Altcoin Rally May Be Limited to Few Tokens, Trader Says
A recent claim that altcoins are outperforming Bitcoin has been challenged by crypto trader Denis Liu, known as 'VirtualBacon' on X. He compared prices of top altcoins to Bitcoin's performance over two dates: August 22 and September 9, when BTC was trading at almost the same level.
On these dates, Ethereum (ETH) was down 1%, Ripple’s XRP fell 2%, Dogecoin (DOGE) declined 2%, Tron lost 1%, and Cardano (ADA) was down 3%. Only Avalanche (AVAX) showed a gain of 2% among the larger names.
Liu argued that six of the nine largest altcoins were within a few percentage points of their August 22 levels, moving higher when Bitcoin rose and then giving back those gains when BTC stalled. He noted that Solana gained 10%, BNB rose 9%, and Chainlink climbed 5% over this period.
Liu held that traders should be cautious about chasing altcoin performance, as it often means entering after much of the move has already happened. He chose to stick with Bitcoin rather than investing in the stronger-performing altcoins.