
What you’re looking at is the Ratio of Total Market Cap (Excluding Top 10) to BTC – and it’s been in a relentless downtrend since the start of 2022. That’s nearly 4 years of consistent underperformance from smaller altcoins relative to Bitcoin.
We’re now approaching the final demand area around 0.075, last visited during the deep bear markets of 2018-2019.
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