The latest data from Coin Metrics has shown that among the top 12 cryptocurrencies by market cap, Bitcoin was one of the worst-performing major cryptos last week. The bullish case for the world’s largest cryptocurrency is becoming harder and harder to justify, especially when compared to coins such as Tezos and Binance Coin, which saw their prices rise 41 and 31 percent last week.
A strong bullish trend sweeps over altcoins, leaving Bitcoin behind
The crypto industry has seen unparalleled growth in 2020. Aside from a few isolated consolidations, almost every coin on the market has seen its price skyrocket and its trading volume soar since the new year began.
And while many expected this to be the year when Bitcoin finally enters a bull rally that will put its 2017 boom to shame, the world’s largest cryptocurrency still has a long way to go. While the market did come out of the crypto winter, it seems to have entered the alt season instead of the much-awaited Bitcoin spring.
According to the latest State of the Network report from Coin Metrics, most cryptocurrencies have continued their hot start to 2020 into last week. But, while Bitcoin led the way in 2019, we have now seen many smaller-cap altcoins outperform it. The report said:
“Market breadth is quite positive with nearly all assets in our coverage universe holding onto strong weekly gains.”
Ethereum outpaced Bitcoin both in returns and in user growth. The world’s second-largest cryptocurrency posted five days of consecutive positive returns from Feb. 5 to Feb. 9, a pattern that has happened only 21 times in its history.