Altcoin Season Delayed – Bitcoin Continues to Outshine Rivals

Bitcoin's dominance in the cryptocurrency market shows no signs of waning, according to Samson Mow, CEO of blockchain infrastructure company Jan3 and one of the industry's most vocal Bitcoin advocates. Contrary to widespread forecasts that suggested Bitcoin's market share would peak at around 60% in 2025, it has already crossed 63%, and Mow asserts that the trend may continue.

Mow offered his analysis during a recent digital conference, where he challenged prevailing narratives about the cryptocurrency market. In particular, he questioned the legitimacy of many altcoins' valuations and highlighted what he considers a widespread misunderstanding: the psychological phenomenon known as "unit bias."

Unit bias, according to Mow, causes new investors to favour buying whole units of lower-priced tokens over fractional shares of higher-priced assets like Bitcoin. "People think in units. They want to own one of something, and if they can't afford one Bitcoin, they look elsewhere," Mow explained. "This is a fundamental misunderstanding of value."

To drive home his point, Mow posed a provocative thought experiment: imagine if all cryptocurrencies had the same maximum supply as Bitcoin, which is capped at 21 million coins. Under such a scenario, Ethereum's price would surge past $9,000, XRP would approach $5,800, and Solana would be valued at approximately $3,400. These theoretical values, Mow argued, reveal how distorted market perceptions have become due to supply differences.

"There is no economic justification for these valuations when you normalise for supply," he stated. "Many of these altcoins are priced the way they are simply because they issue billions of tokens, making each one appear cheap."

Mow went further, suggesting that this pricing strategy is often a deliberate marketing tactic employed by altcoin creators. "It's not an accident. These projects understand how unit bias works, and they structure their tokenomics accordingly to attract retail investors who may not understand the implications."

Other Bitcoin advocates have echoed Mow's concerns, identifying unit bias as a major contributor to irrational market behaviour. They argue that inexperienced investors often make emotional decisions based on price appearance rather than intrinsic value or token utility.

The implications of this psychological bias are significant, particularly in the current market climate. Over the past year, the crypto sector has seen renewed interest from institutional investors, increased regulatory clarity in key jurisdictions, and a proliferation of new blockchain applications. Despite these developments, Bitcoin remains the most recognised and widely adopted cryptocurrency.

According to data from TradingView, Bitcoin's dominance—which measures its market capitalisation as a percentage of the total cryptocurrency market cap—has been steadily climbing. While altcoin supporters continue to anticipate an "alt season," where non-Bitcoin assets rally significantly, that moment may still be some way off.

"Historically, Bitcoin dominance decreases ahead of major altcoin rallies," said Laura Bennett, a market strategist at Blockchain Research Group. "But this cycle appears to be different. Bitcoin's fundamentals are stronger than ever, and it's increasingly viewed as a long-term store of value by both retail and institutional players."

Bennett added that Bitcoin's limited supply, growing adoption as a reserve asset, and its position as the entry point for most new crypto investors make it difficult for altcoins to break through without a major shift in sentiment.

Indeed, the perception of Bitcoin as "digital gold" has only strengthened over time. Major financial institutions, including BlackRock and Fidelity, have expanded their crypto-related offerings to include Bitcoin ETFs and custody solutions, bringing new legitimacy to the asset class. This institutional momentum appears to be reinforcing Bitcoin's dominance rather than diminishing it.

Mow believes that this trend will continue, especially as the industry matures. "We're seeing the market grow up," he said. "Investors are becoming more educated. They're beginning to understand that scarcity, decentralisation, and network security matter."

He also warned of the dangers of treating all cryptocurrencies as equal. "Bitcoin is fundamentally different. It was the first, and it remains the most secure and decentralised network. It's a mistake to lump everything together under the same umbrella of 'crypto.'"

While some altcoins have real-world applications and active development communities, Mow maintains that the vast majority offer little long-term value. "There's a lot of noise in this space," he concluded. "But over time, fundamentals always win."

As Bitcoin continues to assert its dominance, many eyes will remain fixed on market trends and investor behaviour in the coming months. Whether or not altcoins will stage a comeback remains to be seen, but for now, the message from one of the industry's most respected voices is clear: Bitcoin's grip on the market is far from over.

Writer @Erlin

Erlin is an experienced crypto writer who loves to explore the intersection of blockchain technology and financial markets. She regularly provides insights into the latest trends and innovations in the digital currency space.

 

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