The crypto market had a mixed day on Thursday after U.S. Federal Reserve Chair Jerome Powell warned that new tariffs could slow down economic growth and increase inflation. His comments added a layer of uncertainty to the market.
Bitcoin rose slightly to $84,312, while Ethereum also made a small gain to $1,596. The overall crypto market cap ticked up just a bit to $2.64 trillion. Some altcoins, including XRP, Solana, Dogecoin, Cardano, and Chainlink, saw gains of up to 4%. On the other hand, coins like BNB, Tron, Sui, Litecoin, and NEAR dropped by as much as 3%.
Under President Trump’s current leadership, former SEC Chair Gary Gensler is once again highlighting the big difference he sees between Bitcoin and the rest of the crypto market. In a recent interview with CNBC, Gensler said Bitcoin is likely to stick around – while most altcoins, in his view, are not.
Gensler compared Bitcoin’s lasting power to that of gold, saying it has strong global appeal. He pointed out that people all over the world are interested in Bitcoin, and that this wide reach gives it a unique strength. According to him, Bitcoin stands out like a “precious metal” that has fascinated humans throughout history – one reason why it may endure long-term.
At the same time, Gensler raised concerns about the rest of the crypto market. He warned that most altcoins don’t have strong fundamentals and are mainly driven by hype. He said nearly 100% of crypto assets are traded based on sentiment rather than real value, making them unstable and likely to lose worth over time.
Without naming any specific coins, he urged investors to look closely at each project’s fundamentals before investing. Gensler also pointed out that the market has become too focused on hype and short-term trends, with very little substance backing most altcoins. This criticism matches his tough regulatory stance during his time as SEC Chair from 2021 to 2025, when he led multiple enforcement actions against crypto firms and exchanges.
Does Gensler Own Bitcoin?
Even though Gensler sees Bitcoin as a lasting asset, he admitted that he doesn’t own any crypto himself. Still, he praised Bitcoin’s strength and once again compared it to gold. In his opinion, only a small number of assets—like Bitcoin—will earn lasting global recognition.
Gensler’s comments come at a time when Bitcoin is showing its strength in the market. Right now, the crypto space is in what’s known as a “Bitcoin Season,” where Bitcoin is performing better than most altcoins. Bitcoin’s dominance is high – around 62.5% – which is close to its highest level in four years. Meanwhile, the Altcoin Season Index is just 16, meaning only a few altcoins have outperformed Bitcoin in the last 90 days.
Still, some traders are keeping a close eye on the charts. Historically, a strong Bitcoin dominance often comes just before altcoins begin to rally. If that pattern holds, we could see a shift in momentum in the weeks ahead.
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