The pack stretches, the gaps widen
Since January 3rd, 2026, the race has been underway.
Each asset started from the same line — $1000 —
no rebalancing, no adjustments, simply exposed to the market… and to time.
A simple framework.
But the outcome is anything but simple.
Because week after week, one thing becomes clear:
The pack does not stay together.
It stretches.
It fragments.
And above all, it begins to organize itself.
🥇 An unexpected leader
At the front, Akash Network has broken away.
Quietly at first.
Then with a clear acceleration through March.
From $1000 at the start, the position now stands around $1280.
No violent spike.
No sudden breakout.
Just a steady progression —
enough to create real distance from the rest of the field.
🥈 A pressured chase
Behind, Bittensor still holds second place.
But the path has been less stable:
- a move into the lead late March
- a clear peak
- followed by a pullback
And yet, the position remains positive, around $1250.
TAO no longer leads,
but it remains firmly in the race.
🎯 The benchmark isn’t winning
At the center of the race, one reference remains unchanged:
Bitcoin.
The benchmark.
The anchor.
And yet, since the start:
- $1000 → ~$750
A negative trajectory, despite a recent recovery.
BTC still sets the tempo,
but it does not create separation.
🟡 A pack that holds… but doesn’t accelerate
Some assets keep pace, without truly pushing forward.
- Algorand → ~$980
- Cosmos → ~$810
They remain aligned with the market,
without breaking away… or falling apart.
🔻 The gaps become visible
Further back, positions begin to erode.
- Ethereum → ~$660
- Avalanche → ~$650
- Osmosis → ~$590
The gaps are no longer marginal.
They are becoming structural.
📊 A second race, more brutal
In the secondary category, the pattern is even clearer.
One asset stands out:
- Nolus → ~$1170
Behind it, the field spreads quickly:
- Gnosis → ~$890
- Shentu → ~$700
- Band Protocol → ~$630
- Flux → ~$600
And at the back:
- Lava → ~$230
Here, the gaps are no longer percentages.
They are multiples.
📏 A stretched race
The situation is straightforward:
- 3 assets above the initial capital
- 6 assets outperforming BTC
- the majority of the field still in the red
And most importantly:
👉 over $1000 separates the leader from the last position
❄️ A race changing shape
What stands out is not just the ranking.
It’s the structure of the race itself.
At the beginning, movements were collective.
Assets moved together.
That is no longer the case.
Trajectories diverge.
Gaps persist.
Positions begin to settle.
The race goes on.
But it no longer moves as one.
