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CryptoUpdated daily after close · as of 2026-06-24

Crypto Relative Strength: Coins vs the Crypto Index

Each cryptocurrency (via its spot ETF) divided by the Bitwise 10 Crypto Index (BITW) — the relative-strength line that strips out the broad crypto tape and shows pure leadership. Every line is indexed to 100 at the window start: above 100 means the coin is beating the crypto market, below means it's lagging.

Today's reading

As of market close on June 24, 2026, 1 of the 3 tracked coins are outperforming the Bitwise 10 Crypto Index over the trailing year. Strongest relative strength: Ethereum, +6 pts vs the index; weakest: XRP, -17 pts. Each coin's RS line is its price divided by the index — rising means leadership, falling means it's ceding ground to the crypto market.

Source
Daily closes for single-coin spot crypto ETFs + the Bitwise 10 Crypto Index (BITW)
Methodology
Each coin ÷ BITW, the ratio indexed to 100 at the window start; the index is the flat baseline
Updates
Daily after US market close (~1:30 PM PT)Last: 2026-06-24
01

Relative strength vs the crypto index

Window:

Lines above the dashed BITW baseline have outperformed the crypto market since the start of the window; below have lagged. The slope is the signal — a line turning up is gaining ground even from below 100. When the alts (SOL, XRP, ETH) climb above BITW while BTC dips below it, capital is rotating down the risk curve — the classic "alt season" pattern.

How Crypto Relative Strength Works

  1. 1
    Divide each coin by the crypto index
    For every coin's spot ETF, divide its price by the Bitwise 10 Crypto Index (BITW) day by day. That ratio is relative strength: it removes the broad crypto tape and isolates how a coin is doing versus the market, not in absolute dollars.
  2. 2
    Index every RS line to 100 at the window start
    For the selected window (1M to MAX), each ratio is rebased to 100 at the first session. Above 100 means the coin has beaten the index since the window opened; below 100 means it has lagged. The index itself is the flat baseline.
  3. 3
    Read leadership from slope, not just level
    A line above 100 is winning; a line turning up is gaining ground even from below 100. Rising RS is the cleanest read on emerging crypto leadership, and it often turns before absolute price does.
  4. 4
    Spot the rotation down the risk curve
    In crypto, capital rotates from Bitcoin into Ethereum and then into higher-beta alts. When SOL, XRP and ETH all push above the index while BTC slips below it, that is the classic "alt season" rotation — visible here as the alt lines crossing above 100 together.

Who Uses Crypto Relative Strength

Crypto Traders
RS vs the index is the overweight/underweight map: coins with rising lines above 100 are where capital is rewarding exposure; the laggards are funding sources.
Momentum Investors
Buy strength: the coins leading the index and still climbing are the momentum trades, and the slope tells you whether leadership is building or fading.
Macro / Risk Watchers
Whether money is concentrating in Bitcoin or spreading into alts is a risk-appetite read inside the highest-beta asset class — a tell for broad risk sentiment.
Contrarians
A deeply lagging coin whose RS line stops falling and curls up is the classic mean-reversion setup — relative strength bottoms before absolute price does.

Pro Tips

01
Watch the cross of 100
A coin crossing from below to above 100 over a meaningful window is a relative-strength breakout vs the crypto market; the reverse is a breakdown. Those crossings are where leadership actually changes hands.
02
Bitcoin below the index is alt season
BITW is market-cap weighted, so Bitcoin is most of it. When even BTC is lagging the index, the alts are doing the heavy lifting — the textbook risk-on rotation within crypto.
03
Pair with Crypto Performance
This page shows leadership versus the market; the Crypto Performance page shows absolute rebased returns. A coin leading on RS while flat in dollars is winning a down crypto tape — different information.
04
Mind the short histories
Solana, XRP and Litecoin spot ETFs only listed in 2025, so their RS lines start later than Bitcoin and Ethereum. On long windows, read the slope from each line's own start.

Common Issues & Solutions

What does "indexed to 100" mean here?▾
Each coin's price-to-index ratio is set to 100 at the first session of the window, then tracked from there. It is not a price — it is relative performance. 120 means the coin has beaten the crypto index by about 20% over the window; 90 means it has trailed by about 10%.
Why use BITW as the benchmark?▾
The Bitwise 10 Crypto Index is the closest thing crypto has to an S&P 500 — a market-cap-weighted basket of the ten largest coins. Dividing by it answers "is this coin beating the crypto market?" Because it is cap-weighted, Bitcoin dominates it, so a coin beating BITW is genuinely outpacing the market leaders.
Why do some lines start partway across?▾
Spot ETFs launched on different dates — Bitcoin (2024), Ethereum (mid-2024), then XRP, Solana and Litecoin in 2025. On long windows a coin begins at 100 from its first available session rather than distorting the earlier chart.

Frequently Asked Questions

What is crypto relative strength?▾
A coin's price divided by a benchmark — here the Bitwise 10 Crypto Index. The ratio strips out the broad crypto move and shows whether a coin is leading or lagging the market. Rising relative strength means the coin is outperforming crypto as a whole; falling means it is underperforming, regardless of whether prices are up or down in absolute terms.
Which coins are tracked?▾
Bitcoin (IBIT), Ethereum (ETHA), Solana (BSOL), XRP (XRPI) and Litecoin (LTCC), each via a clean 1x US-listed spot ETF, measured against the Bitwise 10 Crypto Index (BITW).
How do I read the RS lines?▾
Every line starts at 100 at the left edge of the window. Above 100, the coin has beaten the index since then; below 100, it has lagged. The slope matters more than the level: a line turning upward is gaining relative strength even while still under 100, often the earliest sign of a leadership change.
Is relative strength the same as the coin going up?▾
No. Relative strength compares the coin to the crypto index, so a coin can rise in absolute terms yet show falling RS (it went up less than the market), or fall in dollars with rising RS (it fell less than the market). RS isolates leadership; absolute return is on the Crypto Performance page.
What is "alt season"?▾
A phase where capital rotates out of Bitcoin into smaller, higher-beta altcoins, which then outperform. On this chart it shows up as the alt lines (SOL, XRP, ETH) pushing above 100 while Bitcoin slips below the index — leadership broadening down the risk curve.
How often does this update?▾
After every US market close, alongside the rest of the daily pipeline. The RS lines are computed from the same daily closes that power the Crypto Performance tool.

Explore Other Tools

Crypto Performance
The same coins as rebased absolute returns vs the crypto index
Sector Relative Strength
The same RS view across the 11 US GICS sectors vs SPY
Country Relative Strength
RS leaderboard + rotation map across 32 country ETFs vs ACWI
Leveraged ETF Sentiment
Bull vs bear leveraged-ETF volume as a contrarian speculation gauge
Last updated: 2026-06-24