Exchange Ranking
Top Exchanges
24h Volume Ranking
Popularity Ranking
Exchange BTC Balance
Proof of Reserves
Decentralized Exchanges
Funding Rate
Funding Heatmap
Liquidation Data
Max Pain
Long/Short Ratio
Whale L/S Ratio
Binance/Okex/Huobi L/S
Bitfinex Margin L/S
ETF Tracker
Solana ETF
XRP ETF
Hong Kong ETF
Bitcoin Treasuries
Crypto Reversal
Ethereum Reserves
HyperLiquid Wallet Analysis
Hyperliquid Whale Watch
Large Transactions
On-chain Movement
Bitcoin ROI
Stablecoin Market Cap
Options Analysis
News
Articles
Economic Calendar
Features
Wallet
Contract Calculator
Security
Collections
Watchlist
Following
BTC 
HYPE 
NEAR 
TAO 
TRX 
UNI 
XMR 
ZEC 
LEO Since Bitcoin hit a new high, finding altcoin winners has not been easy
Since Bitcoin hit a record high last year, discovering well-performing altcoins in the crypto market has not been as easy as imagined. Glassnode data shows that during the peak period of Bitcoin, only nine assets among the top 50 altcoins by market capitalisation performed better than Bitcoin. In addition, this gap is quite significant.
Zcash (ZEC) topped the list with a clear advantage, followed by HYPE, XMR and NEAR. This situation shows that in the altcoin market, high risk does not always mean high returns.
Which altcoins surpass Bitcoin?
According to Glassnode data, ZEC showed the strongest performance compared to Bitcoin. During the same period, Zcash's yield was approximately 14 times that of Bitcoin. HYPE ranked second with an increase of approximately 2.9 times, XMR was approximately 2.6 times that of Bitcoin, and NEAR was 2.1 times. UNI, TRX, LEO and TAO are also among the few altcoins that outperform Bitcoin.
However, the other end of the list is more eye-catching. Among the top 50 altcoins, 41 assets lag behind simply holding Bitcoin. It should be noted that this does not mean that these altcoins will inevitably lose money when denominated in US dollars. What this comparison reveals is the opportunity cost of diverting funds from bitcoin to riskier altcoins.
Why is it so difficult to choose altcoins?
这些数据重新引发了加密市场中的一个核心问题：提前选出能带来收益的山寨币究竟有多大的可行性？回顾过往表现，答案并不明朗。尽管前 50 大山寨币中的大多数未能超越比特币，但仍有少数群体做到了这一点，且获胜者之间的表现差异巨大。ZEC 便是最典型的例子，而 HYPE、XMR 和 NEAR 虽然也跑赢了比特币，但与 ZEC 相比仍存在显著差距。
这种情况也削弱了“山寨币季节”期间所有山寨币同步上涨的传统观念。
山寨币正在对比特币形成反弹吗？
最新数据表明，这一故事可能正在发生变化。根据 Glassnode 更新的近期市场数据，超过 72% 的被追踪山寨币在过去一周内跑赢了比特币。这一比例远高于 8 月份突破式反弹期间出现的约 39% 的峰值。
此外，这一走势似乎并未得到大量衍生品杠杆的支持。Glassnode 指出，山寨币永续合约的未平仓头寸在过去一个月内仅小幅增加。这一进展也将 Glassnode 的山寨币周期信号（Altcoin Cycle Signal）指标推入了山寨币季节区域。
山寨币势头强劲，但比特币的市场份额依然稳固
Still, the strong performance of recent weeks provides insufficient evidence for altcoins to establish a permanent advantage over Bitcoin. Glassnode's previous assessment pointed out that although altcoins have risen significantly in dollar terms, they have not gained meaningful market share. In the past 30 days, the total market value of altcoins has increased by 21%, but the 90-day market share change of altcoins relative to Bitcoin remains at-0.9%.
In short terms, more altcoins have outperformed Bitcoin in the short term. But on a more macro perspective, there is not enough data yet to show that funds are flowing from Bitcoin to altcoins on a large and permanent basis.
The interesting point here is that in the long run, the number of altcoins that can surpass Bitcoin is extremely limited, but the recent pattern has suddenly reversed. Whether this change is sustainable will be one of the most concerned issues in the current altcoin market movement.
This content is based on general market data and does not constitute investment advice. Readers are advised to conduct independent research.
