Bitcoin Dominance Defines Market Cycle as Altcoins Lag

A new report from Glassnode and Bybit highlights that Bitcoin has been the only consistent winner in the crypto market for the past two years, with most altcoins failing to keep pace.

The report, published on September 20, 2026, frames this stark divergence as the defining feature of the current market cycle. While Bitcoin has performed strongly, speculative activity and “froth” have instead concentrated in the market’s riskiest corners, such as memecoins and highly volatile altcoins, which have largely failed to deliver sustained gains against BTC.

This trend underscores a prolonged period of Bitcoin dominance, where capital has favored the original cryptocurrency over a broad basket of alternatives. The data suggests a market where Bitcoin is doing the “heavy lifting” for overall sector performance.

The persistent underperformance of altcoins relative to Bitcoin marks a significant shift from previous cycles, where altcoin seasons often delivered outsized returns. Investors holding diversified portfolios excluding Bitcoin have faced a challenging environment since 2024.