The post Why Today’s Crypto Market Lacks the Breadth of the 2020–2021 Rally appeared on BitcoinEthereumNews.com.

AltcoinsBitcoin For many crypto investors, memories of the 2020–2021 bull market still shape expectations for what a true rally should look like. Back then, Bitcoin’s surge was echoed across the market, with altcoins rising in tandem and broad participation driving momentum. But according to fresh analysis from Benjamin Cowen, today’s market structure tells a very different story. Key Takeaways The Advance Decline Index shows crypto market breadth has been weakening since 2021 Bitcoin’s relative strength reflects defensive capital flows, not broad risk appetite The altcoin market has been pressured by declining interest and liquidity dilution Today’s cycle lacks the widespread participation seen in 2020–2021  Rather than a synchronized upswing, Cowen argues that the current environment has been defined by shrinking participation beneath the surface. While Bitcoin has held up relatively well, the broader crypto market has struggled to regain traction, revealing a growing disconnect between BTC and most alternative assets. Market Breadth Has Been Eroding for Years At the center of Cowen’s argument is the Advance Decline Index (ADI) for the top 100 cryptocurrencies, a metric that tracks how many assets are rising versus falling. His data shows that since 2021, this index has been locked in a persistent downtrend, signaling that fewer coins are contributing to overall market strength. This contrasts sharply with the previous cycle, when rising prices were supported by widespread buying interest across the asset class. In Cowen’s view, trying to recreate that narrative today ignores years of structural weakening that have steadily reduced market breadth. Bitcoin Strength Has Been Defensive, Not Expansive Cowen also challenges the idea that Bitcoin’s resilience automatically signals a healthy bull market. Instead, he describes much of BTC’s outperformance as defensive positioning. Investors rotated out of riskier altcoins and into Bitcoin, while institutional demand focused narrowly on BTC rather than the…

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Filed under: News - @ January 14, 2026 4:28 pm