased by 18.68%. Decentralized finance (DeFi) protocol Aave This cryptocurrency, which serves as a management token, has recently attracted great interest from whales. This surge in interest has placed AAVE among the bullish altcoins likely to outperform Bitcoin (BTC) in September.

Ave also proposed to integrate BlackRock's BUIDL infrastructure to increase its involvement in the Real World Assets (RWA) sector. If this proposal is approved soon, it could lead to an increase in demand for AAVE.

On August 5, AAVE's price dropped below $80. However, the altcoin started to make higher lows (HL), eventually reaching a new low in 2018. It reached $146.49 on August 24.

RSI measures the speed; A reading of 30.00 or below indicates that the asset is oversold, while a reading of 70.00 and above indicates that it is overbought. As seen, the RSI hit the overbought range last Saturday.

Following this, AAVE's price dropped to $118. The RSI has since remained above the 50.00 neutral line, suggesting a bullish reversal is possible. For this to happen, the bulls need to defend the $118.01 support level and break through the resistance at $129.64.

If successful, AAVE could be one of the altcoins that surpasses Bitcoin in September. However, if the support at $118.01 fails, the price of the altcoin could face a significant decline.

Cardano (ADA)

Cardano's position on this list is mostly due to the big update coming on September 1st known as Chang's hard fork. This update introduces on-chain governance to the Cardano blockchain for the first time, marking the first phase of the project's ultimate goal, Voltaire.

ADA holders showed great optimism leading up to the event. In the year In 2021, a similar hard fork on the Cardano network caused a 130% price increase in one month. If history repeats itself, ADA could see exceptional price performance in September. Currently, ADA is trading at $0.35, down from $0.40 three days ago.

The Moving Average Convergence Divergence (MACD) indicator suggests that this recent price decline could be a buying opportunity for market participants. MACD can measure momentum and help traders identify entry and exit points.

A positive MACD reading indicates high momentum, indicating a good time to buy, especially after a downtrend. A negative reading, conversely, suggests bearishness and a time to sell.

Read more: 10 Best Altcoin Exchanges in 2024

For ADA, MACD is currently showing bullish momentum. If this trend continues, the price may soon rise to $0.40, and if buying pressure intensifies, it may even reach $0.44.

However, if the dry fork is a “news selling” event, there is a risk of canceling the price if the price drops after the expected event. In this case, the ADA price can be reduced to $0.32.