Altcoin Performance Challenged as Most Large Coins Show Little Movement

A crypto trader has questioned whether altcoins are truly outperforming Bitcoin after comparing their prices on specific dates. The analysis found that most large altcoins barely moved during a 17-day period when Bitcoin remained relatively unchanged.

The comparison was made between August 22 and September 9, when BTC traded at $78,313 and $78,440 respectively, showing little change over the two weeks. Against this baseline, Ethereum (ETH) declined by 1%, Ripple's XRP fell 2%, Dogecoin (DOGE) dropped 2%, Tron lost 1%, and Cardano (ADA) was down 3%. However, Avalanche (AVAX) bucked the trend with a gain of 2%.

The trader pointed out that six of the nine largest altcoins were only slightly higher than their August 22 levels, suggesting they tend to follow Bitcoin's movements. 'A coin that only moves louder than Bitcoin is still following Bitcoin,' he noted.

Not all altcoins fared poorly, however. Solana gained 10%, BNB rose 9%, and Chainlink climbed 5%. But the trader warned that traders needed to have owned these coins before their narratives became widely discussed, as entering after the fact means missing out on much of the gain.