Are We Really in an ‘Altcoin Bull Run?’ Top Analyst Says Only 8 Coins Have Outperformed Since FTX Debacle

Analyst Miles Deutscher stated that we are not currently in an altcoin bull run—not even close. If you’re struggling with this cycle, you’re not alone. He recently analyzed the data, revealing some surprising truths about the current market state.

At first glance, it might seem like crypto sentiment should be euphoric because Bitcoin ($BTC) is nearing all-time highs (ATHs), meme coins are exploding and celebrities are promoting crypto again. However, the reality is different. Most retail investors don’t hold large amounts of Bitcoin; they are invested in altcoins, which have significantly underperformed this cycle.

The OTHERS/BTC ratio, which measures the total crypto market cap excluding the top 10 coins, is now lower than it was in October 2023 (8 months ago). This paints a clear picture of the current market situation. Since the fall of FTX, only 8 coins have surpassed their previous ATHs compared to Bitcoin. Altcoins (TOTAL3) are still 70% away from their previous highs, while Bitcoin is nearing its ATH.

Miles wrote on X, “This has been a Bitcoin-narrative led cycle. The narrative that propelled BTC to ATHs was the spot ETF narrative, and the strong corresponding inflows. Although BTC and altcoins are interlinked, there hasn’t been a strong broader market catalyst yet, like BTC has had.

Since Bitcoin started its strong rise from $27k in October, altcoins haven’t seen a sustained rally. The altcoin market phases over the last three quarters show this has been a Bitcoin-narrative led cycle, driven by the spot ETF narrative and strong inflows.

Although Bitcoin and altcoins are interlinked, altcoins haven’t had a significant broader market catalyst like Bitcoin. Specific narratives, such as memes, AI, and real-world assets (RWA), have outperformed, with major altcoins lagging behind. If you haven’t been well-capitalized in these sectors, you’ve likely felt FOMO and the strong temptation to rebalance your portfolio.

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