A report from Glassnode and Bybit identifies the gap between Bitcoin and the rest of the crypto market as the defining feature of the current cycle. Its findings point to Bitcoin carrying much of the market’s performance over the past two years, while assets beyond BTC have generally represented a losing holding strategy. At the same time, speculative activity has become concentrated in the riskiest parts of the market, according to the report. The combination of Bitcoin’s relative strength and renewed froth in higher-risk assets highlights a sharply divided crypto landscape. For market participants tracking assets such as ARK and Verge (XVG), the report’s central message is that performance has not been broadly distributed across cryptocurrencies. Instead, Bitcoin has done the heavy lifting while riskier corners have attracted speculation without matching its results.
