- Market experts, with a twinkle of skepticism, foresee a tumultuous path for the altcoin sector should Cardano and its ilk embrace the BTC treasury trend.
- In a surprising twist, HYPE, TAO, and PEPE have outshone Bitcoin in the past 90 days. Who would have thought? 🤔
Ah, the traders, those hopeful souls, eagerly anticipating a grand altcoin season rally, may soon find themselves grappling with a rather disheartening reality. 😅
According to the astute Jeff Park, the Head of Alpha Strategies at Bitwise, and the ever-eloquent Adam Back, founder of Blockstream, the sector stands on the precipice of upheaval as protocols leap onto the Bitcoin [BTC] treasury bandwagon. In a rather sardonic post on X, Park quipped,
“Subpar altcoins ditching their own assets to build a BTC treasury was not on my 2025 bingo card. World is healing.”
This remark was a reaction to the audacious proposal by Cardano’s founder, Charles Hoskinson, to exchange a staggering $100M ADA for Bitcoin, all in the name of treasury diversification. How quaint! 😏
Altcoins vs Bitcoin
For the ever-analytical Adam Back, Cardano’s maneuver would not only bolster BTC but also herald the impending doom of the altcoin market. He lamented,
“Not only is ALT-SZN cancelled, but ALT-capitulation is upon us, as insiders self-dump to acquire #bitcoin for their own slush funds.”
On average, the broader altcoin market has plummeted by 50% against BTC since last November’s fleeting altcoin season. A rather dismal fate, wouldn’t you agree?
For instance, the attached chart, which tracks the total crypto market excluding the top 10 assets (the ‘others’) against BTC or the alts/BTC ratio, has been on a downward trajectory since 2021.
Despite the remarkable rallies of late 2023 and late 2024, the sector has found it rather challenging to outshine Bitcoin. After the brief altcoin pump in late 2024, Bitcoin’s dominance only ascended further – a clear indication that investors are favoring BTC over altcoins.
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In essence, Bitcoin has fortified its position against most altcoins, as evidenced by the soaring BTC dominance. Yet, there are a few outliers that have outperformed BTC by a factor of 2-10x in the last 90 days.
So, despite the sluggish state of the altcoin sector, there may still be hidden gems that could outpace BTC in returns. Who knows? Perhaps fortune favors the bold! 💎
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2025-06-17 03:15