A new study by Bitcoin services company Swan shows that most cryptocurrencies other than Bitcoin — known as altcoins — lose value quickly when compared to Bitcoin itself. In simple terms, Bitcoin is holding strong while most altcoins are falling behind.
Altcoins vs. Bitcoin: A Losing Battle?
Swan shared their findings in a detailed thread on X (formerly Twitter), saying:
“Altcoins don’t just underperform Bitcoin. They collapse against it.”
The research looked at the top 300 altcoins over the past five years. It measured how long it took each one to lose 90% of its value compared to Bitcoin after hitting their all-time highs (ATH).
Their results were surprising — and not in a good way.
Most altcoins hit that -90% drop in just 10 to 20 months. Some even collapsed faster.
For example:
Litecoin (LTC) dropped slowly over nearly 6 years, and Monero (XMR) had the slowest slide, also taking 6 years to fall that much.
Terra (LUNA1), Ontology Gas (ONG), and Bitgert (BRISE) lost 90% of their value in less than 2 months.
Even big-name coins weren’t safe. Cardano (ADA) and XRP took about 3 years to lose 90% of their peak value.
Still Hanging On… For Now
There are still 45 altcoins that haven’t yet lost 90%, but Swan believes they’re likely headed that way too. On average, these coins are already down 76%, and even the “best” one is still down 43% against Bitcoin.
Swan summed it up like this:
“Bitcoin is still the best choice for protecting your money. Altcoins don’t hedge against it — they just lose value compared to it.”
They also pointed out a common mistake: people often remember only the altcoins that “make it” and ignore the hundreds that quietly fail. This is called survivorship bias — focusing on the winners while forgetting the losers.
Swan’s John Haar put it bluntly:
“With results like this, it’s shocking that altcoins still exist. But hey, people love to gamble.”
Will We Ever See Another Altcoin Season?
Altcoin season — a time when altcoins rise faster than Bitcoin — may be a thing of the past. One big reason is the explosion of new tokens.
According to CoinMarketCap, over 1.8 million tokens were launched just last month. That’s more than ever before — but quantity doesn’t mean quality.
In fact, a recent report found that 89% of tokens listed on Binance in 2025 are already in the red. Most new tokens are driven by hype, memes, or short-term trading, not real-world use or value.
And because there are now so many tokens, trading volume and attention are being spread thin — making it harder for any one altcoin to shine.
Bitcoin Stays Strong
Bitcoin, on the other hand, continues to lead the market. It’s gaining strength thanks to:
- Institutional investment (big players like BlackRock entering the space)
- Growing trust from regulators
- And a strong track record over the past 15 years
During previous cycles, altcoin seasons followed Bitcoin rallies. But in this new era, Bitcoin seems to be separating itself from the rest — possibly for good.
