Altcoins Remain Subdued Despite Bitcoin's Rally: Why Can't They Get Going?

Bitcoin's recent surge towards all-time highs has not sparked a similar rally in altcoins. This underperformance, highlighted by crypto analyst Miles Deutscher, indicates that the market is not yet ready for an altcoin bull run.

Deutscher's data shows that the OTHERS/BTC ratio, excluding the top 10 coins, is lower than it was eight months ago. Additionally, only eight coins have made new all-time highs against Bitcoin since the FTX bankruptcy, excluding major altcoins like Solana, Ripple, and Cardano. This underperformance is reflected in decreased crypto YouTube views, dropping significantly since 2021.

Deutscher attributes this market dynamic to factors such as Bitcoin-led narratives, specific sector outperformance (memes, AI, RWA), high market dilution, and continuous token unlocks. However, he speculates that altcoins may turnaround, potentially peaking in October 2025, although an earlier peak is possible due to cycle acceleration and macroeconomic conditions.

Crypto trader Cred emphasizes the uneven distribution of returns this cycle, with meme coins outperforming traditional risk curves and market behaviors. Analyst Eugene Ng Ah Sio highlights significant price movements, reset, and deleveraging events in the recent market cycle.