Altcoins Outshine Bitcoin Amid Strait of Hormuz Tensions

Cardano (ADA) and Hyperliquid (HYPE) are outperforming major cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), and XRP. According to data from Stocktwits, ADA's price rose by more than 4% in the last 24 hours, while HYPE's price increased by over 3%. In comparison, BTC traded 1% higher, ETH gained 0.3%, and XRP was 0.2% higher.

The geopolitical uncertainty surrounding the Strait of Hormuz has been a major concern for investors. The U.S. and Iran have sent mixed signals about their talks to end their nearly six-month conflict. Iranian military adviser Mohsen Rezaei warned that if the U.S. continues its naval blockade, Iran will target them.

Analysts at Bitfinex suggest that Bitcoin may be nearing a pivot, with on-chain data indicating a redistribution of supply rather than capitulation. This is evident in the fact that 54.6% of the circulating supply of BTC remains in profit, leaving the average holder near break-even.