The crypto world expected a typical altcoin season in the first quarter of 2025 – a usual occurrence at the end of a bull market where money flows from Bitcoin to other cryptocurrencies. But this year’s story is different.
Bitcoin’s Reign Supreme
Data shows Bitcoin completely outperforming all other cryptocurrencies. This is a significant departure from previous cycles.
Altcoins Underperform Bitcoin
Analyst Darkfost shared some interesting on-chain data highlighting this underperformance. They compared the market cap growth of Bitcoin against large-cap and mid-to-small-cap altcoins. The comparison used the difference between the 365-day and 30-day moving averages (MAs) as a growth momentum indicator.
A faster-growing 30-day MA compared to the 365-day MA shows rapid growth. The opposite indicates slower growth. Darkfost’s data clearly shows Bitcoin’s market cap growth significantly outpacing that of all altcoin categories. This growth ratio is at levels last seen in October 2023, a time associated with a brief altcoin rally followed by Bitcoin’s dominance resurgence. A negative ratio historically signals a significant correction, potentially creating a buying opportunity.
Bitcoin and Ethereum: A Price Check
Currently, Bitcoin is trading around $83,500, and Ethereum is around $1,805 – both relatively stable in the last 24 hours. However, Bitcoin’s Q1 2025 performance (-15%) pales in comparison to Ethereum’s massive drop of nearly double that. This highlights Ethereum’s significant underperformance recently.
