A recent survey from Data Aggregator Coingecko shows that only 55% of new Crypto owners have started Bitcoin in their portfolio, and analysts say it’s a sign of a mature market.
A survey released on Monday of 2,549 crypto participants from Data Aggregator Coingecko found that 10% of respondents have never even purchased Bitcoin (BTC).
“In other words, as other stories and altcoin communities emerged and gained traction, Bitcoin is less likely to become an onboarding mechanism over time,” said Yuqian Lim, research analyst at Coingecko.
Altcoin entries are a sign of a healthy market
Speaking to Jonathon Miller’s Cointe Legraph, general manager of Crypto Exchange Kraken, investors said they are beginning to be mounted on board through other sectors such as Defi and Memecoins.
“This is a testament to the growth and maturation of the crypto ecosystem. Bitcoin is no longer the only major asset, but access is increasingly less frictionless and it makes it easier for newcomers to engage in new stories than ever,” he said.
However, he also believes that, given the growing geopolitical uncertainty, the continued financial decline, and Bitcoin’s reputation as “the most healthy form of money,” users who shun it in the first place are likely to make a round.
“As time goes by, many crypto market participants who were initially drawn in based on more speculative trends will become aware of the persistent importance of Bitcoin and adjust their portfolios accordingly.”
Why does Altcoins appeal?
Hank Huang, CEO of quantitative trading company Kronos Research, told Cointelegraph that investors bypassing Bitcoin on their first foray into the market are often fascinated by the low unit costs of Altcoins and the stronger sense of the community they offer.
A Coingecko survey found that 37% of respondents entered the space via Altcoins rather than Bitcoin.
“As crypto adoption grows, more investors will bypass Bitcoin and become attracted to low-cap altcoins and vibrant communities. This reflects the mature market where diversification drives participation,” says Huang.
“The hype is drawn to SOL, ETH and MemeCoin, turning Bitcoin from its default entry point to one of Crypto’s many destinations.”
In the long run, Huang speculates that Crypto’s future is not solely dependent on Bitcoin as it faces competition from a new framework, and adoption is increasingly driven by “a diverse ecosystem where innovation, culture and community are as important as value.”
Users may be afraid of missing the boat
Tom Bruni, market head of investment-based social media platform StockTwits, told Cointelegraph that lack of understanding and rising Bitcoin prices could also be a factor.
“The Indigenous people of Crypto believe the industry is still in its early stages, but onlookers may feel they’ve already missed the boat as they’re trading over $100,000 if they don’t get Bitcoin at a lower level,” he said.
“This recent Bull Run has seen a big out-of-performance from certain altcoins. The desire to find a “cheaper” code than Bitcoin investing has further driven the risk spectrum into the Altcoin and Memecoin markets. ”
Bitcoin hit its all-time high in 2025.
At the same time, Bruni said that bitcoin control should be reduced as altcoins, stubcoins and other related blockchain technologies grow, but it will always be “anchoring the portfolio of many people.”
Related: Crypto should remove friction from the following billion users: Coinbase
“Ultimately, performance drives allocation decisions, so as long as Bitcoin returns are in step with the other ecosystems, it’s unlikely that more people will have zero exposure,” he said.
“Right now, performance is good, but as the market slips, it could serve as a more stable and institutionalized crypto option, as a catalyst for people to retreat to Bitcoin.”
Zero Bit Coiner doesn’t last long
Speaking to CointeLegraph, Qin En Looi, managing partner of Venture Capital Firm Onigiri Capital, said that early recruits already own Bitcoin, but the majority in their later years are embedded in the traditional financial system and accessible through banks, wealth managers or retirement products.
“As this infrastructure matures, it could be less exposed at zero, but the curve depends on being systematically constructed, which makes many people slower than expected,” he said.
Ultimately, En Looi believes that Bitcoin’s role is evolving, but it will not disappear as it is a benchmark for the broader crypto market, just like how Gold continues to be a traditional financial reference point.
“What we’re looking at is not a decrease in relevance, but if the expanding of relevant things, stablecoins, tokenized assets, and application tier projects now share the spotlight.”
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