Only nine of the fifty largest altcoins have outperformed bitcoin since BTC's peak last October, according to Glassnode data. Zcash leads the pack by a wide margin, while 41 of the top 50 alts have failed to beat simply holding bitcoin. Glassnode's more recent figures suggest the balance may be starting to shift.
Bitcoin has fallen from a peak of $126,000, yet it has still outperformed almost every altcoin over the period. Fresh data from Glassnode shows that only nine of the fifty largest altcoins at the time of BTC's October peak have since generated returns better than bitcoin's.
Zcash Leads, Most Alts Lag
Zcash (ZEC) is the standout winner, delivering almost 14.5 times bitcoin's return over the period. HYPE trails far behind in second place with gains of around 2.9x, while XMR and NEAR posted increases of 2.6x and 2.1x against bitcoin, respectively. UNI, TRX, LEO, and TAO round out the list of outperformers.
That leaves 41 of the original top 50 unable to beat simply holding bitcoin. Underperforming against BTC does not necessarily mean these tokens lost money in dollar terms — the comparison instead measures the opportunity cost of moving capital out of bitcoin in search of larger gains elsewhere. It also underscores how hard the familiar "altseason" narrative is to trade in practice: knowing that a handful of alts could outperform is very different from picking which ones beforehand.
Signs of a Shift
Glassnode's more recent, deeper market data suggests altcoins have started putting up a stronger fight. Over the past week, more than 72% of the tokens it tracks outperformed bitcoin, compared with a peak of just 39 during August's breakout rally. Glassnode found little evidence that the move is being powered by excessive leverage, with altcoin perpetual open interest barely increasing over the past month.
Source: CryptoPotato
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