After a remarkable bull run, Bitcoin’s price started to slide a bit over the past week. As of this writing, it has fallen nearly 12% against the USD over the past seven days, although with a price above $34,000, it’s still well above where it was a month ago.
So what’s happening to the altcoin market? Altcoin prices are inevitably influenced by Bitcoin’s price, but interestingly, they don’t seem to be following BTC on its most recent slide yet.
Using Messari’s price data, we looked at 69 tokens — every token with a daily reported trading volume of at least US$100M. Among these, only 33% have seen their price slide against USD. The remaining 66% have seen their prices rise over the past week, and more half of the 46 tokens that gained against the US are up by more than 10%.
Among tokens that have seen their prices slide, Bitcoin has seen one of the most dramatic drops. Just five tokens — Wrapped BTC, Dash, Bitcoin SC, Zcash, and Maker—have seen their prices drop by more.
Put another way: 92% of crypto tokens have performed better than Bitcoin over the past seven days.
Of course, it’s important to keep Bitcoin’s slide against other crypto tokens in perspective. First, there’s a good chance it’s only temporary. And second, it would have to drop much, much further to lose the first-place crown among cryptocurrencies.
Ethereum may be up more than 22% vs. Bitcoin over the past week, but its market cap could quadruple and it would still be behind Bitcoin.