Most altcoins have lagged behind Bitcoin since its all-time high (ATH).
Glassnode data reveals that only nine of the top 50 altcoins have managed to outperform BTC over that period.
Zcash (ZEC) stands far ahead with a 14.4x relative gain, while Hyperliquid (HYPE), Monero (XMR) and Near Protocol (NEAR) follow in the 2x to 3x range.
Meanwhile the rest of the pack has struggled to keep pace.
Which Altcoins Have Actually Beaten Bitcoin?
The short list of outperformers includes ZEC, HYPE, XMR, NEAR, Uniswap (UNI), TRON (TRX), LEO and Bittensor (TAO), plus one additional name that rounds out the nine.
ZEC’s 14.4x multiple against Bitcoin dwarfs every other token on the chart. Beyond ZEC, the next tier sits between roughly 1.2x and 2.9x.
At the same time, the majority of the top 50 still trade below the 1x baseline, meaning they have underperformed BTC since the peak.
Why Have So Few Altcoins Managed to Outperform?
Bitcoin has absorbed the lion’s share of capital and attention during the recent market phase.
Looking closer, many altcoins faced heavier selling pressure and weaker inflows once BTC established its high.
In addition, sectors outside privacy coins and a handful of high-conviction names failed to sustain momentum.
Next, the relative strength chart shows most tokens spending long stretches below the Bitcoin line before any recovery attempts.
What Does ZEC’s Outperformance Signal?
ZEC’s dramatic lead stands out as the clearest exception. The privacy narrative has drawn fresh capital while broader altcoin liquidity stayed selective.
Beyond pure price action, the gap between ZEC and the rest of the field highlights how narrow outperformance has become.
Still, even the other eight tokens that cleared the 1x line remain far behind ZEC’s multiple.
How Should Investors Read This Narrow Leadership?
A market in which only nine of the top fifty altcoins beat Bitcoin points to concentrated strength rather than broad rotation.
Looking ahead, any sustained altcoin season would likely require a much larger group of tokens to cross above the BTC line.
At this stage, the data shows selective winners rather than a rising tide.
For anyone tracking altcoins relative to Bitcoin, the Glassnode chart offers a clear, data-driven snapshot of current leadership.
