Bitcoin soars, Altcoins fade in $300 billion crypto shakeout

With increased regulation and the rise of "ghost chains," altcoins face extinction, signaling a shift towards Bitcoin

- Bloomberg

At first glance, 2025 looks like a banner year for crypto: Bitcoin hitting a record, an industry-boosting US president whose family is venturing headlong into the sector, and key legislation widely expected to be passed by Congress.

But look beyond the bullish headlines and rally in Bitcoin, and a vastly different landscape comes into view. Most of the so-called altcoins touted as competitors to the original crypto-asset are nursing steep declines, with more than $300 billion of market value wiped out so far this year.