Why the 2026 Crypto Market Still Lacks the Broad Participation Seen in 2020–2021
On 14 January 2026, analyst Benjamin Cowen argued that the current crypto upswing lacks the broad participation that defined the 2020–2021 bull market. He highlighted a multi‑year decline in the Advance Decline Index for the top 100 cryptocurrencies, defensive flows into Bitcoin, and liquidity dilution across a growing number of altcoins as key reasons market breadth has weakened.