Crypto Market Maturity: New Investors Opting for Altcoins Over Bitcoin
A recent survey conducted by CoinGecko, a renowned data aggregator, has shed light on a significant trend in the cryptocurrency market. The survey, which involved 2,549 crypto participants, revealed that only 55% of new crypto owners started their portfolio with Bitcoin, indicating a maturing market. This shift in investor behavior is attributed to the emergence of alternative narratives and altcoin communities, which have gained traction over time.
According to CoinGecko research analyst Yuqian Lim, “In other words, Bitcoin has become less likely to be the onboarding mechanism over time, as other narratives and altcoin communities have emerged and gained traction.” This phenomenon is further supported by the fact that 10% of respondents have never even purchased Bitcoin (BTC). The survey’s findings suggest that the crypto market is becoming increasingly diverse, with new investors exploring alternative options beyond Bitcoin.
Source: CoinGecko
Altcoin Appeal: Lower Unit Costs and Stronger Community Ties
Hank Huang, CEO of quantitative trading firm Kronos Research, believes that investors who bypass Bitcoin are often drawn to the lower unit costs of altcoins and the stronger sense of community they offer. CoinGecko’s survey found that 37% of respondents entered the crypto space through altcoins, rather than Bitcoin. Huang notes that “as crypto adoption grows, more investors will bypass Bitcoin, drawn to lower-cap altcoins and vibrant communities. This reflects a maturing market where diversification drives participation.”
Source: CoinGecko
Fear of Missing Out: Bitcoin’s Rising Price and Lack of Understanding
Tom Bruni, head of markets at investment-based social media platform Stocktwits, suggests that a lack of understanding and Bitcoin’s frequently rising price could also be factors contributing to the shift towards altcoins. “While crypto natives believe the industry is still in its infancy, onlookers may feel that if they didn’t acquire Bitcoin at lower levels, then they’ve already missed the boat, as it has traded over $100,000,” he said. Bitcoin has indeed hit multiple all-time highs in 2025, with the latest coming on Aug. 14 when it crossed over $124,000 for the first time.
Bitcoin’s Enduring Importance and the Future of Crypto
Despite the growing popularity of altcoins, experts believe that Bitcoin will remain a crucial component of the crypto market. Jonathon Miller, general manager of crypto exchange Kraken, notes that “over time, many crypto market participants initially drawn in by more speculative trends will come to recognize Bitcoin’s enduring importance and adjust their portfolios accordingly.” Qin En Looi, managing partner at venture capital firm Onigiri Capital, adds that Bitcoin’s role is evolving, but it won’t ever disappear, as it’s the benchmark for the broader crypto market, similar to how gold continues to be a reference point in traditional finance.
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