VirtualBacon says Bitcoin’s hold on the market is as firm as ever, notwithstanding a few altcoins that have put in a brief showing of outperformance. The numbers tell the story: since the turn of the year, the average altcoin has only managed a 10% increase against Bitcoin.
Altcoin Performance Fails to Challenge Bitcoin
There are exceptions, to be sure. Zcash and VeChain have posted some short-term figures worth noting, but they are anything but stable and can’t match what Bitcoin brings to the table in terms of market power. VirtualBacon points out that such rallies are erratic and do not have the staying power to dent Bitcoin’s dominance.
Then you have Ethereum and XRP, which have only just outpaced Bitcoin over this stretch. Solana and BNB are in much the same position, sitting slightly ahead of it. But one would be hard pressed to find any growth among these assets that could be read as a change in who leads the market.
Market Data Signals Weak Altcoin Activity
According to VirtualBacon, the story for altcoins has been one of underperformance in most of the market. While there have been some sporadic surges, the sector as a whole has put on a mere 10% against Bitcoin since January, a modest number that speaks to the lackluster activity on display.
On top of that, the majority of altcoins are hovering around their cycle lows and are hardly overvalued. The expert points out that with capital not making any significant moves away from Bitcoin, it is clear the market is nowhere near the kind of classic ‘altcoin season’ one might expect.
Is an Altcoin Season on the Horizon?
The figures do not bear out the notion of an altcoin season in full swing, even if some traders are feeling optimistic. With Bitcoin’s dominance unshaken, the modest showing from a few altcoins is not indicative of any sort of market-wide shift.
VirtualBacon maintains that the altcoin sector is only just beginning to recover. In the meantime, Bitcoin retains its place at the top and there is no evidence of the kind of momentum one might expect from the altcoins.
Every call by VirtualBacon and how it played out — in the BuyCrypt bloggers tracker.
Source — VirtualBacon: https://www.youtube.com/watch?v=N36kEvOIOoA
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