Structural differences between stocks and crypto
In the stock market, retail investors do mostly make a little money from “price increases”—the small price difference—but at least there’s real support behind them: corporate revenue, earnings, dividends, and buybacks. Over the long term, when you buy an index (such as the S&P 500), most companies are still creating value rather than simply telling stories.
Crypto is completely different:
BTC is the only asset the market genuinely treats as “digital gold” or a “store of value.” The vast majority of other altcoins are essentially “narrative + liquidity games.”
Current data also supports the idea that “BTC is performing solo”:
Bitcoin dominance has been stuck around 58–60% for a long time (about 59% according to October 2026 data).
Since BTC’s previous peak, only about 9 of the top 50 altcoins have outperformed BTC; the other 41 have underperformed.
Many “former star coins” have significantly underperformed BTC over the long term, and some have even been cut in half repeatedly in absolute price.
Are other coins actually making money, or just selling a story?
Honestly, most of them are just selling a story:
The very few with sustainable cash flows / real-world use cases
For example, some DEXs, stablecoin-related projects, and protocols with real fee revenue. At least these have some kind of “business” behind them, but there are very few, and they’re often already very expensive.
The vast majority of altcoins
Rotation driven by narratives (AI, RWA, memes, Layer 2, GameFi, etc.)
Relying on unlock-related selling pressure, insider token allocations, and market makers controlling the price
Faith that “the next bull market will definitely be my turn”
Once BTC loses momentum and liquidity tightens, these coins get brought back down to earth. Many projects have fallen 80–95% against BTC since their 2021 highs.
Structural change
Institutional capital (spot ETFs and corporate treasuries) now flows almost exclusively into BTC, with very little rotating into altcoins. The classic playbook of “BTC rallies first → capital rotates into altcoins” has clearly weakened. Now it’s “BTC goes up, altcoins might follow a little; BTC goes down, altcoins fall harder.”
Conclusion
If retail investors in crypto are hoping to “make a little money from a rally,” buying BTC at least means participating in the asset with the strongest market consensus.
If you buy most altcoins, there’s a high chance you’re using your own money to help project teams, early holders, and market makers sell their story—and get you to hold the bag.
Very few coins can consistently create value; most ultimately remain “story coins.” BTC stealing the show isn’t a coincidence—it’s the result of where the market is putting its money.
