Bitcoin 39% Below Peak, Memecoins Down 99%, and S&P 500 Near Record

Bitcoin (BTC) is 39% below its all-time high, while memecoins are up to 99% below their peaks. The S&P 500 index, on the other hand, is only 3% below its record. Losses intensify with each step towards more speculative assets, and cryptocurrency holders are experiencing a much deeper drawdown than any of the major US stock indices.

Charlie Bilello, Chief Market Strategist at Creative Planning, ranked 19 assets and indices by their distance from all-time highs. His list includes: Apple -2%, S&P 500 -3%, Microsoft -6%, Palantir -14%, Nvidia -16%, Amazon -17%, Tesla -20%, Meta -23%, AMD -24%, gold -31%, Google -32%, bitcoin -39%, SpaceX -41%, Netflix -54%, Ethereum -55%, Dogecoin -90%, Fartcoin -95%, TrumpCoin -98%, MelaniaCoin -99%.

Ethereum (ETH) is 55% below its record. The next step, Dogecoin (DOGE), is 90% below, and the 35 percentage point gap between them is the widest among neighboring positions. Fartcoin (FARTCOIN), a memecoin on the Solana blockchain, is 95% below its peak. Memecoins Official Trump (TRUMP) and Official Melania (MELANIA), launched at President Donald Trump's inauguration in January 2025, are down 98% and 99%, respectively. The TRUMP team has scheduled a dinner for holders with the president on November 22.

Stock Indices

The S&P 500 closed on Friday about 3% below its record from October 6. The Nasdaq Composite ended the session 8% below its peak, and the Dow Jones was 4% below its August high. Even the Nasdaq's gap is about five times smaller than bitcoin's drawdown. Among stocks, Netflix fell the most (-54%), Tesla is down 20%, and Apple is down 2%.

The proximity of the S&P 500 to its record does not extend to the crypto market: Google searches for bitcoin reached a six-year low by mid-October. Bitcoin's peak occurred on October 6, 2025, while the S&P 500's was exactly a year later. Therefore, drawdowns say little about recent momentum. Moreover, the arithmetic of recovery is asymmetric: a 39% drawdown requires a 64% increase, while a 90% drawdown requires a 900% increase.