Bitcoin’s resilience in the current market cycle is becoming increasingly evident, with data from crypto analytics firm CryptoQuant showing it leading the pack in proximity to its all-time high (ATH). Interestingly, TON and BNB are also showing relative strength, joining Bitcoin as the cryptocurrencies closest to reclaiming their peak prices.
CryptoQuant’s Price Drawdown Heatmap reveals the stark contrast between Bitcoin and the majority of altcoins. While Bitcoin remains nearest to its ATH, followed by BNB, TON, SOL, and ETH, most other altcoins languish far from their previous highs, with drawdowns ranging from 74% to a staggering 97%.
This disparity in performance is a key driver of Bitcoin’s growing market dominance. Although altcoins occasionally experience short-lived price rallies, they consistently fail to sustain momentum and often retreat to historic lows.
The report highlights a notable shift in market dynamics compared to previous cycles. Despite Bitcoin reaching new highs in 2024, altcoins have yet to demonstrate the kind of strength witnessed during the 2021 bull run. Nearly ten months have passed without a significant altcoin resurgence, suggesting a slower, more cautious, and uncertain market environment.
TON’s performance is particularly noteworthy. Its resilience, alongside Bitcoin and BNB, indicates growing traction within the current cycle. This observation further underscores the evolving landscape of the cryptocurrency market, where select projects demonstrate strength while others continue to grapple with significant losses.
