On May 30, a set of data analysis regarding $BTC / altcoins was shared. At that time, BTC accounted for over 65% of the total cryptocurrency market capitalization (including stablecoins), and if stablecoins were excluded, the proportion was as high as over 75%. It was noted that altcoins and ETH were close to the bottom and were about to rebound.

The total market capitalization of the entire cryptocurrency market is approximately $3.5 trillion, with Bitcoin accounting for $2.27 trillion. Its market capitalization has rapidly increased from 37% in 2022 to 64.89% in May 2025.
This means that nearly two-thirds of the entire crypto market's funds and value are concentrated in Bitcoin. The remaining 35% is divided among other coins, specifically:
ETH: $0.34 trillion (9.75%)
USDT: $0.13 trillion (3.71%)
BNB: $0.092 trillion (2.63%)
SOL: $0.087 trillion (2.49%)
XRP: $0.081 trillion (2.31%)
Other coins (including USDC and other stablecoins): Approximately $0.53 trillion (15.22%), with USDC market capitalization around $0.039 trillion, accounting for 1.11%.
From this data, Bitcoin's absolute dominance is clear: its market capitalization is almost 7 times that of Ethereum, equivalent to more than 3 times the total of USDT, BNB, Solana, and XRP.
Faced with Bitcoin's strong dominance, altcoins (cryptocurrencies other than Bitcoin) are performing poorly. The main reasons can be attributed to three points:
1. Squeezed Innovation Space: The charm of cryptocurrencies lies in ecological diversity and innovation (such as DeFi, NFT, and Web3 applications). However, Bitcoin siphons off most of the funds and attention, making it difficult for other projects to obtain sufficient resources and support, hindering the pace of innovation.
2. Risk Aversion and Speculative Sentiment Dominates: The narrative of Bitcoin as "digital gold" and the continuous inflow of institutional funds (such as ETFs) have strengthened its "safe haven" attribute. This reflects a lack of confidence in altcoins, with investors preferring to invest in Bitcoin, which is considered "safer," rather than riskier innovative projects.
3. Market Cycle Signals: Historical experience shows that a decline in Bitcoin's market share often heralds the arrival of the "Altseason." The current continuous rise in Bitcoin's market share to a high level clearly indicates that the market focus remains firmly locked on Bitcoin itself, and the vitality of the entire crypto industry has not been effectively stimulated and disseminated.

Extremes beget reversals. Bitcoin's market share will not continue indefinitely. Once the market share turns downward, it will mean the "arrival of altcoins." Head institutions are warming up stablecoins/RWA probability/payments, etc., waiting for the leading projects to emerge. Once they rise, everyone will chase them under the four-year bear market mindset, unable to catch up. Therefore, don't give up on the future.