In the wake of the FTX collapse in November 2022, the digital asset market has witnessed a significant trend, with only eight tokens managing to break their previous all-time highs (ATH) against Bitcoin (BTC). This remarkable data, shared by Huma Capital, highlights the resilience and strength of these select tokens in a market dominated by Bitcoin's benchmark performance.

The first token to achieve this feat was BNB, the fourth-largest digital asset by market capitalization, which reached an ATH of 0.0197 on November 7, 2022. Trust Wallet Token (TWT) followed suit a week later, becoming the second token to breach its ATH. These two tokens were the only ones to accomplish this milestone in 2022.

In 2023, AGIX and SSV led the charge, breaking their ATHs in BTC terms in February. ASTR, INJ, and TRB followed suit in December, demonstrating a consistent upward trend. Render Token (RNDR) stands out as 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 Bitcoin 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.

The data highlights the select group of tokens that have achieved ATHs against Bitcoin, including RNDR/BTC at 0.0002042 in March 2024, TRB/BTC at 0.0147166 in December 2023, INJ/BTC at 0.0010289 in December 2023, ASTR/BTC at 7e-06 in December 2023, SSV/BTC at 0.0021381 in February 2023, AGIX/BTC at 2.886e-05 in February 2023, TWT/BTC at 0.00016593 in November 2022, and BNB/BTC at 0.0197 in November 2022.

In conclusion, the digital asset market has witnessed a significant shift in dynamics, with only eight tokens achieving ATHs against Bitcoin post-FTX collapse. This trend suggests that Bitcoin should be the benchmark for evaluating the performance of other digital assets, and the select group of tokens that have achieved ATHs against Bitcoin are demonstrating a consistent upward trend. As the market continues to evolve, it will be interesting to see which tokens will join this elite group and surpass their ATHs in BTC terms once more.