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Home»TRADING NEWS»Since the FTX collapse, only eight altcoins have broken the ATH against Bitcoin.
TRADING NEWS

Since the FTX collapse, only eight altcoins have broken the ATH against Bitcoin.

By Crypto FlexsJune 1, 20243 Mins Read
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Since the FTX collapse, only eight altcoins have broken the ATH against Bitcoin.
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During this bull cycle, the cryptocurrency market has been enjoying bullish momentum outside of Bitcoin’s peak. However, investors are expecting a huge explosion that will push altcoins to new highs.

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As the cryptocurrency industry waits, only eight altcoins have reached new all-time highs (ATH) against Bitcoin since the fall of FTX, according to online reports. A cryptocurrency analyst shared his thoughts on the matter.

Altcoins have underperformed Bitcoin this cycle

On Friday, cryptocurrency analyst Miles Deutscher shared an interesting fact about the cryptocurrency market. Since November 2022, only eight altcoins have broken the previous ATH for the flagship cryptocurrency.

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

RNDR is the latest to achieve this on March 11th, and it is worth noting that the list only includes altcoins that were launched before FTX collapsed.

Altcoin, cryptocurrencyAltcoin, cryptocurrency
The original post lists altcoins that can achieve ATH against BTC. Source: Miles Deutscher on X

Deutscher explained that despite the initial shock, the news made sense to him and highlighted several implications based on the unusual nature of this run.

First, analysts believe asset selection dynamics have changed from previous cycles. Investors were “punished” for being overexposed to certain sectors, such as L2 and gaming, and “rewarded” for participating in other sectors, such as Memecoins and AI.

In contrast, in the last cycle, “you can basically bet anything and win $BTC.” According to analysts, the market is likely to continue to experience outperformance by certain sectors despite retail liquidity injections.

He also explained that “crypto is an attention economy” and money will flow where there is interest. As a result, even projects with the best technology won’t get anywhere unless there’s an interesting reason to buy into them.

Deutscher’s second takeaway highlights the current ATH dilution in the market. As he points out, thousands of new products are being launched every day and “low float/high FDV VC coins are being released in the billions.” These launches appear to be outpacing new liquidity, and as a result, altcoins are struggling to perform.

More space to catch up

The analyst’s third point explains that the bull market was driven by Bitcoin and the spot BTC exchange-traded fund (ETH). Based on this, he doesn’t think it’s surprising that altcoins have “barely been pumped” so far.

Various cryptocurrency analysts and experts share this opinion. Alex Krüger previously stated that the cycle was “almost entirely” driven by the momentum of Bitcoin ETFs.

Deutscher sees the altcoin’s underperformance as a bullish signal, as Bitcoin’s dominance played a significant role in previous cycles. For him, this performance gives him “more room to catch up” and could push the altcoin to unseen highs.

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The analyst believes the market needs another catalyst for a true altcoin season. Nonetheless, he emphasizes that many investors achieved record first-quarter performance “even while most alternative stocks were slightly bullish.”

Ultimately, Deutscher believes there’s still room for big returns this cycle, “even without the face-melting alt season we all crave.”

Altcoins, total 2, altcoin market capitalizationAltcoins, total 2, altcoin market capitalization
According to the weekly chart, the altcoin’s market cap stands at $1.13 trillion. Source: TOTAL 2 on TradingView

Featured image from Unsplash.com, chart from TradingView.com

Source: NewsBTC.com

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