- Crypto analyst Jesse Myers highlights that with over 36 million altcoins saturating the market, their collective strength has significantly weakened, resulting in growing Bitcoin dominance.
- Myers notes that many altcoins fade into irrelevance but rarely hit zero value, leaving a large portion of the market as illiquid leftovers.
Since the beginning of 2025, altcoins have been struggling big time with top digital assets like Ethereum (ETH), Solana (SOL), Cardano (ADA), and Dogecoin (DOGE) correcting anywhere between 35-40% each. Some market analysts believe that the altseason has been permanently cancelled.
Popular Bitcoin analyst Jesse Myers noted that more than 36 million altcoins have flooded the market over the past few years. As a result, the value of the overall space has dropped considerably. Commenting on this situation, Myers said: “This has only made Bitcoin stronger”.
Growing Bitcoin Dominance Amid Altcoins Decline
With the number of altcoins in the market continuing to rise, crypto analyst Jesse Myers said that there’s a growing trend of Bitcoin dominance. According to Myers, while the sheer quantity of altcoins has increased, their collective influence for the altseason has diminished since 2021.
“Bitcoin dominance has been steadily climbing as more altcoins fail to maintain relevance,” Myers stated. He also emphasized that even when altcoins fade, they rarely reach zero value. Instead, they often trade at minimal market caps of $10,000 or $100,000.
The analyst pointed out that with more than 36 million such “illiquid leftovers,” a large part of the overall crypto market cap comprises inactive or low-liquidity coins. Furthermore, Myers added that “Bitcoin is now approaching effective total dominance,” highlighting its strength while further reducing the chances of an altseason moving ahead.
How Bitcoin is Winning But Altseason Is Delayed?
Crypto analyst Jesse Myers highlighted three key reasons why Bitcoin is winning the game against altcoins, leading to a delayed altseason. He explains three key reasons why BTC has solidified its market position.
- Digital Scarcity as a Unique Phenomenon: Bitcoin’s creation marked the inception of digital scarcity, a groundbreaking innovation that cannot be replicated. This one-time phenomenon places Bitcoin at the forefront of the cryptocurrency space.
- Network Effects and the Power of Money: Money thrives on network effects, often consolidating around a single entity. Using game theory, the analyst explains that if 100 strangers were asked which cryptocurrency they believe will dominate, the answer would likely align with Bitcoin. This concept, known as a Schelling Point, reinforces Bitcoin’s role as the focal asset in the digital economy.
- Crypto Catch-22 Blocks True Competitors: The analyst also referenced the “Crypto Catch-22,” a structural challenge that prevents genuine competition from emerging against Bitcoin. This paradox ensures Bitcoin’s unparalleled position in the market remains unchallenged. As mentioned in our previous report, even big players like Goldman Sachs are investing in Bitcoin.
