A recent study by the data aggregator CoinGecko reveals that only 55% of new cryptocurrency owners began their journey with Bitcoin, indicating a maturing market, according to analysts.
A survey published on Monday featuring 2,549 crypto participants from CoinGecko also found that 10% of respondents have never purchased Bitcoin (BTC) at all.
“This suggests that Bitcoin is becoming less of the initial entry point as other narratives and altcoin communities have started to grow in popularity,” stated CoinGecko’s research analyst Yuqian Lim.
Altcoin entry signifies a healthy market
Jonathon Miller, the general manager of crypto exchange Kraken, remarked to Cointelegraph that investors are increasingly entering through different sectors like DeFi or memecoins.
“This showcases the evolution and maturity of the crypto ecosystem: Bitcoin is no longer the sole major asset, while access is becoming smoother, facilitating easier participation for newcomers,” he explained.
However, he believes that amidst growing geopolitical uncertainties, ongoing monetary debasement, and Bitcoin’s status as the “most reliable form of money,” users who initially overlooked it are likely to return.
“Over time, many crypto market participants who were initially attracted by more speculative trends will come to appreciate Bitcoin’s lasting significance and adjust their portfolios accordingly.”
Why altcoins attract attention
Hank Huang, CEO of quantitative trading firm Kronos Research, indicated to Cointelegraph that investors who skip Bitcoin during their initial market entry are often attracted by the lower unit prices of altcoins and the stronger community ties they provide.
CoinGecko’s survey found that 37% of respondents engaged with the market through altcoins, rather than Bitcoin.
“As crypto adoption expands, more investors will overlook Bitcoin, drawn instead to smaller altcoins and engaging communities. This is indicative of a maturing market where diversification drives participation,” stated Huang.
“The excitement is now shifting toward Sol, ETH, and memecoins, transforming Bitcoin from the initial entry point to just one of many avenues in crypto.”
In the long run, Huang speculates that the future of crypto won’t depend solely on Bitcoin, as it faces competition from evolving frameworks, with adoption increasingly motivated by “diverse ecosystems where innovation, culture, and community hold equal weight to value.”
Users may fear they’ve missed the opportunity
Tom Bruni, head of markets at investment-focused social media platform Stocktwits, mentioned to Cointelegraph that a lack of understanding and Bitcoin’s frequently rising price might contribute to this perception.
“While crypto veterans believe the industry is still nascent, onlookers may feel that if they didn’t buy Bitcoin at lower prices, they’ve already missed the opportunity, especially as it has traded above $100,000,” he noted.
“This recent bull market has seen outstanding performance from certain altcoins, and the desire to find a “cheaper” crypto alternative to Bitcoin has pushed people further into the altcoin and memecoin markets.”
Bitcoin has reached multiple all-time highs in 2025, with its latest peak occurring on Aug. 14 when it surpassed $124,000 for the first time.
Simultaneously, Bruni noted that as altcoins, stablecoins, and other blockchain-related technologies advance, Bitcoin’s dominance may decrease; however, it will likely remain an “anchor in many investors’ portfolios.”
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“Ultimately, performance influences allocation decisions, so as long as Bitcoin’s returns align with the rest of the market, it’s improbable that more people will have zero exposure,” he asserted.
“Currently, performance is robust, but if the market weakens, it could prompt people to revert to Bitcoin as the more stable and institutionalized crypto choice.”
Zero Bitcoiners likely won’t last
Qin En Looi, managing partner at venture capital firm Onigiri Capital, conveyed to Cointelegraph that early adopters mostly possess Bitcoin, while the late majority will only engage once it is integrated into the traditional financial framework, accessible via banks, wealth managers, or retirement plans.
“As this infrastructure develops, we will probably see fewer individuals without any exposure, but the pace will be slower than many anticipate due to the gradual building of trust,” he explained.
Ultimately, En Looi believes Bitcoin’s function is evolving, but it will not disappear, as it remains the benchmark for the wider cryptocurrency market, much like gold continues to serve as a reference in traditional finance.
“What we’re witnessing is not a decline in relevance, but rather an expansion of what is deemed relevant, where stablecoins, tokenized assets, and application-layer projects are now sharing the spotlight.”
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