Are We Really in an ‘Altcoin Bull Run?’ Top Analyst Says Only 8 Coins Have Outperformed Since FTX Debacle

Analyst Miles Deutscher said that we’re not at present in an altcoin bull run—not even shut. If you happen to’re battling this cycle, you’re not alone. He just lately analyzed the information, revealing some stunning truths concerning the present market state.

At first look, it would look like crypto sentiment must be euphoric as a result of Bitcoin ($BTC) is nearing all-time highs (ATHs), meme cash are exploding and celebrities are selling crypto once more. Nevertheless, the fact is totally different. Most retail buyers don’t maintain giant quantities of Bitcoin; they’re invested in altcoins, which have considerably underperformed this cycle.

The OTHERS/BTC ratio, which measures the whole crypto market cap excluding the highest 10 cash, is now decrease than it was in October 2023 (8 months in the past). This paints a transparent image of the present market scenario. Because the fall of FTX, solely 8 cash have surpassed their earlier ATHs in comparison with Bitcoin. Altcoins (TOTAL3) are nonetheless 70% away from their earlier highs, whereas Bitcoin is nearing its ATH.

Miles wrote on X, “This has been a Bitcoin-narrative led cycle. The narrative that propelled BTC to ATHs was the spot ETF narrative, and the robust corresponding inflows. Though BTC and altcoins are interlinked, there hasn’t been a powerful broader market catalyst but, like BTC has had.

Since Bitcoin began its robust rise from $27k in October, altcoins haven’t seen a sustained rally. The altcoin market phases over the past three quarters present this has been a Bitcoin-narrative led cycle, pushed by the spot ETF narrative and powerful inflows.