A recent survey conducted by data aggregator CoinGecko revealed that only 55% of new crypto investors began their journey with Bitcoin in their holdings, indicating a more developed market, according to analysts.
A survey published on Monday, involving 2,549 crypto participants from CoinGecko, also discovered that 10% of the respondents have never purchased Bitcoin (BTC).
“Essentially, Bitcoin is becoming a less common entry point as alternative narratives and altcoin communities continue to grow and attract interest,” stated CoinGecko research analyst Yuqian Lim.
Altcoin entry signals a healthy market
In a conversation with Cointelegraph, Jonathon Miller, general manager at crypto exchange Kraken, remarked that investors are increasingly entering through different sectors, such as DeFi and memecoins.
“This illustrates the development and sophistication of the crypto ecosystem: Bitcoin is no longer the solitary major asset as accessibility improves, allowing newcomers to engage with emerging narratives more easily,” he noted.
Nonetheless, he believes that due to rising geopolitical uncertainties and ongoing monetary debasement, users who initially shunned Bitcoin will likely return to it.
“Over time, many crypto market participants who were initially attracted by more speculative trends will recognize Bitcoin’s lasting significance and modify their portfolios accordingly.”
Reasons for altcoin attraction
Hank Huang, CEO of quantitative trading firm Kronos Research, shared with Cointelegraph that investors who skip Bitcoin upon their first entry into the market are frequently enticed by the lower prices of altcoins and the vibrant community spirit they provide.
CoinGecko’s survey found that 37% of respondents first entered the market via altcoins, not Bitcoin.
“As crypto adoption expands, more investors will overlook Bitcoin, drawn to lower-cap altcoins and engaged communities. This indicates a matured market where diversification fosters participation,” Huang elaborated.
“The excitement now gravitates toward Sol, ETH, and memecoins, transforming Bitcoin from a default entry option to just one of many pathways in crypto.”
In the long run, Huang speculates that the future of crypto won’t rely solely on Bitcoin, as it is facing rivalry from new frameworks, with adoption increasingly propelled by “diverse ecosystems where innovation, culture, and community hold equal weight to value.”
Users may fear missing the opportunity
Tom Bruni, head of markets at investment-focused social media platform Stocktwits, indicated to Cointelegraph that a lack of comprehension and Bitcoin’s often rising price might contribute to this phenomenon.
“While crypto enthusiasts perceive the industry as still nascent, outsiders may think that if they didn’t buy Bitcoin at lower prices, they’ve lost their chance, as it has traded above $100,000,” he explained.
“This latest bull run has shown considerable outperformance from select altcoins, and the urge to find a ‘cheaper’ crypto than Bitcoin for investment has led many to delve deeper into altcoin and memecoin territories.”
Bitcoin reached several all-time highs in 2025, the latest occurring on Aug. 14 when it surpassed $124,000 for the first time.
At the same time, Bruni noted that as altcoins, stablecoins, and different blockchain technologies advance, Bitcoin’s dominance may diminish, but it will likely remain an “anchor in many portfolios.”
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“Ultimately, performance influences allocation decisions, so as long as Bitcoin’s returns align with the rest of the ecosystem, it’s improbable that more individuals will lack exposure,” he stated.
“Currently, performance is strong, but if the market falters, it could prompt individuals to retreat to Bitcoin as the more stable and institutionalized crypto choice.”
Those with zero Bitcoin exposure likely won’t last
In a discussion with Cointelegraph, Qin En Looi, managing partner at venture capital firm Onigiri Capital, suggested that early adopters already own Bitcoin, while the late majority will only join once it integrates into the traditional financial system, accessible through banks, wealth managers, or retirement solutions.
“As this infrastructure develops, we’re likely to see fewer individuals with zero exposure, but the pace will be slower than anticipated because it relies on systematically built trust,” he noted.
Ultimately, En Looi believes Bitcoin’s role is evolving but won’t vanish, as it serves as the benchmark for the broader crypto market, akin to how gold remains a reference point in traditional finance.
“What we’re witnessing is not a decline in relevance, but a broadening of what is pertinent, where stablecoins, tokenized assets, and application-layer initiatives now share the spotlight.”
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