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. Original post lists the altcoins to hit ATH against BTC. Source: Miles Deutscher on XDeutscher 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’ market capitalization is at $1.13 trillion, according to the weekly chart. Source: TOTAL 2 on TradingViewFeatured Image from Unsplash.com, Chart from TradingView.com Rubmar Garcia Rubmar is a writer and translator who has been a crypto enthusiast for the past four years. Her goal as a writer is to create informative, complete, and easily understandable pieces accessible to those entering the crypto space. After learning about cryptocurrencies in 2019, Rubmar became curious about the world of possibilities the industry offered, quickly learning that financial freedom was at the palm of her hand with the developing technology. From a young age, Rubmar was curious about how languages work, finding special interest in wordplay and the peculiarities of dialects. Her curiosity grew as she became an avid reader in her teenage years. She explored freedom and new words through her favorite books, which shaped her view of the world. Rubmar acquired the necessary skills for in-depth research and analytical thinking at university, where she studied Literature and Linguistics. Her studies have given her a sharp perspective on several topics and allowed her to turn every stone in her investigations. In 2019, she first dipped her toes in the crypto industry when a friend introduced her to Bitcoin and cryptocurrencies, but it wasn’t until 2020 that she started to dive into the depth of the industry. As Rubmar began to understand the mechanics of the crypto sphere, she saw a new world yet to be explored. At the beginning of her crypto voyage, she discovered a new system that allowed her to have control over her finances. As a young adult of the 21st century, Rubmar has faced the challenges of the traditional banking system and the restrictions of fiat money. After the failure of her home country’s economy, the limitations of traditional finances became clear. The bureaucratic, outdated structure made her feel hopeless and powerless amid an aggressive and distorted system created by hyperinflation. However, learning about decentralization and self-custody opened a realm of opportunities. Cryptocurrencies allowed her to experience financial control for the first time and expand her financial education. Moreover, the peculiar nature of the crypto community sparked Rubmar’s curiosity about the other layers of the industry. As a result, she found a particular interest in discovering the diverse perspectives of investors, market watchers, experts, and developers. Her attempts to better understand the crypto space made her realize the strong links of the community with other industries, enriching her perspective of the sector. As someone who spends most of her day online, Rubmar enjoys finding the points where the crypto world meets with her other passions and hobbies –or her favorite memes. In her free time, she usually finds joy in different art forms. As a child, she enlisted in every extra-curricular activity in her hometown, including music classes, dancing, jewelry making, and the local chorus. Despite her many attempts to learn different instruments, Rubmar only knows how to play the xylophone, which she played for 7 years in her school’s marching band. She also has a passion for learning new languages and cultures, having set the goal to learn another six languages – currently attempting to learn Italian and Korean. Scrapbooking, paper crafting, and bookbinding are her biggest interests outside of work, constantly taking classes and attending workshops to learn new techniques. The rest of her free time is spent stressing over football matches and transfer market news or feeding cats –hers or stray. In summary, Rubmar seeks to present entertaining and educational pieces to be enjoyed by everybody, aiming to report on the latest news and offer a unique perspective while adding a meme or a pun whenever possible. Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. 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