Bitcoin benchmark: Only eight digital asset tokens hit ATHs in BTC post-FTX collapse

Quick Take

Since the collapse of FTX in November 2022, only eight digital asset tokens have broken their previous all-time highs (ATH) against Bitcoin (BTC). This data, shared by the anonymous X profile Huma Capital, highlights a significant trend in the digital asset market.

Huma capital data shows that the first of these tokens to achieve this milestone post-FTX collapse was BNB, the fourth-largest digital asset by market cap, reaching an ATH of 0.0197 on November 7, 2022. A week later, Trust Wallet Token (TWT) also broke its ATH. These were the only tokens to accomplish this in 2022. In 2023, AGIX and SSV were the next ones to breach their ATHs in BTC terms in February, followed by ASTR, INJ, and TRB in December. Render Token (RNDR) is the sole token to have broken its ATH in 2024, achieving this feat in March, coinciding with Bitcoin hitting its own ATH.

This trend suggests that BTC should be the benchmark for evaluating the performance of other digital assets rather than fiat currencies, which are subject to a minimum of 2% inflation. A noteworthy achievement for these tokens would be to surpass their ATHs in BTC terms once more, indicating a consistent upward trend.

The Ethereum to Bitcoin ratio, a closely watched metric, had its ATH at 0.08825 in December 2021 and is currently trading at 0.05515. With the approval of an Ethereum ETF, many speculate that Ethereum could be the next token to reclaim its ATH against Bitcoin.

Crypto Tokens ATH Since the Fall of FTX

Pair ATH Date (Week)
RNDR/BTC 0.0002042 2024-03-11
TRB/BTC 0.0147166 2023-12-25
INJ/BTC 0.0010289 2023-12-18
ASTR/BTC 7e-06 2023-12-18
SSV/BTC 0.0021381 2023-02-27
AGIX/BTC 2.886e-05 2023-02-06
TWT/BTC 0.00016593 2022-11-14
BNB/BTC 0.0197 2022-11-07

Source: HumaCapital

The post Bitcoin benchmark: Only eight digital asset tokens hit ATHs in BTC post-FTX collapse appeared first on CryptoSlate.

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