While most cryptocurrency prices are typically quoted in US dollars, it often makes more sense to compare them against Bitcoin.
While the overall cryptocurrency market has remained relatively stable since the beginning of the year, not every cryptocurrency has followed the same trend as Bitcoin and Ethereum.
Best Bitcoin Performers YTD
Cryptocurrencies have exhibited notable gains against Bitcoin since the beginning of the year, with SUI, the native token of the SUI layer-1 blockchain, nearly doubling its value. Led by former Meta employees with previous involvement in Diem, the network has emerged as a challenger to Solana. Recently, it achieved a significant milestone by surpassing $500 million in total value locked in its decentralized finance (DeFi) applications.
SUI stands out among a limited selection of cryptocurrencies that have experienced an increase in value relative to Bitcoin since the start of the year. Among approximately 60 cryptocurrencies valued at $1 billion or more (excluding stablecoins, wrapped assets, and liquid staking tokens), only 14 have managed to outperform Bitcoin.
Notably, the bitcoin price ratio of the machine-learning marketplace token Bittensor (TAO) has surged by 60% since the beginning of the year. Similarly, Celestia’s TIA, a project focused on modular data layers, has witnessed a 46% increase in its bitcoin price ratio during the same period.
Astr, the cryptocurrency at the core of the public Polkadot parachain Astar, has seen a significant increase in its bitcoin price ratio, adding nearly one-third to its value.
Astar positions itself as a “smart contract hub” facilitating asset transfers across various blockchains, including Ethereum and Cosmos. With a strong presence in Japan, the team is gearing up to introduce its own zkEVM based on Polygon’s chain development kit.
However, certain cryptocurrencies have not fared well against Bitcoin this year. Bitcoin-powered memecoin ORDI, layer-1 token Algorand (ALGO), and decentralized storage asset Filecoin (FIL) have experienced declines of approximately 30% each in their bitcoin price ratios.
Despite this, ORDI, issued via Ordinals as the first-ever BRC-20 token, has notably increased its bitcoin ratio over the past six months, surpassing TIA and TAO in terms of bitcoin-denominated returns.
Bitcoin’s Poor Performers: Six-Month History
Cryptocurrencies from legacy layer-1 networks, including Stellar (XLM), XRP, Litecoin (LTC), and Monero (XMR), have shown poor performance compared to Bitcoin over the past six months. Each of these coins has experienced a decline of approximately 40% in value relative to Bitcoin.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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