Only nine non-stable tokens sit closer to $ATHthan Bitcoin as the market’s damage stays concentrated elsewhere

Bitcoin is still 43.26% below its all-time high. On the surface, that figure reads as a reminder of unfinished recovery. In relative terms, it places Bitcoin in a stronger position than most of the market.

A live CryptoSlatemarket snapshot shows $BTCat $71,606 against an $ATHof $126,198.

After excluding stablecoins and gold-backed tokens, only nine assets in the table sit closer to their peak than Bitcoin: UNUS SED $LEO, Sky, Kite, Canton Network, TRON, Hyperliquid, MemeCore, Siren, and Stable. That is a narrow exception list in a market still defined by deep peak-to-current damage.

Those nine assets do not belong to a single class. Some are large and liquid enough to support a serious relative-strength discussion. Some are newer, thinner, or more structurally idiosyncratic. That split clarifies the leaderboard: Bitcoin remains well below its peak, yet its drawdown baseline still sits ahead of almost the entire non-stable market.

That baseline currently stands at 43.26%. Any token with a smaller drawdown than that has preserved more of its cycle advance than $BTC. Only nine names in the snapshot meet that threshold. Everyone else has already slipped further from peak than Bitcoin.

The list begins with $LEO, which stands just 5.53% below its $ATH. Then the gap opens. Sky is 24.33% below peak. Kite is 24.56% below. Canton Network is 28.06% below. TRON is 29.77% below. Hyperliquid is 31.10% below. MemeCore is 37.08% below. Siren is 39.18% below. Stable is 39.70% below. Bitcoin follows at 43.26%.

That sequence shows where resilience is concentrated and where it begins to thin out. $LEOsits in its own category. Sky and Kite occupy a separate zone in the mid-20s. Canton, TRON, and Hyperliquid form the next rung in the high-20s to low-30s.

MemeCore, Siren, and Stable hold a slimmer advantage over $BTC. Bitcoin then becomes the dividing line between the short exception list and the rest of the market.

Bitcoin is still carrying a substantial drawdown. The wider market is carrying more

The stablecoin and gold-backed exclusions are straightforward. Stablecoins are designed around price stability. Gold-backed tokens express gold performance. Neither group offers a clean read on crypto-native risk retention from the cycle peak.

Once those categories are stripped out, the leaderboard becomes more useful and more interesting.

Within that cleaned set, the comparison quickly shifts toward peer quality. $LEO, TRON, and Hyperliquid are the most credible large-scale exceptions in the snapshot. $LEOcarries an $8.71 billion market cap and sits 5.53% below peak. TRON carries a $29.33 billion market cap and sits 29.77% below peak. Hyperliquid carries a $10.5 billion market cap and sits 31.10% below peak.

These are the assets that support a more durable comparison with Bitcoin on scale, liquidity, and market relevance.

The remaining nine still count, though each needs context. Canton Network sits at a $5.33 billion market cap. Sky sits at $1.77 billion. MemeCore sits at $2.39 billion. Siren sits at $1.7 billion. Kite and Stable each come in below $600 million in market cap.

A clear hierarchy emerges from that split.

Even after a severe correction, Bitcoin is holding up better than almost the entire market, with only a short list of exceptions and an even shorter list of higher-quality exceptions.

The percentage-point spread versus Bitcoin makes that hierarchy easier to see. $LEOis ahead of $BTCby 37 percentage points on the drawdown measure. Sky is ahead by 18 points. Kite by 18. Canton by 15. TRON by 13.5. Hyperliquid by 12. MemeCore by 6. Siren by 4. Stable by 3.5.

Those spreads produce three distinct zones.

First, there is the clear outperformance group. $LEObelongs there on its own terms, while Sky, Kite, Canton, TRON, and Hyperliquid hold a substantial cushion over Bitcoin’s 43% baseline.

Second, there is the marginal advantage group. MemeCore, siren, and Stable still sit ahead of $BTC, though by a much thinner margin. A relatively small move would erase that edge.

Third, there is the rest of the market, where drawdowns have already widened beyond Bitcoin’s baseline.

That setup creates a live threshold to watch. The next step centers on whether the current nine can continue to hold their lead over $BTC’s drawdown line, or whether that exception list begins to contract as Bitcoin stabilizes and weaker relative performers slip behind it.

That dynamic is a ranking of where things stand today. It is also a way to track how relative strength evolves under pressure. Bitcoin’s place in that framework is especially important because $BTCstill functions as the market’s baseline asset.

Bitcoin remains the market baseline

When Bitcoin loses ground, the rest of the market usually takes its signal from there. When Bitcoin preserves more of its cycle gains than most of the field, that points to where capital has remained more durable and where structural demand has stayed firmer.

A 43% drawdown still carries weight. Relative to the broader market, it also describes a much stronger position than the headline figure alone suggests.

However, it still sits deep in retracement territory, placing Bitcoin in an unusual position, wounded in absolute terms, resilient in relative terms, and still defining the baseline the rest of the market has to beat.

This leaderboard is unlikely to stay static. The bottom of the exception list already sits only a few percentage points ahead of Bitcoin. MemeCore is ahead by 6 points. siren by 4. Stable by 3. A modest intraday change in relative performance would reorder that section quickly. Even further up the list, continued pressure could narrow the advantage held by Sky, Kite, Canton, TRON, or Hyperliquid.

Going forward, can any of these nine continue to hold closer to their all-time highs than Bitcoin, or does $BTC’s 43% baseline become the line that more of them eventually fall behind?

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