A growing share of crypto newcomers are bypassing Bitcoin altogether, turning instead to altcoins, memecoins, and DeFi tokens as their first exposure to digital assets — a sign of how far the industry has evolved beyond its earliest days.
A recent CoinGecko survey of 2,549 crypto participants revealed that only 55% of new investors began with Bitcoin, while 10% of respondents said they have never owned BTC at all. Researchers noted that the findings reflect a shift in market dynamics, as investors are increasingly lured by alternative narratives and communities beyond Bitcoin’s original “digital gold” appeal.
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“Bitcoin has become less likely to be the onboarding mechanism over time, as other narratives and altcoin communities have emerged and gained traction,” said CoinGecko research analyst Yuqian Lim.
Only 55% of new crypto owners who responded to CoinGecko’s survey started with Bitcoin in their portfolio. Source: CoinGecko
Altcoins Signal Market Maturity
According to Jonathon Miller, Kraken’s general manager, the trend demonstrates the maturing nature of the crypto ecosystem. Newcomers are often drawn in by DeFi projects or memecoins, which provide more relatable use cases or stronger online communities.
“This is testament to the growth of the industry: Bitcoin is no longer the only major asset, while access is becoming increasingly frictionless,” Miller said. Still, he believes Bitcoin’s safe-haven reputation will eventually bring late adopters back to it.
Altcoins Signal Market Maturity
According to Jonathon Miller, Kraken’s general manager, the trend demonstrates the maturing nature of the crypto ecosystem. Newcomers are often drawn in by DeFi projects or memecoins, which provide more relatable use cases or stronger online communities.
“This is testament to the growth of the industry: Bitcoin is no longer the only major asset, while access is becoming increasingly frictionless,” Miller said. Still, he believes Bitcoin’s safe-haven reputation will eventually bring late adopters back to it.
Why Many Skip Bitcoin
Hank Huang, CEO of Kronos Research, explained that new investors are often attracted to the lower price-per-unit of altcoins compared to Bitcoin, and to the community-driven culture around them.
CoinGecko’s survey showed that 37% of respondents entered through altcoins rather than Bitcoin. Popular names like Solana, Ethereum, and memecoins were cited as examples of how investor excitement is shifting.
Source: CoinGecko
“Bitcoin is no longer the default entry point — instead, diversification and vibrant communities are driving participation,” Huang noted.
The “Missed the Boat” Effect
For some, Bitcoin’s price — now well above $100,000 — has created the perception that it’s “too late” to invest. Tom Bruni, head of markets at Stocktwits, said many onlookers feel they’ve missed their chance with Bitcoin, pushing them further into altcoins.
“This recent bull run has seen significant outperformance from certain altcoins, and the desire to find a ‘cheaper’ crypto to invest in has driven people further out on the risk spectrum,” Bruni explained.
Still, he emphasized that Bitcoin remains the industry’s anchor asset, and during downturns, investors often return to it for stability.
Bitcoin’s Role Is Shifting, Not Disappearing
Qin En Looi, managing partner at Onigiri Capital, believes that while Bitcoin may no longer be the only entry point, its role remains foundational.
“Early adopters already own Bitcoin. The late majority will only come in once it’s embedded into the traditional financial system — through banks, wealth managers, or retirement products,” he said.
En Looi likened Bitcoin’s evolving role to gold in traditional finance: still a benchmark, but sharing the stage with a wider set of assets including stablecoins, tokenized assets, and application-layer projects.