The One Chart Explaining Why Altcoins Still Aren’t Moving

Actionable Market Insights

Author

10x Research
June 03, 2025

Why This Report Matters

Altcoin bulls were promised fireworks—what crypto Twitter once called the "banana zone"—but reality has delivered a slow grind. Despite Bitcoin reaching new all-time highs and attracting deep-pocketed institutions, altcoins are stuck in neutral, weighed down by relentless unlocks and a narrative void. The old playbook of hype and leverage isn’t working in a world of 4.5% bond yields.

Even Ethereum, once the heart of crypto innovation, has settled into staking for a modest yield. So what’s really holding altcoins back this cycle—and who, if anyone, is still buying? The answers reveal a very different market structure than many expected.

Altcoin Market Cap (LHS) vs. Bitcoin Market Cap (RHS) - both trillion USD

Main Argument

It doesn’t take much to trigger altcoin pumps; a few well-placed buy orders can easily overwhelm low liquidity. However, sustaining those rallies is a different story. That requires broader participation from retail investors, and that’s where the real challenge lies. For over a year, crypto Twitter has repeatedly promised an explosive altcoin season, what some dubbed the “banana zone.” But that narrative has yet to materialize. Despite the hype, we still aren’t seeing the key ingredients needed to support such a rally.

Market Updates

Become a paying subscriber of Market Updates to get access to this post and other subscriber-only content.

Already a paying subscriber? Sign In.

Most comprehensive, unbiased digital asset research for traders and institutions:

  • • Receive 2-4 concise, informative Market Updates reports per week.
  • • We cover everything that impacts the price of Bitcoin and other major cryptos, from on-chain data to macro and market structure (funding rates, money flows, etc.). Our insights are trusted by some of the largest hedge funds and traders in the industry.
  • • You'll gain full access to our in-depth 'Market Update' analysis, informed by our experience at leading investment banks like Goldman Sachs, Morgan Stanley, and JP Morgan, as well as managing hedge fund capital at Millennium.
  • • We rigorously backtest our insights and are unafraid to call bullish or bearish market conditions. Our research is unique and grounded in solid financial analysis, offering perspectives you won't find anywhere else.
  • • --------------
  • • Our clients include hedge funds, traders, liquidity providers, exchanges, family offices, proprietary traders, institutions, high-net-worth individuals (HNWIs), CEOs of major listed Bitcoin mining companies, executives from crypto service providers, TradeFi portfolio managers, etc.