A recent survey from data aggregator CoinGecko found that only 55% of new crypto owners started with Bitcoin in their portfolio, which analysts say is a sign of a maturing market.
A survey released on Monday of 2,549 crypto participants from data aggregator CoinGecko also found that 10% of respondents have never even bought Bitcoin (BTC).
“In other words, Bitcoin has become less likely to be the onboarding mechanism over time, as other narratives and altcoin communities have emerged and gained traction,” CoinGecko research analyst Yuqian Lim said.
Altcoin entry is a sign of healthy market
Speaking to Cointelegraph, Jonathon Miller, crypto exchange Kraken’s general manager, said investors are starting to onboard through other sectors, such as DeFi or memecoins.
“This is testament to the growth and maturity of the crypto ecosystem: Bitcoin is no longer the only major asset, while access is becoming increasingly frictionless and making it easier than ever for newcomers to engage with emerging narratives,” he said.
However, he also thinks that given the growing geopolitical uncertainty, ongoing monetary debasement, and Bitcoin’s reputation as the “soundest form of money,” users who initially avoided it will likely circle back.
“Over time, many crypto market participants initially drawn in by more speculative trends will come to recognize Bitcoin’s enduring importance and adjust their portfolios accordingly.”
Why altcoins appeal
Hank Huang, CEO of quantitative trading firm Kronos Research, told Cointelegraph that investors who bypass Bitcoin on their first foray into the market are often lured by the low unit costs of altcoins and the stronger sense of community they offer.
CoinGecko’s survey found that 37% of respondents entered the space through altcoins, rather than Bitcoin.
“As crypto adoption grows, more investors will bypass Bitcoin, drawn to lower-cap altcoins and vibrant communities. This reflects a maturing market where diversification drives participation,” Huang said.
“The hype gravitates toward Sol, ETH, and memecoins, turning Bitcoin from the default entry point into just one of many destinations in crypto.”
Long term, Huang speculates crypto’s future won’t hinge solely on Bitcoin, as it faces competition from new frameworks, and adoption is increasingly driven by “diverse ecosystems where innovation, culture, and community matter as much as value.”
Users might be afraid they missed the boat
Tom Bruni, head of markets at investment-based social media platform Stocktwits, told Cointelegraph that a lack of understanding and Bitcoin’s frequently rising price could also be factors.
“While crypto natives believe the industry is still in its infancy, onlookers may feel that if they didn’t acquire Bitcoin at lower levels, then they’ve already missed the boat, as it has traded over $100,000,” he said.
“This recent bull run has seen significant outperformance from certain altcoins, and the desire to find a “cheaper” crypto than Bitcoin to invest in has driven people further out on the risk spectrum into the altcoin and memecoin markets.”
Bitcoin has hit multiple all-time highs in 2025, with the latest coming on Aug. 14 when it crossed over $124,000 for the first time.
At the same time, Bruni said as altcoins, stablecoins, and other related blockchain technologies grow, Bitcoin dominance should shrink, but it will likely always be an “anchor in many people’s portfolios.”
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“Ultimately, performance drives allocation decisions, so as long as Bitcoin’s returns keep pace with the rest of the ecosystem, it’s unlikely that more people will have zero exposure,” he said.
“Right now, performance is good, but if the market slips, it could serve as a catalyst for people to retreat into Bitcoin as the more stable and institutionalized crypto option.”
Zero Bitcoiners won’t last long
Speaking to Cointelegraph, Qin En Looi, managing partner at venture capital firm Onigiri Capital, said early adopters already own Bitcoin, while the late majority will only come in once it’s embedded in the traditional financial system, accessible through banks, wealth managers, or retirement products.
“As this infrastructure matures, we’ll likely see fewer with zero exposure, but the curve will be slower than many expect because it depends on trust being built systematically,” he said.
Ultimately, En Looi thinks Bitcoin’s role is evolving, but it won’t ever disappear, because it’s the benchmark for the broader crypto market, similar to how gold continues to be a reference point in traditional finance.
“What we’re seeing is less a decline in relevance, but the broadening of what is relevant, where stablecoins, tokenized assets, and application-layer projects now share the spotlight.”
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