Bitcoin's Stability Contrasts Altcoin Decline, ETH, BNB, LTC, LINK Plunge

Bitcoin has shown stability in its price, while altcoins have experienced significant declines in engagement and performance. Recent on-chain data indicates a divergence between Bitcoin and the broader altcoin sector. Analysts have confirmed that Bitcoin is consolidating above a certain price point, while altcoins are grappling with increased volatility, declining engagement metrics, and lower valuations.

From October 2022 through April 2025, Bitcoin’s 365-Day Moving Average consistently surpassed 30-day averages, highlighting its dominant momentum. In contrast, altcoins have shown a -11% ratio between their 365-day and 30-day averages, indicating a downturn similar to that seen in October 2023. Both large-cap and mid-to-small cap altcoins have experienced repeated negative momentum, reflecting underperformance compared to Bitcoin. Although there were brief growth spurts between April and June 2024, these intervals were short-lived, and altcoins failed to sustain any real momentum. Bitcoin, however, displayed consistent resilience through both bullish and corrective waves, reinforcing its dominant position.

Correlation scores between Bitcoin and 56 altcoins have fluctuated significantly since early 2024. Lower correlation levels often precede volatility spikes and price reversals for Bitcoin, aligning with local BTC tops. At the time of writing, correlation values oscillated between +1 and -0.5, indicating instability in how altcoins mirror Bitcoin’s price action. Performance data from leading altcoins reveals a somber picture, with significant declines in their prices. For example, ETHUSDT plunged -9.9% to 0.749, BNBUSDT slumped -25.1% to 0.4299, LTCUSDT nearly vanished with -99.66%, trading near 0.0006, and LINKUSDT tumbled -33.97%.

Ethereum’s on-chain metrics confirm its frailty. From late January to the first week of April, daily active addresses dwindled by 41%, falling from 711,578 to 419,445. During the same period, ETH itself collapsed from $3,319.97 to $1,805.96—a 45.6% nosedive. A similar pattern is evident in Solana, where active addresses slid 59%—from 10.3 million on January 20 to 4.18 million on the 4th of April—while the price receded 49%, from $242.35 to $122.77. In comparison, Bitcoin’s active addresses dropped by just 26%, from over 1.1 million in December 2024 to 809,254 by the 5th of April. During this period, Bitcoin’s price consolidated between $80,000 and $86,000 through March and April. Transaction volume on the Bitcoin network dropped by 45%, declining from 533,599 on the 23rd of March to 293,310 by the 5th of April. Despite this, Bitcoin’s price only fell by 4% during the same period, signaling a phase of consolidation rather than capitulation.

This data highlights a stark contrast between Bitcoin, the crypto market’s leading asset, and its alternatives. Altcoins appear to be facing deeper engagement challenges, which extend beyond simple price declines. Meanwhile, Bitcoin remains the most resilient option, though some view its reduced network activity as a sign of decreasing speculative interest. The divergence in performance between Bitcoin and altcoins underscores the need for investors to carefully evaluate their portfolios and consider the potential risks associated with altcoins during periods of market volatility.