Altcoins 'Basically Dead' as Bitcoin Dominance Continues
Crypto expert and Swan Bitcoin CEO Cory Klippsten believes that altcoins are 'basically dead' as competitors to Bitcoin, which is becoming increasingly institutionalized. According to a report from Wintermute, institutional counterparties accounted for 72% of spot trading flow across all tokens on its OTC desk in the first half of 2026.
Klippsten argues that centralized crypto businesses will eventually face the same regulatory framework as traditional financial institutions and may be 'sucked up' by them. He points to Hyperliquid, a business with a token that has generated $5.9 million in revenue over the past week, ranking fifth among DeFi protocols.
The HYPE token has outperformed Bitcoin year-to-date, rising 130%, while Bitcoin fell 28%. However, institutional capital is increasingly concentrated on assets with deeper liquidity and stronger market demand, suggesting that future altcoin rallies may look different from previous cycles.