Eight Altcoins Hit All-Time High in Bitcoin Bullish Cycle: Analyst Reports

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Amid the current bullish cycle, the cryptocurrency market has been riding on Bitcoin’s surging tide, soaking up the strong price momentum. Market-seekers, however, have been yearning for a tectonic price eruption that could thrust altcoins into a new high.

As the market anticipates, word emerged on the cyberspace that, post the decline of FTX, only a handful – precisely eight – altcoins have scaled a new zenith in terms of all-time high (ATH) against Bitcoin. The whispers across the digital sphere were given voice by a crypto analyst who decided to dive deeper into this interesting unfolding narrative.

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On a cool Friday, Miles Deutscher, an eagle-eyed crypto market analyst, shed light on a rather intriguing fact in the world of digital assets. Since the outset of the last month of autumn in 2022, merely eight altcoins have catapulted their respective previous ATH against the pioneer cryptocurrency.

In the elite list of these superior achieving tokens emerged names like Render (RNDR), Tellor (TRB), Injective (INJ), Astar (ASTR), SSV Network (SSV), SingularityNET (AGIX), True Wallet Token (TWT), and Binance Coin (BNB).

A noteworthy point that surfaced during Deutscher’s analysis was that RNDR was the most recent of these altcoins to achieve this milestone on the 11th of March. The list, however, was constricted to include only those altcoins that embarked on their journey before the cataclytic collapse of FTX.

Taken aback initially, Deutscher, however, found resonance with the information and derived some interesting insights based on the distinct characteristics of the current run. He proposed that the dynamics of selecting assets have disoriented from previous market cycles, resulting in investors being penalized for overexposing themselves to particular sectors such as L2 and gaming.

Contrastingly, these investors were rewarded for their engagement in other sectors such as Memecoins and AI. This trend presented a stark difference from the last cycle, where any bet could outperform Bitcoin. Deutscher anticipates that the market may continue to witness sector-specific outperformance, irrespective of the retail liquidity influx.

Offering a snapshot of the digital asset world, Deutscher noted that cryptocurrency is an attention economy where investors’ money will flow to areas garnering attention. Exceptionally innovative projects, in the absence of an exhilarating incentive, might fail to rally.

Adding another layer to his analysis, Deutscher pointed out the current ATH dilution in the market. With daily launches of scores of new products and low float/high FDV VC coins launching in billions, this product proliferation seems to be outstripping new liquidity, resulting in altcoins struggling to pick up steam.

However, the silver lining as per Deutscher lies in the fact that this underperformance of altcoins, instead of being a dark omen, could signal bullish times ahead. He pointed to Bitcoin’s dominance in leading the bull run, powered by the spot BTC exchange-traded funds (ETH), as the key factor behind altcoins’ lackluster performance.

The belief that this dominance could provide fertile ground for altcoins to eventually catch up and race to record highs resonated with several crypto analysts and experts. A similar sentiment was echoed by Alex Krüger who suggested that the current cycle has been steered almost entirely by the momentum of Bitcoin ETFs.

Deutscher opines that the market is poised for another catalyst to usher in a full-blown Altcoins season. Yet, he emphasizes that many investors enjoyed a record Q1 even amidst mediocre bullishness. He remains optimistic about the prospects of making considerable profits in the current cycle, even in the absence of a spectacular altseason. At present, the market capitalization of altcoins stands tall at $1.13 trillion, according to the weekly chart from TradingView.