While Bitcoin continues to hold strong above $90,000, analysts warn that the broader crypto market may be showing signs of structural weakness — particularly within the altcoin sector.
Benjamin Cowen recently pointed out that Bitcoin’s recent “bull phases” have largely been driven by capital fleeing from altcoins into BTC, rather than genuine growth across the entire market. This shift, he argues, creates a misleading impression of strength.
The Advance Decline Index (ADI) for the top 100 cryptocurrencies has been trending downward since 2021, suggesting that fewer assets are participating in rallies. Cowen believes this shrinking participation highlights fragility in market structure.
As Bitcoin’s momentum has slowed in early 2026, liquidity across altcoins has also thinned. According to Cowen, this has left the altcoin market increasingly vulnerable, especially if Bitcoin itself loses support.
This dynamic challenges the narrative that crypto has fully re-entered a long-term bull cycle.