Bitcoin
Are We Really in an ‘Altcoin Bull Run?’ Top Analyst Claims Only 8 Coins Have Outperformed Since FTX Debacle
Analyst Miles Deutscher has stated that we are not currently in an altcoin bull run – not even close. If you’re struggling with this cycle, you’re not alone. He recently analyzed the data, revealing some surprising truths about the current state of the market.
At first glance, it might seem like crypto sentiment should be euphoric because Bitcoin ($BTC) is approaching all-time highs (ATHs), meme coins are exploding, and celebrities are promoting crypto again. However, the reality is different. Most retail investors do not hold large amounts of Bitcoin; they are invested in altcoins, which have significantly underperformed this cycle.
The OTHERS/BTC ratio, which measures the total value of the crypto market excluding the top 10 coins, is now lower than it was in October 2023 (8 months ago). This paints a clear picture of the current market situation. Since FTX crash, only 8 coins surpassed their previous ATHs compared to Bitcoin. Altcoins (TOTAL3) are still 70% away from their previous highs, while Bitcoin is approaching its ATH.
Miles wrote on X: “This has been a cycle led by the Bitcoin narrative. The narrative that propelled BTC to ATHs was the spot ETF narrative and corresponding strong flows. Although BTC and altcoins are intertwined, there has not yet been a strong, broader market catalyst like BTC has had.
Since Bitcoin began its sharp rise to $27,000 in October, altcoins have not seen a sustained recovery. The altcoin market phases over the past three quarters show that this has been a cycle led by the Bitcoin narrative, driven by the spot ETF narrative and strong inflows.
Although Bitcoin and altcoins are intertwined, altcoins have not had a broader and more significant market catalyst like Bitcoin. Specific narratives such as memes, AI, and real-world assets (RWA) outperformed, with major altcoins lagging behind. If you’re not well capitalized in these sectors, you’ve probably felt FOMO and the strong temptation to rebalance your portfolio.
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