Is the altcoin bull run truly happening Top analyst reveals only 8 coins have outperformed since FTX debacle
Market analyst Miles Deutscher has made it clear that we are currently not experiencing an altcoin bull run, not even close. If you’re feeling the struggle during this market cycle, you’re not alone. Deutscher recently delved into the data and uncovered some surprising revelations about the current state of the market.
On the surface, it may appear that the sentiment in the crypto world should be euphoric. With Bitcoin ($BTC) approaching all-time highs (ATHs), meme coins skyrocketing, and celebrities once again endorsing crypto, one would expect excitement. However, the reality tells a different story. The majority of retail investors do not hold substantial amounts of Bitcoin; their investments lie in altcoins, which have notably underperformed in this cycle.
The OTHERS/BTC ratio, which indicates the total crypto market cap excluding the top 10 coins, is currently lower than it was eight months ago in October 2023. This statistic offers a clear snapshot of the present market scenario. Since the downfall of FTX, only eight coins have managed to surpass their previous ATHs in comparison to Bitcoin. Altcoins (TOTAL3) are still 70% away from their previous highs, while Bitcoin is on the brink of reaching its ATH.
In a recent post on X, Miles Deutscher remarked, “This cycle has been driven by the narrative surrounding Bitcoin. The narrative that propelled BTC to ATHs was primarily focused on the spot ETF narrative and the resulting significant inflows. While Bitcoin and altcoins are intertwined, there has yet to be a substantial catalyst for the broader market like Bitcoin has experienced.”
Following Bitcoin’s surge from $27k in October, altcoins have not witnessed a sustained rally. The market trends of altcoins over the past three quarters indicate that this cycle has been heavily influenced by the Bitcoin narrative, driven by the spot ETF narrative and strong inflows.
In conclusion, it is evident that we are not in the midst of an altcoin bull run, not even close. If you are facing challenges in this cycle, rest assured that you are not alone. The data uncovered by Deutscher sheds light on the current market conditions and may provide insights into when a turnaround could potentially occur.