A comparative analysis by XWIN Japan published on May 11, 2026, reveals that Bitcoin held up significantly better than major altcoins during the prolonged market stress from October 2025 to April 2026. The six-month drawdown, driven by macro fears and liquidity contraction, saw BTC decline 52.5% from a peak of ~$126,000 to ~$60,000. In contrast, Solana plummeted 71.6%, while Ethereum and XRP each fell 63%, and BNB dropped 59%. The report divided the period into three phases: a derivatives-driven unwind in late 2025, a macro fear phase in early 2026, and an institutional-led recovery in the spring.
Despite the brutal sell-off, Bitcoin’s relative resilience was attributed to sustained ETF inflows, corporate treasury buying, and its growing role as a geopolitical hedge. “Even during market stress, capital consistently returned to Bitcoin,” the analysis stated, describing BTC as having become a global macro asset. Ethereum saw network activity hold up—staking, Layer-2 usage, and stablecoin settlement remained strong—but its price collapsed from ~$4,700 to below $1,800. XRP’s performance was tied to regulatory narratives and ETF expectations around cross-border payments, while BNB was steadied by Binance ecosystem activity.
As of May 12, 2026, Bitcoin has reclaimed the $81,000 level, up 11% month-over-month, with daily trading volume surpassing $31 billion and a market cap above $1.62 trillion. XRP and Solana led the altcoin rally: SOL surged past $95 (up 12% in a month), XRP reached $1.46, and ETH hovered near $2,300. Mid-cap tokens also exploded, with BUILDon (B) jumping 61% and Gigachad (GIGA) up 57%. The report’s data underscores that while altcoins suffered deeper losses, their recovery from troughs has been sharper—SOL bounced 38% from its bottom, vs. Bitcoin’s 34.7%.
