Analyst Dennis Liu, who posts on X as VirtualBacon, says altcoin season has not started, because the average altcoin is only about 10% ahead of $BTC since the primary cryptocurrency’s bottom.
According to him, a handful of strong coins are making the market feel hotter than the data supports.
Most Altcoins Still Trail Bitcoin
Liu’s argument rests on relative performance rather than a few eye-catching rallies. He pointed to the Total 2-to-Bitcoin ratio, which compares the market value of cryptocurrencies other than Bitcoin with $BTC, and described the chart as “very flat.”
