Why Altcoins Crashed 58% While Bitcoin Barely Blinked

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10x Research
May 08, 2025

Why Altcoins Crashed 58% While Bitcoin Barely Blinked

Why This Report Matters

The altcoin market has diverged sharply from Bitcoin—on average, the top 140 tokens are down 58% since their December 7, 2024 peak, while Bitcoin is flat to down just 3%. In this report, we reveal the tactical indicator that flagged this underperformance and explain why monetary policy pivots and massive token unlocks have crushed altcoin sentiment. You’ll learn why Bitcoin dominance has surged from 49% to 64%, why Ethereum and Solana slumped despite broader crypto gains, and how venture capital pressure compounds the selling pressure. We unpack the macro, technical, and risk views to show why the trade remains clear: long Bitcoin, short altcoins. Finally, we outline an actionable hedge strategy and pinpoint the catalysts that could overturn our thesis. (see also our report from January)

Top 140 token performance since December 7, 2024 - average decline -58%

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