3 Top Altcoins Massively Outperforming Bitcoin and Ethereum These Days

Bitcoin (BTC) and Ethereum (ETH), comprising over 72% of the total crypto market, have lost much of their yearly gains in the last few weeks. For instance, BTC’s returns since August 2024 have been around 3%. Meanwhile, ETH has dropped 2.65% in the same period.

Likewise, most top-ranking altcoins have underperformed in line with Bitcoin and Ethereum, given their long-existing positive correlation with the crypto-assets. Still, there are a few exceptions—tokens that have outperformed BTC and ETH on a 30-day adjusted timeframe.

What are these cryptocurrencies, and would they keep outperforming Bitcoin and Ethereum in September? Let’s discuss.

Justin Sun’s Tron (TRX) is Up Circa 20%

One of the best crypto market performers on a 30-day adjusted timeframe is Tron (TRX). The Justin Sun-backed layer-one blockchain asset has surged 20% versus the U.S. dollar, 13.30% against Bitcoin, and 19.5% against Ethereum since August.

At the core of TRX’s outperformance is the launch of SunPump, a Tron-based memecoin launchpad, in August. Since then, the platform has introduced over 75,750 memecoin projects, which have generated about 30.50 million TRX in revenues (worth around $6.15 million).

Nonetheless, TRX’s rally has shown signs of exhaustion, with its price down by circa 12% after witnessing a growing divergence between its rising rates and falling momentum (as tracked by the daily relative strength index).

As of Sep. 5, TRX/USD was testing its 0.382 Fibonacci retracement line at around $0.149 as support, with its declining RSI indicating the potential for further downsides.

Should it happen, the Tron price’s next bear target for September could be around $0.143, aligning with its 0.5 Fib line and the 50-day exponential moving average (50-day EMA; the red wave).

Fetch.AI (FET) Jumped By Over 30% on Nvidia Earnings Euphoria

AI crypto Fetch.AI (FET) emerged as a standout performer in the last 30 days, especially against Bitcoin and Ethereum, as traders’ attention to the artificial intelligence sector due to Nvidia’s Q2 earnings call.

As of Sep. 5, FET’s price had surged by over 30% versus the dollar, 23% versus BTC, and 30% versus ETH, on a 30-day adjusted timeframe thanks to Nvidia.

Nvidia’s recent success in chipmaking has cemented its influence, with many investors seeing a strong connection between its performance and AI-focused projects like Fetch.ai.

The speculation created a wave of speculative buying, often called “FOMO” (Fear of Missing Out), among crypto investors, particularly in AI-affiliated tokens.​ FET saw specific whale activity leading up to Nvidia’s earnings. Large holders of FET repurchased tokens after selling them earlier at lower prices, indicating renewed confidence in the AI sector and Fetch.ai’s prospects.

The price of $FET has surged 70% in the past 7 days!

A whale seemed to regret selling before and spent 2.385M $USDT to buy 1.79M $FET back from #Binance at a higher price of $1.33 6 hours ago

This whale sold 2.33M $FET for 2.385M $USDT at $1.02 from Aug 11 to Aug 23.… pic.twitter.com/SNIbPrNp0z

— Lookonchain (@lookonchain) August 26, 2024

FET picked upside cues from other bullish fundamentals, as well, namely:

• The launch of an Innovation Lab in San Francisco, with a $10 million annual commitment to support early-stage AI startups.
• QConnect’s decision to leverage Fetch.ai technology to improve travel planning and booking. This showcases the platform’s practical applications in the industry.

Technically, FET looks poised to undergo further jumps in September, mainly because of the formation of what appears to be an inverse-head-and-shoulders (IH&S) pattern.

The IH&S setup is characterized by three distinct troughs: the left shoulder, the head (a deeper dip), and the right shoulder, indicating weakening bearish momentum. The neckline, marked around $1.39, represents the resistance level.

The pattern resolves when the price breaks above the neckline with a rise in trading volumes. As a rule, traders measure the IH&S’s upside target by adding the maximum distance between the head’s trough and neckline to the breakout point.

Therefore, if FET decisively breaks above the neckline level of around $1.39, the estimated price target for Q4/2024 would be around $3.01, which aligns closely with the prior resistance zone from March 2024.

Conversely, a break below the right shoulder’s trough could invalidate the IH&S bullish reversal.

Sui (SUI) Soars 40% During Rollout of New Consensus Engine

Layer-1 blockchain asset Sui (SUI) jumped 40% on a 30-day adjusted timeframe to reach $0.84 on Sept. 5, beating Bitcoin’s and Ethereum’s returns in the same period.

SUI traders took their bullish cues from the project’s phased rollout of Mysticeti, its new consensus engine, in August. This engine aims to enhance the blockchain’s performance with high throughput and low latency.

The Sui blockchain announced a namesake bridge incentive program to identify and fix bugs, enhance features, and improve user experience. The said product will launch in October, enabling secure asset transfers between Ethereum and Sui.

According to Defi Llama data below, the announcements have coincided with a rise in the total-value-locked (TVL) across the Sui ecosystem in August. In other words, more SUI tokens are going out of active circulation, which, if matched with rising demand, is boosting its prices in the near term.

Technically, however, SUI appears to be trading inside a rising wedge pattern, still halfway through it as of Sep. 5. Rising wedges are considered bearish reversal patterns that resolve when the price breaks below their lower trendline and falls by as much as the maximum distance between their upper and lower trendline.

Applying this technical rule to the SUI/USDT chart above presents $0.45 as its downside target for October 2024 if the breakdown point comes to be around $0.86.

Nonetheless, rebounding decisively from the wedge’s lower trendline could take the SUI price toward the pattern’s apex—which is around $1.31—in the best-case scenario.