Crypto analyst Denis Liu, known as VirtualBacon, argued in a September 9 X post that most major altcoins are not broadly outperforming Bitcoin. He compared prices on August 22 and September 9, when BTC was almost unchanged at roughly $78,300 to $78,400, and found that most large-cap altcoins were still trading close to their earlier levels.
Everyone keeps telling me altcoins are outperforming, and they always have ten examples ready.
Here is the test I use. Pick two dates when Bitcoin was at the same price, then look up the altcoin on both of them.
I ran it this afternoon. Bitcoin was 78,318 on August 22. It is…
— VirtualBacon (@virtualbacon) September 8, 2026
Ethereum was down 1% across the comparison, while XRP and Dogecoin each fell 2%, Tron slipped 1% and Cardano declined 3%. Avalanche gained 2%, while Solana, BNB and Chainlink stood out with increases of 10%, 9% and 5%, respectively. The data suggests recent altcoin strength has been concentrated in a small group rather than spread across the broader market.
Liu said he is holding Bitcoin instead of chasing the stronger-performing names, arguing that traders who wait for an altcoin narrative to become obvious may enter after much of the move has already occurred. The key test is whether a wider group of altcoins can begin outperforming while Bitcoin stays broadly flat, which would provide stronger evidence of a genuine market-wide rotation.
Source: VirtualBacon.
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