Currencies32904
Market Cap$ 2.65T-5.61%
24h Spot Volume$ 43.24B+78.5%
DominanceBTC59.33%+0.94%ETH7.26%-5.84%
ETH Gas3.00 Gwei
Country flag

English

Cryptorank
 icon
 icon
 icon
 icon
MainNewsOnly 8 Altco...

Only 8 Altcoins Have Broken ATH Against Bitcoin Since FTX’s Collapse – Analyst Weighs In

Only 8 Altcoins Have Broken ATH Against Bitcoin Since FTX’s Collapse – Analyst Weighs In

During this bull cycle, the crypto market has been surfing off Bitcoin’s crest and enjoying the bullish momentum. However, investors hope for a seismic explosion to impulse Altcoins to new highs.

As the crypto industry awaits, online reports revealed that, since FTX’s fall, only eight altcoins have hit a new all-time high (ATH) against Bitcoin. A crypto analyst shared his thoughts on the matter.

Altcoins Underperforming Against Bitcoin This Cycle

On Friday, Crypto analyst Miles Deutscher shared an interesting fact about the crypto market. Since November 2022, just eight altcoins have broken their previous ATH against the flagship cryptocurrency.

To achieve this feat, tokens include Render (RNDR), Tellor (TRB), Injective (INJ), Astar (ASTR), SSV Network (SSV), SingularityNET (AGIX), True Wallet Token (TWT), and Binance Coin (BNB).

It’s worth noting that RNDR was the latest one to accomplish this on March 11 and that the list only contains altcoins launched before FTX’s collapse.

Altcoins, crypto

Deutscher explained that despite his initial shock, the news made sense to him and highlighted some takeaways based on the singularities of this run.

First, the analyst considers that asset selection dynamics changed from previous cycles. Investors have been “punished” for being overexposed to certain sectors like L2 and gaming and “rewarded” for participating in others like Memecoins and AI.

In contrast, in the last cycle, “you could basically bet on anything and beat $BTC.” According to the analyst, the market will likely continue experiencing specific sector outperformance despite the retail liquidity injection.

He also explained that “crypto is an attention economy,” and money will flow where attention is. As a result, even the projects with the best technology won’t perform if there isn’t an exciting reason to buy.

Deutscher’s second takeaway highlights the market’s current ATH dilution. As he points out, thousands of new products are being launched daily, and “low float/high FDV VC coins are launching in the billions.” These launches are seemingly outpacing the new liquidity, resulting in Altcoins struggling with performance.

More Room To Catch Up

The analyst’s third point explains that the bull run has been led by Bitcoin and spot BTC exchange-traded funds (ETH). Based on this, he considers it unsurprising that altcoins have “hardly pumped” so far.

Various crypto analysts and experts share this opinion. Alex Krüger previously stated that the cycle has been “almost entirely” driven by the Bitcoin ETFs’ momentum.

Deutscher sees Altcoins’ underperformance as a bullish signal since Bitcoin’s dominance has been instrumental in previous cycles. To him, this performance allows “more room to play catch up” and could drive altcoins to unseen highs.

The analyst believes the market needs another catalyst for a true Altcoins season. Despite this, he highlights that many investors have had a record Q1 “even in mildly bullish conditions for most alts.”

Ultimately, Deutscher considers there is still room to make big profits this cycle “even without the face-melting altseason we all crave.”

altcoins, total 2, altcoins market cap
Read the article at NewsBTC

Read More

Crypto Market Crash Updates: Will Solana Crash Below $100 as Bitcoin Falls Under $80K?

Crypto Market Crash Updates: Will Solana Crash Below $100 as Bitcoin Falls Under $80K?

The crypto market just shed over 5% in value, with Bitcoin dipping below $80K and Eth...
Apr, 06, 2025
2 min read
by CryptoTicker
Ethereum Tanks Nearly 50% As Bitcoin Holds Stronger In Q1

Ethereum Tanks Nearly 50% As Bitcoin Holds Stronger In Q1

Ethereum and Bitcoin went through very different trajectories in the first quarter of...
Apr, 06, 2025
2 min read
by NewsBTC
MainNewsSolana: Why ...

Solana: Why Analysts Expect SOL to Reach $270 in 2024


Jun, 01, 2024
2 min read
by Watcher.Guru
Solana: Why Analysts Expect SOL to Reach $270 in 2024

With few assets boasting as much potential this year as Solana, analysts have begun to project SOL to reach a new all-time mark of $270 in 2024. Indeed, there is an increasing number of traders who have started to bet on the asset’s trajectory as we head into the second half of the year.

Currently, Solana is trading below $165 and has been falling over the last seven days, according to CoinMarketCap. However, there is a growing sentiment that this may be the best time to buy SOL. The summer months could have a massive surge in store for the asset.

Solana
Source – CoinLoan

Also Read: XRP, Solana, Cardano ETFs Are Inevitable, Ripple’s CEO Asserts

Solana Eying All-Time Rally This Year?

Throughout the last month, Solana has performed well. Indeed, it had noted a 30% increase over the last 30 days but was not able to surpass the $200 psychological level. This reality disheartened quite a few investors and represented a stark decline from its performance in March.

The Solana network became one of the year’s most important stories in March, when it was the face of the meme coin craze. Newcomers like Dogwifhat (WIF) and Book of Meme (BOME) were based in Solana and surged in value. But now, all eyes are on Solana’s (SOL) potential to surge to the $270 level in 2024.

That certainly isn’t out of the question to many crypto traders. One such participant took to X (formerly Twitter) to note that the asset is “still cheap” amid the currently all-time high target. Moreover, they noted that, from a spot perspective, there are few better investments.

Source: Coinglass

Also Read: ChatGPT 4o Predicts When Solana (SOL) Could Hit $500?

Alternatively, analyst Ansem noted their purchase of Spot with options at $169. This predicts the asset to increase heavily from its current predicament, and the market seems to agree. Over the last two days, long positions on Solana increased from 47% to 59%.

Conversely, this still has to contend with falling market sentiment amid SOL’s recent downturn. Additionally, the volume decrease could also spell concern for any rally hopes. There is still hope that Solana could continue to surge in 2024, however, as it has seen nothing but positive news unveiled this year.

The network has thrived, and PayPal recently announced an expansion for its PYUSD stablecoin due to the network’s supremacy. Moreover, there have been ongoing talks about a Solana ETF, which EThereum’s approval should only continue in the coming days.

Read the article at Watcher.Guru

Read More

Solana Ends Week Up 6% as SOL ETF Takes Major Step Forward

Solana Ends Week Up 6% as SOL ETF Takes Major Step Forward

Despite a plethora of geopolitical concerns and economic frailty, the cryptocurrency ...
Apr, 05, 2025
2 min read
by Watcher.Guru
Crypto Market Crash Updates: Will Solana Crash Below $100 as Bitcoin Falls Under $80K?

Crypto Market Crash Updates: Will Solana Crash Below $100 as Bitcoin Falls Under $80K?

The crypto market just shed over 5% in value, with Bitcoin dipping below $80K and Eth...
Apr, 06, 2025
2 min read
by CryptoTicker

Privacy & Cookies Statement

Please read and accept our Privacy Policy & Cookies Statement to continue using our Site. This policy governs your provision of your personal data necessary to access our Site and/or particular services.

I have read, understood, and hereby accept the Privacy Policy & Cookies Statement and accept only essential cookies.