Only nine non-stable tokens are closer to ATH than Bitcoin, as the market’s damage remains concentrated elsewhere
Bitcoin is still 43.26% below its all-time high. At first glance, this figure seems like a reminder of an unfinished recovery. In relative terms, it puts Bitcoin in a stronger position than most of the market.
Alive CryptoSlate market snapshot shows BTC at $71,606 against an ATH of $126,198.
After excluding stablecoins and gold-backed tokens, only nine assets in the table are closer to their peak than Bitcoin: UNUS SED LEO, Sky, Kite, Canton Network, TRON, Hyperliquid, MemeCore, Siren and Stable. That is a limited exception list in a market that is still characterized by major damage from peak to power.
Market capitalization $1.41 tons
24 hour volume $38.24 billion
All time high $126,198.07
These nine assets do not belong to a single class. Some are large and liquid enough to support a serious discussion of relative strength. Some are newer, thinner or structurally more idiosyncratic. This split clarifies the rankings: Bitcoin remains well below its peak, but the baseline for the pullback is still ahead of almost the entire non-stable market.
That baseline currently stands at 43.26%. Any token with a smaller drawdown has retained more of its cycle progress than BTC. Only nine names in the snapshot meet that threshold. All others have already fallen further from the peak than Bitcoin.
The list starts with LEO, which is just 5.53% below its ATH. Then the rift opens. Sky is 24.33% below peak. Kite is 24.56% lower. Canton Network is down 28.06%. TRON is 29.77% lower. Hyperliquid is 31.10% lower. MemeCore is down 37.08%. Sirene is 39.18% lower. Stable is 39.70% lower. Bitcoin follows at 43.26%.
That series shows where resilience is concentrated and where it begins to thin out. LEO is in its own category. Sky and Kite occupied a separate zone in the mid-1920s. Canton, TRON and Hyperliquid are the next rung in the 20s to 30s.
MemeCore, Siren and Stable have a smaller advantage over BTC. Bitcoin then becomes the dividing line between the short exception list and the rest of the market.
Bitcoin is still on a significant pullback. The broader market offers more
The exclusions for stablecoins and gold are simple. Stablecoins are designed around price stability. Gold-backed tokens express gold performance. Neither group offers a clear understanding of crypto-native risk retention from the cycle peak.
Once these categories are removed, the leaderboard will become more useful and interesting.
Within that cleaned-up set, the comparison quickly shifts to equivalent quality. LEO, TRON and Hyperliquid are the most credible large-scale exceptions in the snapshot. LEO has a market cap of $8.71 billion and is 5.53% below peak. TRON has a market cap of $29.33 billion and is 29.77% below peak. Hyperliquid has a market cap of $10.5 billion and is 31.10% below peak.
These are the assets that support a more sustainable comparison to Bitcoin in terms of scale, liquidity and market relevance.
The remaining nine still count, although they all need context. Canton Network has a market capitalization of $5.33 billion. Sky is at $1.77 billion. MemeCore is at $2.39 billion. Siren is valued at $1.7 billion. Kite and Stable each have a market cap of less than $600 million.
| # | Name | Ticker | Price | 24H % | 7D% | 30D% | 90D% | Market capitalization | 24H Vol | ATH | %ATH |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 13 | UNUS SED LEO | LION | $9.4 | -0.2% | +4.2% | +16.6% | +15.7% | $8.7 billion | $349.8K | $10 | -5.6% |
| 42 | Air | AIR | $0.08 | +7.8% | +4.4% | +20.7% | +16% | $1.7 billion | $27 million | $0.1 | -24.3% |
| 88 | Kite | FLYER | $0.2 | +3.5% | +29.1% | +0.3% | +177.9% | $436.2 million | $130.1 million | $0.3 | -24.5% |
| 19 | Canton network | C.C | $0.1 | -3.1% | -6% | -13.2% | +37% | $5.3 billion | $12.6 million | $0.1 | -28% |
| 8 | TRON | TRX | $0.3 | -0.4% | +2.7% | +8.7% | +11% | $29.3 billion | $489.7 million | $0.4 | -29.7% |
| 10 | Hyperfluid | HYPE | $40.9 | +5.6% | +0.3% | +49.5% | +66% | $10.5 billion | $367 million | $59.3 | -31.1% |
| 34 | MemeCore | M | $1.8 | +7% | -1% | +30.9% | +35.9% | $2.3 billion | $13.8 million | $2.9 | -37% |
| 43 | siren | SIREN | $2.3 | +128% | +165% | +729% | +3.245% | $1.7 billion | $90.9 million | $3.8 | -39.1% |
| 76 | Stable | STABLE | $0.03 | +8.6% | +1.8% | -4.1% | +161.8% | $583.2 million | $29.9 million | $0.05 | -39.7% |
| 1 | Bitcoin | BTC | $71,606 | +1.3% | -1.2% | +8.2% | -18% | $1.4 tons | $41.6 billion | $126,198 | -43.2% |
This division creates a clear hierarchy.
Even after a severe correction, Bitcoin is holding up better than virtually the entire market, with only a short list of exceptions and an even shorter list of higher quality exceptions.
The percentage spread compared to Bitcoin makes that hierarchy easier to see. LEO is 37 percentage points ahead of BTC in terms of the withdrawal measure. Sky is 18 points ahead. Kite with 18. Kanton with 15. TRON with 13.5. Hyperliquid with 12. MemeCore with 6. Sirene with 4. Stable with 3.5.
These spreads produce three different zones.
First, there is the clear outperformance group. LEO belongs there on its own terms, while Sky, Kite, Canton, TRON and Hyperliquid have a significant cushion above Bitcoin’s baseline of 43%.
Second, there is the marginal benefit group. MemeCore, Siren, and Stable are still ahead of BTC, albeit by a much smaller margin. A relatively small move would wipe out that lead.
Third, there’s the rest of the market, where declines have already increased past Bitcoin’s baseline.
That arrangement creates a live threshold to watch. The next step revolves around whether the current nine can continue to maintain their lead on BTC’s retreat line, or whether that exception list begins to shrink as Bitcoin stabilizes and weaker relative performers slip behind it.
That dynamic is a ranking of how things stand today. It is also a way to keep track of how relative strength evolves under pressure. Bitcoin’s place in that framework is especially important because BTC still serves as the commodity of the market.
Bitcoin remains the baseline of the market
When Bitcoin loses ground, the rest of the market usually takes its signal from there. When Bitcoin retains more of its cycle gains than most of the field, that suggests capital has remained more sustainable and structural demand has remained firmer.
A drop of 43% still weighs heavily. Relative to the broader market, it also describes a much stronger position than the headline figure alone would suggest.
However, it is still deep in the retracement area, leaving Bitcoin in an unusual position, hurt in absolute terms, resilient in relative terms, and still setting the baseline for the rest of the market to beat.
This ranking is unlikely to remain static. The bottom of the exception list is already only a few percentage points ahead of Bitcoin. MemeCore is ahead by 6 points. siren at 4. Stable at 3. A modest change in relative performance within the day would quickly reshuffle that section. Even higher on the list, continued pressure could reduce the advantage of Sky, Kite, Canton, TRON or Hyperliquid.
Can any of these nine stay closer to their all-time highs than Bitcoin in the future, or will BTC’s 43% baseline become the line where more of them end up falling behind?